May 1 Cigna Corp Chief Executive Officer
David Cordani on Thursday said the health insurer expected to
lose money on its new individual insurance business this year,
based on what it has seen in the first quarter.
Cordani said that people who signed up during the early
months of enrollment for the new Obamacare plans were older than
it expected, bought richer coverage and used medical services
Later enrollees were younger and in line with the company's
outlook, he said, but they have not yet begun to use their
services so medical utilization rates remain unknown.
When asked if the company would lose money on the business,
Cordani replied: "Correct."
(Reporting by Caroline Humer; Editing by Lisa Von Ahn)