Cigna to Restructure Unit to Boost Profit
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From Associated Press
Health insurer Cigna Corp. said it would spend $100 million to restructure its health-care division and would take at least a year to rebuild after a pricing miscalculation sent the company’s profit plummeting.
In a bid to stave off competition and win over dissatisfied customers grumbling about poor service, Cigna offered some clients deeper price discounts last year than the company had planned, or could afford, officials said.
Shares of Cigna fell 81 cents to $38.58 on the NYSE.
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