Business Services Industry
CIGNA sends layoff signal for 2005.
Knight Ridder/Tribune Business News, November, 2004
By Diane Levick, The Hartford Courant, Conn. Knight Ridder/Tribune Business News
Nov. 4--CIGNA Corp. Wednesday signaled more layoffs in 2005 and another 8 to 9 percent drop in enrollment Jan. 1 as the company announced a 64 percent increase in net income for the third quarter.
CIGNA chief executive H. Edward Hanway also said the company is examining its payments to insurance brokers and has found nothing illegal as attorneys general investigate commission practices and bid-rigging in the industry.
In addition, CIGNA, which has been striving for a turnaround, raised its estimate for profits for the full year 2004 and said health plan membership would stabilize in 2005 after the initial January decline.
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