SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 1, 1997
CIGNA Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-8323 06-1059331
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
One Liberty Place, 1650 Market Street, P.O. Box 7716
Philadelphia, Pennsylvania 19192-1550
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(215) 761-1000
Not Applicable
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events.
On October 1, 1997, the registrant issued a news release, a copy of
which is filed as Exhibit 20 hereto and is incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
(c) The exhibit accompanying this report is listed in the Index to
Exhibits below.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CIGNA CORPORATION
Date: October 2, 1997 By: /s/ Gary A. Swords
--------------------
Gary A. Swords
Vice President and
Chief Accounting Officer
Index to Exhibits
Number Description Method of Filing
20 CIGNA Corporation Filed herewith
news release dated
October 1, 1997
NEWS RELEASE [CIGNA LOGO]
EXHIBIT 20
Immediate
Al Ciavardelli - 215-761-6128
CIGNA ANNOUNCES PRELIMINARY
THIRD QUARTER 1997 EARNINGS ESTIMATES
PHILADELPHIA, PA -- October 1, 1997 -- CIGNA indicated today that, based on
preliminary information, it's third quarter earnings are currently anticipated
to be in the range of $3.35 per share, or three to four percent below analysts'
consensus estimates, with all segments in line with expectations except for the
HMO business which will be approximately $.10 to $.15 below analysts' estimates.
This relates to higher than expected medical delivery costs at one health plan
location and general medical cost trend, which remains in the two percent
year-over-year range. CIGNA also noted that the integration of the Healthsource
acquisition is moving forward as planned with no claims backlog experience.
* * * * *
Statements not dealing with historical results are forward-looking and are based
on estimates, assumptions and projections. CIGNA cautions the reader that actual
results could differ materially from those expected by CIGNA, depending on the
outcome of certain factors including: (1) adverse catastrophe experience in
CIGNA's property and casualty businesses; (2) adverse property and casualty loss
development for events that CIGNA insured in prior years; (3) an increase in
medical costs in CIGNA's health care operations, including increases in
utilization and costs of medical services; (4) heightened competition,
particularly price competition, reducing product margins and constraining growth
in CIGNA's businesses; (5) significant changes in interest rates; and (6)
charges associated with the Healthsource acquisition.
