Cigna Profit Is Up Over 100%

Cigna Corp.’s profit more than doubled in the first quarter of the year on the sale of its investment in a municipal bond insurer, the insurance company reported Monday.

The profit of $106 million, or $1.48 per share, compares to $48 million, or 67 cents per share, reported in the first quarter last year.

The company sold its investment in MBIA Inc., boosting its investment gains from $5 million, or 7 cents a share, in the first quarter of 1991 to $23 million, or 32 cents a share, for the first three months of 1992.

Revenue was down slightly in the first quarter. Consolidated revenue for the first three months of 1992 was $4.6 billion, compared to $4.7 billion for the same period in 1991.

MBIA guarantees payments on bonds issued by state and local governments.

The Philadelphia insurer’s property and casualty and its employee life and health benefits segments both posted strong quarters.

The property and casualty segment had net income of $31 million in the first quarter of 1992, including investment gains of $21 million and earnings of $20 million from the MBIA sale. In the first quarter of 1991, the segment broke even and had no investment gains or losses.

The employee life and health benefits segment had income of $38 million this past quarter, double the $19 million in income it posted for the same period of 1991.