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The Cigna Group has reported shareholders’ web earnings of $5.16bn for the complete yr ended 31 December 2023, marking a 22% droop from $6.7bn within the prior yr.
Its adjusted earnings from operations was $7.44bn final yr, a rise of 1.8% from $7.31bn in 2022.
At a gaggle degree, adjusted revenues for 2023 totalled $195.32bn, up 8.1% from $180.64bn in 2022.
Adjusted revenues of the corporate’s Evernorth Well being Providers and Cigna Healthcare segments in 2023 got here in at $153.49bn and $51.20bn, respectively.
Within the fourth quarter (This autumn) of 2023, the US-based medical insurance firm registered shareholders’ web earnings of $1.02bn, representing a decline of practically 13% from $1.19bn in This autumn 2022.
Adjusted earnings from operations within the October to December 2023 quarter was $1.99bn, a rise of round 30% from $1.53bn in the identical interval in 2022.
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Adjusted revenues in This autumn 2023 had been $51.15bn, representing 11.8% development from $45.74bn a yr in the past.
Cigna attributed this improve in revenues to sturdy development within the Evernorth Well being Providers and Cigna Healthcare segments.
Adjusted revenues for the Evernorth Well being Providers phase elevated 12% to $40.51bn in This autumn 2023 from $36.18bn within the earlier yr, whereas the Cigna Healthcare phase’s adjusted revenues grew 17% to $13bn from $11.13bn.
The Promoting, Normal and Administrative (SG&A) expense ratio for This autumn 2023 was 7.9%, in contrast with 7.6% within the prior yr.
The adjusted SG&A expense ratio for the reported quarter was 7.4% versus 7.6% in This autumn 2022.
The debt-to-capitalisation ratio of the group stood at 40.1% as of 31 December 2023.
Cigna Group chairman and CEO David Cordani stated: “2023 was one other very sturdy yr for our firm with constant execution and sustained development.
“We’ll speed up our momentum in 2024 as we lead in bettering worth, affordability and medical outcomes, in addition to with increasing entry and selection.”
The Cigna Group has forecast adjusted revenues of no less than $235bn for the complete yr 2024 and consolidated adjusted earnings from operations of $8.02bn.
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