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124 CIGNA CORPORATION2011 Form10K
PART II
ITEM 8 Quarterly Financial Data (unaudited)
Quarterly Financial Data (unaudited)
e following unaudited quarterly nancial data is presented on a consolidated basis for each of the years ended December31,2011 and
December31,2010. Quarterly nancial results necessarily rely heavily on estimates. is and certain other factors, such as the seasonal nature
of portions of the insurance business, suggest the need to exercise caution in drawing specic conclusions from quarterly consolidated results.
(In millions, except per share amounts)
ree Months Ended
March31 June30 Sept. 30 Dec. 31
Consolidated Results
2011
Total revenues $ 5,413 $ 5,509 $ 5,613 $ 5,463
Income from continuing operations before income taxes 600 616 297 455
Shareholders’ net income 429 (1) 408(2) 200(3) 290(4)
Shareholders’ net income per share:
Basic 1.59 1.52 0.74 1.05
Diluted 1.57 1.50 0.74 1.04
2010
Total revenues $ 5,205 $ 5,353 $ 5,266 $ 5,429
Income from continuing operations before income taxes 422 439 464 545
Shareholders’ net income 283(5) 294(6) 307(7) 461(8)
Shareholders’ net income per share:
Basic 1.03 1.07 1.13 1.71
Diluted 1.02 1.06 1.13 1.69
Stock and Dividend Data
2011
Price range of common
stock — high $ 44.29 $ 51.81 $ 52.95 $ 47.61
— low $ 36.76 $ 42.80 $ 40.24 $ 38.82
Dividends declared per common share $ 0.040 $ - $ - $ -
2010
Price range of common
stock — high $ 39.26 $ 37.61 $ 36.03 $ 38.53
— low $ 32.00 $ 30.78 $ 29.12 $ 34.33
Dividends declared per common share $ 0.040 $ - $ - $ -
(1) The first quarter of 2011 includes an after-tax gain of $13million for the GMIB business and a net tax benefit of $24million related to the resolution of a Federal tax matter.
(2) The second quarter of 2011 includes an after-tax loss of $21million for the GMIB business.
(3) The third quarter of 2011 includes an after-tax loss of $134million for the GMIB business.
(4) The fourth quarter of 2011 includes an after-tax gain of $7million for the GMIB business and, an after-tax charge of $31million for costs associated with acquisitions.
(5) The first quarter of 2010 includes an after-tax gain of $5million for the GMIB business.
(6) The second quarter of 2010 includes an after-tax loss of $104million for the GMIB business.
(7) The third quarter of 2010 includes an after-tax loss of $10million for the GMIB business.
(8) The fourth quarter of 2010 includes an after-tax gain of $85million for the GMIB business, an after-tax charge of $20million for the loss on a reinsurance transaction, a net tax
benefit of $101million related to the resolution of a Federal tax matter, and an after-tax charge of $39million related to the early extinguishment of debt.
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