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Cigna says third-quarter revenue increased with customer growth

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Cigna Corp. on Thursday reported a higher-than-expected third-quarter profit as it signed up more medical customers and collected more insurance premiums and administrative fees.

Net profit was $519 million, or $2.01 per share, compared with $553 million, or $1.95 per share, a year earlier.

The company reported a profit of $1.95 per share, excluding investment gains and the business it is exiting. That is ahead of analysts’ estimates of $1.82, according to Thomson Reuters I/B/E/S, and up from $1.89, also excluding items, a year earlier.

Cigna, which manages insurance plans for large corporations for a fee and sells health plans on the government exchanges created under healthcare reform as well as dental and other benefits, said revenue increased to $8.8 billion from $8.1 billion.

The company said revenue was held back by its exit from limited benefit plans, which are no longer allowed under the Patient Protection and Affordable Care Act. It also said premium rates were pressured in its Medicare business for older people and the disabled.

Cigna had 14.4 million medical customers at the end of September, up about 100,000 from a year earlier.

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