May 2, 2013 / 10:21 AM / 4 years ago

Cigna first-quarter profit gains, excluding reinsurance charge

1 Min Read

May 2 (Reuters) - Cigna Corp said on Thursday that its first-quarter profit rose 39 percent, excluding a previously announced charge, and revenue increased 21 percent.

Excluding the charge from a deal with Berkshire Hathaway Inc for two of Cigna's closed annuity reinsurance businesses and other items, earnings were $497 million, or $1.72 per share, up from $359 million, or $1.24 per share, a year earlier.

Net income fell to $57 million, or 20 cents per share, including the $507 million reinsurance-related charge.

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