(RTTNews) - Healthcare benefits provider CIGNA Corp. (CI: News ) on Thursday reported a 92% surge in third-quarter profit, as favorable performance in the equity markets helped the company report a profit in the Run-off Reinsurance business, which reported a hefty loss last year. Revenues as well as medical membership declined from the previous year. Looking ahead, the company maintained its forecast for consolidated adjusted income from operations in 2009.

The company said third-quarter shareholders' net income increased to $329 million or $1.19 per share from $171 million or $0.62 per share for the same period last year. In the second quarter of 2009, shareholders' net income was $435 million or $1.58 per share.

The latest quarterly results included a $16 million after-tax, or $0.06 per share, income related to the variable annuity products within the company's Run-off Reinsurance segment, whereas in the previous year, the company recorded loss of $133 million after-tax, or $0.47 per share, related to these products.

CIGNA's adjusted income from operations for the third quarter was $311 million, or $1.13 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $1.03 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter dropped to $4.517 billion from $4.852 billion in the prior year quarter. Analysts had a consensus revenue estimate of $4.59 billion for the quarter. Second-quarter revenues were $4.49 billion.

Revenue from Premiums and fees declined to $3.985 billion from $4.128 billion. Net investment income slipped to $263 million from $272 million. Mail order pharmacy revenues grew to $316 million from $300 million.
Premiums and Fees from the Healthcare segment dipped to $2.812 billion from $2.991 billion, while earnings from the segment advanced to $200 million from $187 million. This segment includes medical and specialty health care products. Aggregate medical membership declined to 11.10 million from 11.19 million.

The Disability and Life segment, which includes CIGNA's group disability, life, and accident insurance operations, reported premiums and fees of $654 million, up from last year's $627 million. The segment reported earnings of $64 million, down from last year's $70 million.

At International, consisting CIGNA's life, accident and supplemental health insurance and expatriate benefits businesses in certain markets, Premiums and Fees grew to $482 million from $471 million. Earnings at the segment dropped to $38 million from $44 million.

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