Fierce Healthcare November 6, 2023
Cigna is looking into the possibility of selling its Medicare Advantage (MA) business, according to a report from Reuters.
The health insurer appears to be working with an investment bank to evaluate its next move. A Cigna spokesperson told Reuters that it does not comment “on rumors or speculation.” The company’s MA division is likely worth several billion dollars.
Last week, The Cigna Group posted $1.4 billion in profit and $49 billion in revenue for the third quarter, surpassing Wall Street’s expectations, according to analysts at Zacks Investment Research. In October, Cigna agreed to pay $172 million to settle allegations that it submitted false and inaccurate MA diagnostic codes in order to boost reimbursement, resulting in Cigna entering into a...
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