Financial Results (dollars in millions, customers and policies in thousands):
|Three Months Ended||Ended|
|September 30,||June 30,||September 30,|
|Premiums and Fees||$||930||$||765||$||898||$||2,694|
|Adjusted Income from Operations 1||$||79||$||62||$||65||$||224|
|Adjusted Margin, After-Tax 7||8.2%||7.8%||7.0%||8.0%|
|As of the Periods Ended|
|Medical Customers – Global Health Benefits & Health Care||1,240||1,196||1,224||1,197|
|Health, Life and Accident Policies (excluding China JV) 8||9,438||6,450||9,354||9,106|
- Third quarter premium and fees grew 22% relative to third quarter 2011, driven by attractive customer retention and business growth from sales in targeted markets within our individual Health, Life and Accident and Global Health Benefits businesses as well as revenues from recent acquisitions.
- Third quarter 2012 adjusted income from operations 1 reflects the impact of strong customer retention and business growth from both of our International businesses, improvements in operating expense efficiency, as well as favorable loss ratios. Third quarter 2012 segment margins 7 have increased sequentially primarily due to favorable loss ratios in Korea and Global Health Benefits.
- As previously disclosed, effective January 1, 2012, Cigna retrospectively adopted amended accounting rules for costs related to the acquisition or renewal of insurance contracts (“deferred policy acquisition costs”). Prior period amounts have been presented on a comparable basis.
Disability and Life
This segment includes Cigna’s group disability, life, and accident insurance operations that are managed separately from the Health Care business.