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Cigna Reports Strong Third Quarter Results And Raises 2012 Outlook

Financial Results (dollars in millions, customers and policies in thousands):

   
Nine Months
Three Months Ended Ended
September 30,   June 30, September 30,
2012   2011   2012 2012
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
September 30,

June 30,

December 31,
2012   2011   2012   2011
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.

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