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Cigna Corp (CI.N)

CI.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

A.G. Schneiderman announces settlement with Cigna over psychiatric testing
Monday, 23 Jan 2017 10:00am EST 

A.G. Schneiderman: A.G. Schneiderman announces settlement with Cigna that eliminates policies which barred coverage for testing of psychiatric conditions . Says the settlement requires Cigna to revise its policies, pay autism claims previously rejected, and pay a penalty of $50,000 .Cigna will also reprocess denied claims for autism spectrum disorder.  Full Article

Cigna intends to evaluate its options regarding its merger agreement with Anthem
Thursday, 19 Jan 2017 08:03am EST 

Cigna Corp : Says following issuance of court's opinion related to antitrust lawsuit, Cigna intends to evaluate its options in accordance with its merger agreement with Anthem .Says the court's opinion related to antitrust lawsuit; trial was completed on Jan 4. 2017.  Full Article

Anthem says it elected to extend the 'termination date' for its pending merger with Cigna
Thursday, 19 Jan 2017 07:00am EST 

Anthem Inc : Anthem Inc says it elected to extend the 'termination date' for its pending merger with Cigna through and including April 30, 2017 .Anthem Inc says it is extending termination date for Cigna deal as more time will be needed regardless of U.S. Lawsuit against companies.  Full Article

Cigna says co and Scripps Health enter alliance to deliver health plans in San Diego
Wednesday, 11 Jan 2017 10:00am EST 

Cigna Corp : Cigna and Scripps Health form alliance to deliver innovative health plans in San Diego .Effective April 1, 2017, Scripps and Cigna will jointly offer HMO health plans to employers with at least 100 employees.  Full Article

Cigna Corp says net income for FY 2016 to be in range of $1.87 bln to $1.94 bln
Tuesday, 10 Jan 2017 06:12am EST 

Cigna Corp : Cigna Corp - net income for full year 2016 is projected to be in range of $1.870 billion to $1.940 billion . Cigna Corp - reaffirm projected full year 2016 consolidated adjusted income from operations, which remains in range of $2.025 billion to $2.095 billion .Cigna Corp - expects growth of 300,000 to 500,000 total medical customers over 2016.  Full Article

Cigna: If DOJ process is unsuccessful, will look at deploying cash through strategic M&A
Friday, 29 Jul 2016 10:17am EDT 

Cigna Corp : Group life and disability results expected to improve in rest of 2016 and 2017 - conf call . Ceo says will continue to serve contractual obligations towards merger with anthem - conf call . Cfo says our 2016 outlook continues to assume some increase in medical utilization, which has been reflected in our pricing . In the event that doj process is unsuccessful will look at deploying cash through strategic m&a - conf call . Cigna ceo says have sought to understand u.s. Doj concerns on merger with anthem- conf call . Ceo says us individual business has experienced softness similar to the rest of the industry- conf call . Cigna ceo on merger with anthem: it is our intent and commitment to continue to provide support having dedicating significant resources, time, effort. Further company coverage: [CI.N] (Bengaluru Newsroom: +1-646-223-8780).  Full Article

Cigna reports Q2 adjusted operating earnings per share of $1.98
Friday, 29 Jul 2016 06:00am EDT 

Cigna Corp : Cigna reports second quarter 2016 results, solid performance in global health care offset by pressure in group disability and life . Q2 adjusted operating earnings per share $1.98 . Q2 earnings per share $1.97 . Q2 earnings per share view $2.39 -- Thomson Reuters I/B/E/S . Q2 revenue $10 billion versus I/B/E/S view $9.97 billion . Sees full year total commercial medical care ratio 78.5 percent to 79.5 percent . Sees full year total government medical care ratio 84 percent to 85 percent . Cigna Corp sees 2016 global medical customer growth to be low single digit percentage range . Q2 commercial MCR of 78.8 percent reflects strong performance of commercial employer group business, partially offset by higher medical costs in individual business . Says 2016 projected total revenue growth to be in mid single digit percentage range . Outlook for FY 2016 consolidated adjusted income from operations is in range of $2.02 billion to $2.11 billion, or $7.75 to $8.10 per share . FY 2016 earnings per share view $9.29 -- Thomson Reuters I/B/E/S .Global health care net medical costs payable was about $2.37 billion at June 30, 2016 and $2.11 billion at December 31, 2015.  Full Article

