The Cigna Group reported a $277 million net loss in the first quarter of 2024.
The company published its first-quarter earnings May 2. The loss was tied to losses in the value of VillageMD, of which Cigna is a minority owner.
Cigna raised its earnings outlook for the year, projecting adjusted earnings of at least $28.40 per share, up 15 cents from its last earnings report. The company exceeded Wall Street's expectations in its first-quarter earnings, according to The Wall Street Journal.
Losses in value for VillageMD, an older adult-focused primary care group, have driven losses for other healthcare companies this quarter. Walgreens reported a $6 billion loss in the first quarter, driven by VillageMD, according to Forbes.
Total revenues for the Cigna Group in the first quarter were $57.2 billion, up 23% year over year. For Evernorth, Cigna's health services segment, revenues were up 28% year over year to $46.2 billion.
For the company's insurance segment, Cigna Healthcare, revenues grew 4% year over year to $13.3 billion. The segment's medical loss ratio was 79.9% in the first quarter, compared to 81.3% in the same period last year.
As of March 31, Cigna had 19.2 million medical members, a decrease year over year. The decline was driven by a loss in individual plan customers, according to the earnings report.
The company increased its projected year-end revenues to at least $235 billion. Full-year adjusted income from operations is projected to be at least $8.1 billion.
The Cigna Group also said the planned sale of its Medicare Advantage business to Health Care Service Corp. is expected to close in the first quarter of 2025.