Cigna’s Charges Climb to $1 Billion

Cigna Corp. said it will take a charge to cover losses stemming from reinsurance contracts, adding up to more than $1 billion in charges the company will take against third-quarter earnings.

The $315-million charge comes on top of a $720-million charge it warned of last month, also related to its business of selling insurance to other insurers.

Cigna shares closed up $2.81 at $63.20 on the NYSE on investor relief that the charge was not higher.