Cigna reported that it earned more than $2.7 billion in profits during the first half of the year. The insurer saw profits jump 24% last year, earning $6.7 billion in profits during 2022. That ranked second among all health insurers, behind only UnitedHealthcare.
This year, Cigna’s second quarter profits were fueled by a sharp increase in the number of customers who purchased covered under the Affordable Care Act. The insurer recently announced that it wants to raise individual health insurance premiums by 23.6% — more than double the industry average, according to Modern Healthcare.