NU Online News Service, Aug. 1, 10:14 a.m. – CIGNA Corp., Philadelphia, is reporting $252 million in net income for the second quarter on $4.7 billion in revenue, compared with $161 million in net income on $5 billion in revenue for the second quarter of 2000.
Operating income, which excludes $50 million in losses on investments sold during the quarter, increased to $284 million, from $152 million.
Rising medical costs hurt the major medical managed care results, but demand for indemnity health insurance and specialty health products was strong, according to CIGNA.
Revenue was down because the company shut down some Medicare health maintenance organization and started reporting results for its Japanese operations separately, the company says.
