Forbes October 31, 2024
The Cigna Group reported a $739 million third quarter profit despite a $1 billion loss on its investment in clinic operator VillageMD.
On Thursday, Cigna reported a “non-cash investment loss” of $1 billion, or $3.69 per share, “related to VillageMD.” That negatively impacted an otherwise solid quarter of growth from its health benefits and medical care provider businesses that resulted in Cigna’s net income falling to $739 million, or $2.63 in the third quarter, compared to $1.4 billion, or $4.74 a share, in the third quarter of 2023.
Cigna’s Evernorth health services business holds a minority stake in VillageMD, a Chicago-based startup that has scaled back dramatically on the expansion of doctor practices and Village Medical clinics the company opened...
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