Cigna MLR Reaches Record Low As Insurer Beats Expectations
August 3
Cigna Corp. handily beat analysts’ expectations for its second quarter earnings and posted a record low medical loss ratio of 70.5% as members continued to defer non-emergency medical visits and procedures due to the COVID-19 pandemic.
The insurer, which reported earnings July 30, posted only a 1% quarter-over-quarter decline in commercial enrollment and strong growth in its Express Scripts PBM business. But CEO David Cordani warned in Cigna’s earnings conference call that the company expects to see “lower levels of employment across our book” through the second half of the year, with a slow economic recovery in 2021.
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