U.S. health insurer Cigna Corp said on Thursday that medical costs for its individual customers were higher than expected in the second quarter, adding to investor worries that spending is on the rise.Cigna shares fell 5 percent, and a sell-off begun early this week in other insurers including Aetna Inc and WellPoint Inc continued. Investors are on the watch for any signs that medical spending, long at historical lows, is on the rise, which could limit insurer profits. Aetna's and Humana Inc's quarterly results this week had also raised cost concerns.Cigna said medical costs as a percentage of total premiums collected from its fully insured commercial business came in higher than it had expected, driven by the rise in use among individual customers.Even so, Cigna lowered it overall medical cost growth expectations for 2014.
Aetna Inc. (Aetna), is a diversified healthcare benefits company. Shares of AET fell by 4.06% or $-3.24/share to $76.50. In the past year, the shares have traded as low as $60.32 and as high as $85.72. On average, 2168620 shares of AET exchange hands on a given day and today's volume is recorded at 3388796.
Cigna Corporation (Cigna) is a holding company. Cigna is a global health service company, with insurance subsidiaries that are providers of medical, dental, disability, life and accident insurance and related products and services. Shares of CI fell by 3.84% or $-3.59/share to $89.91. In the past year, the shares have traded as low as $72.64 and as high as $97.28. On average, 1629720 shares of CI exchange hands on a given day and today's volume is recorded at 2504820.
WellPoint, Inc. (WellPoint) is a health benefit company in terms of medical membership in the United States. Shares of WLP fell by 3.51% or $-3.95/share to $108.52. In the past year, the shares have traded as low as $81.46 and as high as $116.50. On average, 1901940 shares of WLP exchange hands on a given day and today's volume is recorded at 2596775.
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