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