Cigna Group Reports Strong 2023 Results, Raises 2024 EPS
Cigna Group, a global health service company, released its fourth quarter and full year 2023 financial results, reporting strong growth and improved profitability.
Key Highlights:
- Cigna's fourth-quarter revenue increased by 12% year-over-year to $48.9 billion, driven by growth in both its Healthcare and Evernorth segments. - Net income for the quarter rose by 28% to $3.1 billion, resulting in diluted earnings per share (EPS) of $5.28, a 27% increase. - For the full year 2023, Cigna reported revenue of $192.8 billion, an 8% increase over the previous year. Net income for the year reached $11.5 billion, up by 17%, leading to an EPS of $19.24, a 16% increase. - The company's positive results were attributed to strong performance in its U.S. health plans business, growth in its specialty businesses, and continued expansion of its pharmacy solutions portfolio. - Cigna also announced an increase in its 2024 adjusted EPS guidance, projecting a range of $22.80 to $23.30 per share, reflecting confidence in its future growth prospects.
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