Wednesday, Feb. 9, 2005 | 11:20 a.m.
PHILADELPHIA -- Insurance giant Cigna Corp.'s profits rose sharply in the fourth quarter, reflecting increased earnings in its health care segment and the sale of its retirement benefits business. Its shares rose 4.4 percent.
Cigna reported today its net income rose to $558 million, or $4.16 per share, for the October-December period compared with net income of $281 million, or $2 per share, in the year-ago period. Revenue for the quarter fell 3.5 percent to $4.34 billion from $4.5 billion a year ago.
Its shares rose $3.69 to $87.61 in morning trading on the New York Stock Exchange, topping its 52-week high of $83.96.
Earnings from Cigna's health care segment rose 53 percent to $230 million for the quarter.
In Nevada, Cigna insured 53,560 people as of Dec. 1, compared with 59,795 people as of Dec. 1, 2003.
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