The Cigna Group has reported shareholders’ internet earnings of $5.16bn for the total 12 months ended 31 December 2023, marking a 22% stoop from $6.7bn within the prior 12 months.
Its adjusted earnings from operations was $7.44bn final 12 months, a rise of 1.8% from $7.31bn in 2022.
At a gaggle degree, adjusted revenues for 2023 totalled $195.32bn, up 8.1% from $180.64bn in 2022.
Adjusted revenues of the corporate’s Evernorth Well being Companies and Cigna Healthcare segments in 2023 got here in at $153.49bn and $51.20bn, respectively.
Within the fourth quarter (This fall) of 2023, the US-based medical insurance firm registered shareholders’ internet earnings of $1.02bn, representing a decline of almost 13% from $1.19bn in This fall 2022.
Adjusted earnings from operations within the October to December 2023 quarter was $1.99bn, a rise of round 30% from $1.53bn in the identical interval in 2022.
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Adjusted revenues in This fall 2023 have been $51.15bn, representing 11.8% progress from $45.74bn a 12 months in the past.
Cigna attributed this enhance in revenues to sturdy progress within the Evernorth Well being Companies and Cigna Healthcare segments.
Adjusted revenues for the Evernorth Well being Companies phase elevated 12% to $40.51bn in This fall 2023 from $36.18bn within the earlier 12 months, whereas the Cigna Healthcare phase’s adjusted revenues grew 17% to $13bn from $11.13bn.
The Promoting, Normal and Administrative (SG&A) expense ratio for This fall 2023 was 7.9%, in contrast with 7.6% within the prior 12 months.
The adjusted SG&A expense ratio for the reported quarter was 7.4% versus 7.6% in This fall 2022.
The debt-to-capitalisation ratio of the group stood at 40.1% as of 31 December 2023.
Cigna Group chairman and CEO David Cordani mentioned: “2023 was one other very sturdy 12 months for our firm with constant execution and sustained progress.
“We are going to speed up our momentum in 2024 as we lead in enhancing worth, affordability and medical outcomes, in addition to with increasing entry and selection.”
The Cigna Group has forecast adjusted revenues of no less than $235bn for the total 12 months 2024 and consolidated adjusted earnings from operations of $8.02bn.