Key Developments: Cigna Corp (CI)
68.93USD
19 Jun 2013
$-0.73 (-1.05%)
$69.66
$69.75
$69.93
$68.93
1,561,424
1,818,904
$70.45
$39.01
Latest Key Developments (Source: Significant Developments)
Cigna Corp Enters Partnering Agreement With Catamaran Corp
Cigna Corp announced that it will build on its pharmacy benefits business by entering into a ten-year strategic PBM partnering agreement with Catamaran Corp which combines the customer focus and clinical excellence of Cigna's pharmacy team with the capabilities of Catamaran, and the combined purchasing scale of the two companies. Under the terms of the agreement, Cigna will continue to lead formulary management, clinical and product development and sales and marketing, while also managing all day-to-day customer- and client-facing functions. Cigna will also continue to provide differentiated clinical services to over eight million customers and integration of medical care and disability management with clinical and pharmacy programs. In retaining its direct engagement with physicians and health care professionals, Cigna will build on its commitment to provide better health outcomes for customers. Full Article
Cigna Corp Issues Long Term EPS Guidance Below analysts' Estimates-Conference Call
Cigna Corp announced that it expect across the board, 10% to 13% annual earnings per share growth over the next three to five years. The Company reported EPS of $5.99 in fiscal 2012. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report EPS of $6.45 for fiscal 2013; EPS of $6.96 for fiscal 2014; EPS of $7.74 for fiscal 2015. Full Article
Cigna Corp Names Thomas A. McCarthy As Chief Financial Officer
Cigna Corp announced that Thomas A. McCarthy, Vice President of Finance, will succeed Ralph J. Nicoletti, who has elected to leave the Company for personal reasons, as Executive Vice President and Chief Financial Officer. On July 12, 2013, McCarthy will assume the role of Chief Financial Officer and have executive leadership responsibility for all of Cigna`s financial operations and functions, as well as for Cigna`s investment management and strategic planning units. McCarthy and Nicoletti will work together to ensure a seamless transition. Full Article
Cigna Corp Raises FY 2013 Earnings Guidance
Cigna Corp raised fiscal 2013 guidance and expects consolidated adjusted income from operations to be in the range of $1.735 billion to $1.865 billion or $6.00 to $6.45 per share. According to I/B/E/S Estimates, analysts were expecting the Company to report net income of $1.81 billion and EPS of $6.35 for fiscal 2013. Full Article
Cigna Corp Declares Dividend Of $0.04 Per Common Share
Cigna Corp announced that board of directors of declared an annual dividend of $0.04 per common share. The dividend is payable on April 10, 2013, to shareholders of record as of March 12, 2013. Full Article
A.M. Best Affirms Ratings Of Cigna Corp And Its Subsidiaries
A.M. Best Co. announced that it has affirmed the issuer credit rating (ICR) of 'bbb' and debt ratings of Cigna Corp (Cigna) (Philadelphia, PA). Concurrently, A.M. Best has affirmed the financial strength rating (FSR) of A (Excellent) and ICRs of 'a' of the key life/health subsidiaries of Cigna, as well as its medical health maintenance organizations (HMO) and dental HMO subsidiaries. Additionally, A.M. Best has assigned an FSR of A- (Excellent) and ICRs of 'a-' to the HealthSpring subsidiaries that were acquired by Cigna in January 2012. Full Article
Cigna Corp Raises FY 2013 Earnings Guidance
Cigna Corp raised fiscal 2013 guidance and expects consolidated adjusted income from operations to be in the range of $1.70 billion to $1.83 billion or $5.85 to $6.30 per share. According to I/B/E/S Estimates, analysts were expecting the Company to report net income of $1.81 billion for fiscal 2013. Full Article
Cigna Corp and Berkshire Hathaway Inc Sign $2.2 Billion Reinsurance Deal-Reuters
Reuters reported that Cigna Corp and Berkshire Hathaway Inc struck a $2.2 billion deal in which Berkshire will reinsure Cigna's risk related to future claims for two annuity businesses Cigna has exited. Berkshire will receive $1.8 billion in assets related to the businesses and another $400 million, including $100 million in cash and $300 million funded from a tax benefit Cigna will receive. Full Article
Cigna Corp Comments On Long Term EPS Guidance-Conference Call
Cigna Corp announced that it is able to carry that forward and leverage that with an ongoing outlook of a 10% to 13% EPS growth rate over the next three to five year horizon. According to I/B/E/S Estimates, analysts were expecting the Company to report EPS of $5.89 for fiscal 2012; EPS of $6.33 for fiscal 2013. Full Article
Cigna Corp And Audax Health Teams Up To Improve Customers' Health And Costs Through Digital Engagement Platform
Cigna Corp and AudaxHealth announced a five-year strategic alliance to develop a customized digital engagement platform designed to help millions of Cigna customers improve their health through fun and engaging health related activities and information. Cigna is teaming with Audax Health to create a digital health experience to make health a fun part of everyday life. With this agreement, the Audax Health platform will be a key player in Cigna's suite of customer health engagement tools. In addition to working together to create a distinctively engaging user experience, Cigna has committed to a capital investment in Audax Health as well as a deployment of the platform to its medical customers, and Cigna Executive Vice President and Global Chief Information Officer Mark Boxer has been appointed to the Audax Health Board of Directors. Other terms of the agreement were not disclosed. Full Article
Health insurer Cigna signs 10-year deal with Canada's Catamaran
June 10 - Health insurer Cigna Corp signed a 10-year agreement with pharmacy benefit manager Catamaran Corp and said it expected to record a related charge of about $25 million in the current quarter.
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