Cigna Corp. (CI) this morning said will broaden its personal health insurance products on government exchanges beneath the Cost-effective Care Act subsequent year to three a lot more states as the business efficiently manages costs in the 1st year on the marketplaces.
In the course of Cigna’s 2nd-quarter earnings call with analysts and traders, Cigna president and chief executive officer David Cordani stated the business will enter “40 to 50 further counties,” largely leveraging off of markets where the insurer presently operates. Cigna, which did not specific which markets it would enter, at present sells well being strategies on public exchanges in 5 states centered on a “dozen markets” in these areas, Cordani explained.
Cigna is the most current health insurer to announce expansion plans underneath the overall health law. Currently, UnitedHealth Group (UNH) and Aetna (AET) have been among the insurers to disclose extra markets they will participate in 2015, which will be the 2nd year eligible uninsured Americans can acquire subsidized private coverage below the law.
Though Cordani cautioned that Cigna is not making cash in the very first 12 months providing overall health plans on public exchanges, he explained the organization is managing charges nicely and assured in the company’s potential to increase.
“We are pleased with the traction in the first six months,” Cordani explained during a 75-minute call with Wall Street analysts and investors this morning.
Cigna is executing nicely across all of its companies, which incorporate insurance coverage goods the business delivers around the planet. In the company’s second quarter, the insurer beat Wall Street’s earnings expectations by a lot more than a dime.
Cigna’s income from operations for the second quarter rose to $ 530 million, or $ one.96 per share, from $ 512 million, or $ one.78 per share in the 2nd quarter of final 12 months. Revenues rose 9 percent to $ 8.seven billion.
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Cigna To Broaden On Obamacare Exchanges In 2015
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