PHILADELPHIA (AP) - Health insurer Cigna Corp. said Wednesday its first-quarter net profit fell 18 percent due to year-earlier investment gains, but adjusted earnings climbed on increased membership and growth across segments.
Net income dropped to $289 million, or $2.93 per share, versus $352 million, or $2.87 per share in the previous year.
The per share difference is due to more shares outstanding in the year-ago period.
The prior-year's results included realized investment gains of $94 million.
Adjusted income from operations was $264 million, or $2.67 per share, compared with $258 million, or $2.11 per share. The company attributed the performance to strong results in its health care, disability and life and international businesses.
Analysts polled by Thomson Financial were looking for a profit of $2.52 per share.
Revenue for the quarter rose 6 percent to $4.37 billion from $4.11 billion in the prior year.
Consensus estimates put sales at $4.28 billion.
Medical membership increased 4.7 percent during the quarter.
Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.