Cigna Profit Drops 16%; Its Shares Tumble

Cigna Corp. said third-quarter profit fell 16% and projected a 2006 earnings decline after the healthcare insurer failed to rebuild membership.

Net income fell to $259 million, or $2 a share, from $308 million, or $2.26, the Philadelphia-based company said. Revenue declined 11% to $4 billion.

Health plan membership dropped 8.5% from a year earlier, the company said.

Shares of Cigna fell $7.18 to $110.37. The 6.1% drop was the biggest in a year.