Cigna Corp.'s third-quarter earnings jumped 19 percent to trump analyst expectations, and the health insurer hiked its 2013 forecast.
Shares of the Bloomfield, Conn., company outpaced the broader market Thursday morning after Cigna released results.
Cigna said 7 percent growth in premiums and fees from its biggest segment, Global Health Care, helped its performance compared to last year's quarter, when the insurer also absorbed charges totaling $62 million due to a realignment plan and the acquisition of fellow insurer HealthSpring.
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Overall, Cigna earned $553 million, or $1.95 per share, in the three months that ended Sept. 30. Excluding one-time items, earnings totaled $1.89 per share. Last year, Cigna earned $466 million, or $1.61 per share. Revenue jumped 10 percent to $8.07 billion this year.
Analysts expected, on average, earnings of $1.62 per share on $7.9 billion in revenue, according to FactSet.
The company now expects 2013 adjusted earnings of $6.70 to $6.90 per share after forecasting $6.25 to $6.65 per share in August.
Analysts forecast $6.64 per share.
Up $1.45 to $76.09 Thursday morning, while the Standard & Poor's 500 index fell less than 1 percent. That put the stock up 42 percent so far this year.
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