Business Services Industry
Profits Fall, but Health Insurer CIGNA Is Upbeat for Annual Earnings Forecast.
Knight Ridder/Tribune Business News, May, 2004
By Matthew Lubanko, The Hartford Courant, Conn. Knight Ridder/Tribune Business News
May 1--CIGNA Corp. boosted its forecast for 2004 operating earnings Friday, but reported a 67 percent decline in first-quarter net income.
The profit plunge was largely attributable to its adoption of new accounting methods related to the April 1 sale of its Hartford retirement services business.
During the first quarter, which ended March 31, CIGNA reported net income of $78 million, or 55 cents a diluted share, on total revenue of $4.7 billion. During the same three-month period in 2003, CIGNA reported net income of $236 million, or $1.68 a share, on total revenue of $4.9 billion.
Despite a year-to-year reduction in first-quarter net income,...
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