WASHINGTON (dpa-AFX) - Health insurer Cigna Corp. (CI) reported a plunge in first-quarter shareholders' net income to $57 million, or $0.20 per share, from $371 million, or $1.28 per share, last year. Shareholders' net income included special items which generated losses of $558 million after-tax, or $1.93 per share in the first quarter of 2013, and $41 million after-tax, or $0.14 per share, in the previous year, the company added. It also included realized investment gains of $93 million after-tax, or $0.32 per share, in the recent quarter.
On a per share basis, quarterly adjusted income from operations totaled $1.72. On average, 18 analysts polled by Thomson Reuters expected earnings per share of $1.43 for the quarter. Analysts' estimates typically exclude one-time items.
Total revenues of $8.2 billion, were 21% higher than $6.75 billion in the first quarter of 2012, reflecting growth in premiums and fees of 20% in Global Health Care, 36% in Global Supplemental Benefits and 12% in Group Disability and Life, driven by continued growth in its targeted customer segments. Analysts estimated revenues of $7.31 billion for the quarter.
For the year 2013, the company increased its outlook for earnings, on an adjusted income from operations basis, to $1.735 billion - $1.865 billion, or $6.00 - $6.45 per share, from its earlier target of $1.7 billion - $1.83 billion or $5.85 - $6.30 per share. Analysts project annual earnings of $6.35 per share.
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