UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2007

OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

for the transition period from _____ to _____

Commission file number 1-08323

CIGNA Corporation
(Exact name of registrant as specified in its charter)

Delaware
06-1059331
(State or other jurisdiction
(I.R.S. Employer
of incorporation or organization)
Identification No.)
 
Two Liberty Place, 1601 Chestnut Street
Philadelphia, Pennsylvania 19192
(Address of principal executive offices)      (Zip Code)

Registrant's telephone number, including area code (215) 761-1000

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes x   No _

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer.  See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.  (Check one):

Large Accelerated Filer x
Accelerated Filer __
Non-Accelerated Filer __

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes _   No x

           As of October 26, 2007, 279,163,023 shares of the issuer's common stock were outstanding.
 
 

 

CIGNA CORPORATION

INDEX


   
Page No.
PART I.
FINANCIAL INFORMATION
 
  
 
Item 1.   Consolidated Financial Statements
  
 
 
 
 
 
 
 
Item 2.   Management's Discussion and Analysis of Financial Condition and Results of Operations
 
 
Item 3.   Quantitative and Qualitative Disclosures About Market Risk
 
 
Item 4.   Controls and Procedures
     
PART II.
 
OTHER INFORMATION
  
 
Item 1.   Legal Proceedings
 
 
Item 1A. Risk Factors
 
 
Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds
 
 
Item 6.   Exhibits
 
SIGNATURE
 
EXHIBIT INDEX

As used herein, the Company refers to one or more of CIGNA Corporation and its consolidated subsidiaries.
 
 
 
                       
Consolidated Statements of Income
                        
   
Three Months Ended
    
Nine Months Ended
  
   
September 30,   
    
September 30,   
  
(In millions, except per share amounts)
  
2007
    
2006
    
2007
    
2006
  
Revenues
                        
Premiums and fees
   $
3,744
     $
3,433
     $
11,209
     $
10,070
  
Net investment income
    
281
      
296
      
840
      
924
  
Other revenues
    
361
      
360
      
1,082
      
1,150
  
Realized investment gains
    
27
      
48
      
37
      
198
  
   Total revenues
    
4,413
      
4,137
      
13,168
      
12,342
  
Benefits and Expenses
                                
Health Care medical claims expense
    
1,659
      
1,595
      
5,107
      
4,536
  
Other benefit expenses
    
837
      
743
      
2,507
      
2,356
  
Other operating expenses
    
1,415
      
1,353
      
4,311
      
4,068
  
   Total benefits and expenses
    
3,911
      
3,691
      
11,925
      
10,960
  
Income from Continuing Operations
                                
   before Income Taxes
    
502
      
446
      
1,243
      
1,382
  
Income taxes (benefits):
                                
Current
    
125
      
158
      
420
      
477
  
Deferred
    
14
       (14 )     (34 )     (22 )
   Total taxes
    
139
      
144
      
386
      
455
  
Income from Continuing Operations
    
363
      
302
      
857
      
927
  
Income (loss) from Discontinued Operations, Net of Taxes
    
2
       (4 )     (5 )     (4 )
Net Income
   $
365
     $
298
     $
852
     $
923
  
Earnings Per Share - Basic:
                                
   Income from continuing operations
   $
1.30
     $
0.94
     $
3.01
     $
2.71
  
   Income (loss) from discontinued operations
    
-
       (0.01 )     (0.02 )     (0.01 )
Net income
   $
1.30
     $
0.93
     $
2.99
     $
2.70
  
Earnings Per Share - Diluted:
                                
   Income from continuing operations
   $
1.28
     $
0.93
     $
2.95
     $
2.67
  
   Income (loss) from discontinued operations