Cigna says first-quarter profit rose as it controlled costs

Thu May 1, 2014 6:14am EDT

May 1 (Reuters) - U.S. health insurer Cigna Corp said on Thursday that its first-quarter profit rose as revenue increased, medical customers grew and it managed medical costs of its commercial and Medicare customers.

Cigna reported net income of $528 million, or $1.92 per share, up from $57 million, or 20 cents per share, a year earlier, when it took a charge for exiting a business.

The company reported earnings of $1.83 per share, excluding investment gains.

Analysts on average were expecting a profit of $1.54 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the figures were comparable. (Reporting by Caroline Humer; Editing by Lisa Von Ahn)