October 29, 2002 |
Health insurer Cigna Corp. said it would spend $100 million to restructure its health-care division and would take at least a year to rebuild after a pricing miscalculation sent the company's profit plummeting. In a bid to stave off competition and win over dissatisfied customers grumbling about poor service, Cigna offered some clients deeper price discounts last year than the company had planned, or could afford, officials said. Shares of Cigna fell 81 cents to $38.58 on the NYSE.
February 14, 1996 |
Cigna Unit Gets Green Light for Restructuring: A Pennsylvania judge's ruling allows the Philadelphia-based insurer to proceed with reorganizing its U.S. property and casualty business, pending an appeal by opposing insurers and policyholders. Judge James Colins of the Commonwealth Court denied a request for a stay until an April 17 hearing on whether the case will be reviewed. Pennsylvania regulators have approved Cigna Corp.'s plan to split the business.
February 9, 2006 |
Cigna Corp. said fourth-quarter profit fell 60% from a year earlier when the fourth-largest U.S. provider of health insurance almost doubled its earnings on cost cuts and the sale of a unit. Net income for Cigna, which has lost almost 4 million members since 2002, fell to $224 million, or $1.78 a share, from $558 million, or $4.16, the Philadelphia-based company said. Revenue fell 3% to $4.21 billion. Enrollment in Cigna health plans last quarter fell 6% from a year earlier to 9.
October 30, 1987
Wilson H. Taylor has been elected vice chairman and chief operating officer at Cigna Corp., both new positions. He has also been elected a member of the board of the Philadelphia-based insurance firm. Taylor, 43, is president of Cigna's property and casualty business.
November 3, 1992 |
Cigna Corp. Earnings Plunge: Cigna Corp., one of the nation's largest insurers, said its third-quarter earnings plunged more than 55%, mostly because of claims resulting from hurricanes Andrew and Iniki. Third-quarter profit totaled $55 million, or 77 cents per share, on revenue of $3.36 billion. That compared to earnings of $123 million, or $1.72 per share, on revenue of $3.41 billion a year ago.
January 8, 2003 |
Cigna Corp. said it will eliminate 3,900 jobs as the company tries to cut costs after underpricing its premiums. The company expects to have an expense of $98 million in the fourth quarter for the job cuts, Cigna said. Shares of the Philadelphia-based company fell 20 cents to $41.30 in NYSE trading before the announcement.