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CIGNA REPORTS FIRST QUARTER RESULTS

 CIGNA REPORTS FIRST QUARTER RESULTS
 PHILADELPHIA, May 4 /PRNewswire/ -- CIGNA Corporation (NYSE: CI)


today reported consolidated net income of $106 million ($1.48 per share) for the first quarter of 1992, compared with $48 million ($0.67 per share) a year ago.
 Consolidated income excluding realized investment gains was $83 million ($1.16 per share) for the first quarter of 1992, compared with $43 million ($0.60 per share) a year ago.
 "Our employee benefits, individual life and pension businesses continued to perform well in the quarter. P&C results continue to reflect the weak pricing environment. Relative to last year's first quarter, income benefitted from somewhat more favorable claim experience in our employee benefits business and the sale of CIGNA's investment in MBIA Inc.," stated Wilson H. Taylor, chief executive officer of CIGNA.
 First quarter 1992 and 1991 results include after-tax realized investment gains of $23 million ($0.32 per share) and $5 million ($0.07 per share), respectively.
 Consolidated revenues for the first quarter of 1992 were $4.6 billion compared with $4.7 billion in the first quarter of 1991. Assets at the end of the first quarter of 1992 were $67.1 billion, up from $66.7 billion at year-end 1991. Shareholders' equity was $5.7 billion ($80.27 per share) at March 31, 1992, compared with $5.9 billion ($81.93 per share) at December 31, 1991.
 CIGNA's Property and Casualty segment had net income of $31 million in the first quarter of 1992, including after-tax realized investment gains of $21 million and after-tax income of $20 million from the sale of CIGNA's equity interest in MBIA Inc. This compares with breakeven results for the first quarter of 1991 which had no net after-tax realized investment gains or losses.
 The GAAP combined operating ratio after policyholders' dividends was 117.3 for the first quarter of 1992, compared with 117.8 for the first quarter of 1991.
 The Employee Life and Health Benefits segment had income of $38 million in the first quarter of 1992, including after-tax realized investment gains of $3 million. This compares with $19 million of income in the first quarter of 1991, which included after-tax realized investment gains of $3 million.
 Income for the Employee Retirement and Savings Benefits segment was $48 million for the first quarter of 1992, including after-tax realized investment gains of $4 million, compared with income of $43 million in the first quarter of 1991. There were no net after-tax realized investment gains or losses in the first quarter of 1991. Assets under management at the end of the first quarter were $31.7 billion, an increase of 5 percent from $30.1 billion as of March 31, 1991.
 Income for the Individual Financial Services segment was $10 million in the first quarter of 1992, including after-tax realized investment losses of $6 million. This compares with income of $15 million in the first quarter of 1991, which included after-tax realized investment losses of $1 million.
 Other Operations had a loss of $21 million in the first quarter of 1992, compared with a loss of $29 million in the first quarter of 1991. These results include after-tax realized investment gains of $1 million and $3 million, respectively, in 1992 and 1991. Other Operations includes unallocated investment income, expenses and taxes, as well as the results of CIGNA's investment and real estate subsidiaries and settlement annuity business.
 CIGNA CORPORATION
 Comparative Summary of Financial Results
 (Dollars in millions, except per-share amounts)
 Three months ended March 31 1992 1991
 Revenues:
 Premiums and fees $3,451 $3,608
 Net investment income 988 974
 Other revenues 172 121
 Realized investment gains 37 8
 Total 4,648 4,711
 Income (loss) by segment:
 Employee life and health benefits 38 19
 Employee retirement and savings
 benefits 48 43
 Individual financial services 10 15
 Property and casualty 31 --
 Other operations (21) (29)
 Net income 106 48
 Shareholders' equity at March 31 5,748 5,455
 Weighted average shares
 outstanding (000s) 71,660 71,336
 Per share:
 Net income $1.48 $.67
 Shareholders' equity at March 31 80.27 76.49
 Property and casualty
 statistics (GAAP):
 Net written premiums 1,271 1,332
 Earned premiums 1,291 1,336
 Underwriting ratios:
 Loss and loss adjustment
 expense (pct.) 85.1 85.0
 Underwriting expense (pct.) 31.8 31.8
 Combined ratio (pct.) 116.9 116.8
 Combined after policyholders'
 dividends (pct.) 117.3 117.8
 Pre-tax catastrophe (recoveries)
 losses, net ($2) $5
 /delval/
 -0- 5/4/92
 /CONTACT: Gavin R. Arton (financial), 215-761-6128, or Michael J. Monroe (media), 215-761-6133, both of CIGNA/
 (CI) CO: CIGNA Corporation ST: Pennsylvania IN: INS SU: ERN


MK-JS -- PH042 -- 6179 05/04/92 15:59 EDT
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Date:May 4, 1992
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