Stock of Local Interest: Cigna Corp.
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share thisCigna Corp.'s huge leap in third-quarter profit caps a dramatic turnaround in the last year.
Cigna, a Philadelphia-based managed care company, reported profit increased 92 percent in the three-month period ending Sept. 30.
The company, which employs about 1,000 people at a customer service center at the Glenmaura Corporate Center in Moosic, earned $329 million for the quarter, for a profit margin of 7.3 percent.
In the year-earlier period, Cigna reported earnings of $171 million and 3.4 percent profit.
The company provides health care and related benefits offered through the workplace.
Key product lines include health care products and services (medical, pharmacy, behavioral health, clinical information management, dental and vision benefits, and case and disease management); and group disability, life and accident insurance.
Cigna also provides life, accident, health and expatriate employee benefits insurance coverage in selected international markets, primarily in Asia and Europe.
Cigna finished up 10 percent for the week, closing Friday at $30.88.
The stock hit a low under $9 last November as the economy suffered and concerns increased about health care reform and its impact on insurers.
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