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Filed Under:Health Insurance, Individual Health

Cigna sees individual health unit growing

The company expects its commercial medical customer count to rise by more than 300,000

Cigna executives are preparing to brief securities analysts at a J.P. Morgan conference. (Photo: Anthem)
Cigna executives are preparing to brief securities analysts at a J.P. Morgan conference. (Photo: Anthem)

Cigna Corp. has only a small presence in the U.S. individual major medical insurance market, but that small presence may be a lot bigger this year than it was last year.

The Bloomfield, Connecticut-based company hinted that it has seen significant growth in individual major medical unit enrollment in a document filed today with the U.S. Securities and Exchange Commission.

Related: Anthem sees tough individual health competition

Cigna expects to have about 100,000 more U.S. individual major medical enrollees this year than it had last year, according to the filing.

Cigna said in its financial supplement for the third quarter of 2016 that it ended the quarter with 176,000 individual major medical enrollees.

If the company now has 276,000 enrollees, which would imply enrollment is up 57 percent.

The company has been selling coverage for 2017 through the Affordable Care Act exchange programs in seven states.

Cigna prepared the filing to summarize projections for 2017 that it might share this week in San Francisco, at the J.P. Morgan Healthcare Conference.

David Cordani, Cigna's president, will tell attendees that the company expects to report $1.87 billion to $1.94 billion in net income for the year, the company says in the new filing.

Indianapolis-based Anthem Inc., a health insurer that has been trying to acquire Cigna, also filed a J.P. Morgan conference forecast document with the SEC.

Anthem says in its filing that it expects to report net income of $9.21 per share for all of 2016. In April, the company predicted it would report $9.65 in net income.

Anthem says it could report about $11 in adjusted income, after making adjustments for factors such as costs related to mergers and acquisitions. In April, the company said it might report about $10.80 per share in net adjusted income for 2016.

Anthem expects to report earnings for the fourth quarter of 2016 and the full year Feb. 1.

Cigna expects to report its earnings Feb. 2. 

Related:

More health earnings snapshots: Humana, Cigna, Triple-S

Feds to keep Cigna on Medicare plan sidelines in 2017

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Nichole Morford

Nichole Morford
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