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CIGNA CORPORATION ANNOUNCES THIRD QUARTER NET CHARGE

 CIGNA CORPORATION ANNOUNCES THIRD QUARTER NET CHARGE
 PHILADELPHIA, Oct. 23 /PRNewswire/ -- CIGNA Corporation (NYSE: CI)


today announced that its consolidated third quarter results would be negatively affected by approximately $105 million after tax, or $1.46 per share, as a result of charges associated with its property and casualty segment, offset in part by benefits from recently completed income tax audits.
 "Preliminary indications are that overall income, excluding realized investment gains, for the third quarter is expected to be about break- even," stated Wilson H. Taylor, chairman and chief executive officer. "Our health benefits, pension and life businesses continue to perform well."
 The property and casualty charges include the impact of Hurricanes Andrew and Iniki, $57 million and $29 million, respectively. In addition, they reflect the completion of a previously announced review of London property and casualty reinsurance exposures, which will result in a net charge of approximately $140 million, as well as charges of approximately $61 million primarily for settlement of certain claim disputes and adverse loss development on international bond and credit business.
 Partially offsetting the P&C charges is a $182 million tax benefit, favorably affecting all of the company's business segments, resulting from the settlement of certain audit issues for the 1982-1987 tax years.
 CIGNA, which reported net income of $123 million, or $1.72 per share, in the third quarter of 1991, will announce third quarter results on Monday, Nov. 2, 1992.
 /delval/
 -0- 10/23/92 R
 /CONTACT: Gavin R. Arton (financial relations), 215-761-6128, or Michael J. Monroe (corporate relations), 215-761-6133, both of CIGNA/
 (CI) CO: CIGNA Corporation ST: Pennsylvania IN: INS SU: ERP


CC -- PH048R -- 4522 10/26/92 07:37 EST
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Publication:PR Newswire
Date:Oct 26, 1992
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