Healthcare DIVE July 30, 2020
- Cigna beat Wall Street expectations with its second quarter revenue of $39.27 billion and on earnings, according to results posted Thursday morning. The payer had net income of $1.75 billion, up nearly 25% from the prior-year quarter.
- Like other insurers, the company saw increased profit as people deferred care in April and May to forgo potential exposure to the novel coronavirus. Care utilization was at about 30% to 35% below baseline in April but was only down by about 5% in June with a similar outlook for July, executives said.
- Cigna reaffirmed its full-year guidance for earnings and for revenue of $154 billion to $156 billion. The company expects increased COVID-19 treatment costs as well as lower...