Moody's confirms Anthem's and Cigna's ratings following DOJ lawsuit
Wednesday, 27 Jul 2016 04:57pm EDT 

Moody's Confirms Anthem's And Cigna's Ratings Following Doj Lawsuit : If merger with anthem is ultimately approved, moody's expects that cigna's ifs and debt ratings will be downgraded . Outlook on anthem's ratings has been changed to negative while the outlook on cigna's ratings has been changed to stable. . . Insurance financial strength ratings of anthem's and cigna's operating subsidiaries have also been confirmed .Rating reflects moody's opinion that it is fairly unlikely that merger will be completed despite challenge to the doj lawsuit.  Full Article

Anthem: We are disappointed by DOJ decision on Cigna deal - Conf call
Wednesday, 27 Jul 2016 10:31am EDT 

Anthem Inc : We are disappointed by doj decision on cigna deal - conf call . Ended the q2 with 923,000 lives from the individual public exchanges a decrease of 52,000 from q1 - conf call . Have assumed the higher-than-expected claims rate experience for individual business to continue for rest of 2016 . We are focused on returning the profitability in 2017 for individiual obamacare plans . Ceo - our board and executive leadership team is fully committed to challenging the doj's decision in court - conf call . Ceo says acquisition of cigna will help stabilize pricing in volatile obamacare individual market - conf call . Updated outlook expects individual aca business to incur mid-single-digit operating margin losses for 2016 . Saw higher-than-expected cost for chronic conditions like renal and heart disease and diabetes among new aca members . Eliminating the health insurer tax beyond 2017 would help stabilize aca market - conf call Further company coverage: [ANTM.N] (Bengaluru Newsroom: +1-646-223-8780).  Full Article

Anthem reports Q2 adjusted earnings per share $3.33
Wednesday, 27 Jul 2016 06:31am EDT 

Anthem Inc : Q2 earnings per share $2.91 . Q2 revenue $21.3 billion versus I/B/E/S view $20.57 billion . Q2 earnings per share view $3.23 -- Thomson Reuters I/B/E/S . Sees FY 2016 revenue $82.5 billion to $83.5 billion . 2016 net income is now expected to be greater than $9.34 per share . Medical enrollment totaled about 39.8 million members at june 30, 2016, increase of about 1.2 million members, from 38.5 million at june 30, 2015 . Excluding these items, 2016 adjusted net income is expected to be greater than $10.80 per share . Benefit expense ratio was 84.2 percent in q2 of 2016, an increase of 210 basis points from 82.1 percent in prior year quarter . For full year 2016, company continues to expect that underlying local group medical cost trend will be in range of 7.0% - 7.5% . "commitment to pending cigna acquisition remains as strong as ever" . As of june 30, 2016, company had nearly $4.2 billion of board-approved share repurchase authorization remaining . Q2 benefit expense ratio reflects, among other things, impact of higher medical cost experience in individual business . Now expects medical enrollment to grow by 1.0 - 1.2 million members for full year 2016 . Anthem Inc say excluding items, adjusted net income is expected to be greater than $10.80 per share for full year 2016 . Anthem Inc sees benefit expense ratio is now expected to be in range of 84.9% plus or minus 30 basis points for fy 2016.  Full Article

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Litigation funder in Cigna case: ‘Never in my wildest dreams did I imagine this would happen’

When Irish real estate developer Garrett Kelleher agreed to put up about $3 million to back Cayman Islands litigation to enforce Liberian judgments against the insurer Cigna, he thought the worst possible outcome was that he’d lose his money.