The Cigna Group has announced a robust performance for its third quarter in 2024, witnessing a 30% increase in total revenues, amounting to $63.7 billion. The shareholders' net income for this period stood at $0.7 billion, or $2.63 per share. Notably, the adjusted income from operations reached $2.1 billion, translating to $7.51 per share. Furthermore, the company reaffirmed its outlook for 2024, projecting an adjusted income from operations of at least $28.40 per share. David M. Cordani, chairman and CEO of The Cigna Group, highlighted the company's strong execution and strategic planning as key drivers of this performance amidst a dynamic environment. The group's diversity in services through Evernorth Health Services and Cigna Healthcare contributes significantly to its sustained business growth, both in the short-term and long-term.
Despite a non-cash after-tax investment loss related to VillageMD, the shareholders' net income marked a comparison of $1.4 billion or $4.74 per share in the third quarter of the previous year. The adjusted income from operations also saw a jump of 5%, reflecting strong contributions from various sectors, particularly the Specialty and Care Services within Evernorth Health Services. Total revenues jumped by an impressive 30% compared to the same quarter in the previous year. This increase was primarily fueled by immense growth in Evernorth Health Services. This growth was driven by client wins and high-volume growth in specialty services. The SG&A expense ratio also decreased, marking efficiency in operations and a shift in business mix.
The Cigna Group saw a notable jump in its customer base, with total customer relationships increasing by 12% to 183.5 million. Much of this growth was observed in the pharmacy segment, which saw a 22% rise due to new sales and a wider customer reach. Within its segment highlights, The Evernorth Health Services recorded a 36% rise in adjusted revenues and a 9% increase in adjusted income from operations before tax. There was notable growth in the Pharmacy Benefit Services, which saw an increase of 50% in adjusted revenues, showcasing client wins and organic expansion. Specialty and Care Services also grew, with adjusted revenues climbing 23% due to organic growth in specialty businesses.
Cigna Healthcare experienced a 3% increase in adjusted revenues, offset by premium rate adjustments while witnessing a decrease in adjusted income from operations due to a higher medical care ratio. The Cigna Group's 2024 outlook suggests continuous robust performance, with a consolidated adjusted income from operations projected to be a minimum of $28.40 per share. However, the company advises caution, as these predictions may vary due to several factors not within its control. The management holds a conference call to discuss these earnings and future forecasts, emphasizing transparency with its investors and stakeholders.
The Cigna Group, with its global reach, remains committed to enhancing the health quality and vitality of communities. Alongside Evernorth Health Services and Cigna Healthcare, the company is poised to relentlessly innovate and provide comprehensive health solutions. The group's strategic partnerships and diverse markets aid in sustaining its extensive customer base across more than 30 jurisdictions. Cigna warns investors about the potential forward-looking statements in this release. Such projections are susceptible to change and may differ from actual future performance due to various external factors. Risks could stem from operational shifts, legal and regulatory environments, currency changes, and broader economic conditions. Consequently, while the outlook remains positive, Cigna insists on a prudent and informed consideration of future market conditions.
