CIGNA CORP | 2013 | FY | 3


Quarterly Financial Data (unaudited)

 

The following unaudited quarterly financial data is presented on a consolidated basis for each of the years ended December 31, 2013 and December 31, 2012. Quarterly financial results necessarily rely heavily on estimates. This and certain other factors, such as the seasonal nature of portions of the insurance business, suggest the need to exercise caution in drawing specific conclusions from quarterly consolidated results.

 

(In millions, except per share amounts)   Three Months Ended    
 March 31June 30Sept. 30Dec. 31
Consolidated Results           
2013           
Total revenues$ 8,183$ 7,980 $ 8,066 $ 8,151 
Income before income taxes   74  767   799   536 
Shareholders' net income   57 (1) 505 (2)  553   361 (3)
Shareholders' net income per share:1          
Basic  0.20  1.79   1.99  1.32 
Diluted  0.20  1.76   1.95   1.29 
2012           
Total revenues$ 6,754$ 7,422 $ 7,323 $ 7,620 
Income before income taxes   552  588   718   619 
Shareholders' net income  371 (4) 380 (5)  466 (6)  406 (7)
Shareholders' net income per share:           
Basic  1.30  1.33   1.64  1.43 
Diluted  1.28  1.31   1.61   1.41 
Stock and Dividend Data           
2013           
Price range of common stock — high$ 63.19$ 73.13 $ 84.68 $ 88.57 
— low$ 53.91$ 61.88 $ 71.12 $ 72.64 
Dividends declared per common share$ 0.04$ -  $ -  $ -  
2012           
Price range of common stock — high$ 49.89$ 49.63 $ 47.92 $ 54.53 
— low$ 41.27$ 42.21 $ 39.34 $ 47.31 
Dividends declared per common share$ 0.04$ -  $ -  $ -  

(1)       The first quarter of 2013 includes an after-tax gain of $25 for the GMIB business, an after-tax charge of $507 million for the transaction with Berkshire to effectively exit the Run-off Reinsurance business, and an after-tax charge of $51 million related to the disability claims regulatory matter in the Group Disability and Life segment.

(2)       The second quarter of 2013 includes an after-tax charge of $24 million for the Pharmacy Benefits Manager (“PBM”) partnering agreement with Catamaran.

(3)       The fourth quarter of 2013 includes an after-tax charge of $40 million for an organizational efficiency plan.

(4)       The first quarter of 2012 includes an after-tax gain of $41 million for the GMIB business, an after-tax charge of $28 million for costs associated with acquisitions, and an after-tax charge of $13 million for costs associated with a litigation matter in Global Health Care.

(5)       The second quarter of 2012 includes an after-tax loss of $51 million for the GMIB business.

(6)       The third quarter of 2012 includes an after-tax gain of $32 million for the GMIB business, an after-tax charge of $12 million for costs associated with acquisitions, and an after-tax charge of $50 million for costs associated with an organizational efficiency plan.

(7)       The fourth quarter of 2012 includes an after-tax gain of $7 million for the GMIB business and an after-tax charge of $68 million for litigation matters.

 


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