Health insurance giant Cigna reported Q1 2023 revenue of $46.9B, beating analysts' estimates.
Cigna has nearly 20 million medical customers in its health plans.
- The company posted a net income of $1.3B, up from $1.2B for the same quarter last year.
- Cigna attributed its growth to the addition of 1.5 million new health plan customers, including those who signed up through the Affordable Care Act marketplace, and its acquisition of pharmacy benefit manager Express Scripts in 2018.
- The company also raised its full-year earnings forecast from $21 to $23 per share to $23.50 to $25 per share.
- Cigna CEO David Cordani said the company is seeing more growth opportunities in government-sponsored plans, which will be an area of focus for the company moving forward.
- However, Cordani cautioned that uncertainty around healthcare policy could still pose challenges to the industry.