BLOOMFIELD, Conn. (AP) — Cigna Corp. on Thursday reported fourth-quarter earnings of $977 million.

The Bloomfield, Connecticut-based company said it had net income of $2.60 per share. Earnings, adjusted for amortization costs and non-recurring costs, came to $4.31 per share.

The results beat Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $4.19 per share.

The health insurer posted revenue of $38.24 billion in the period. Its adjusted revenue was $36.54 billion, also beating Street forecasts. Five analysts surveyed by Zacks expected $35.3 billion.

For the year, Cigna’s profit soared 93% to $5.1 billion and its adjusted revenue nearly tripled to $140.18 billion, as the company added its recently acquired Express Scripts pharmacy benefit management business.

Cigna expects full-year 2020 adjusted operating earnings in the range of $18 to $18.60 per share. The company also projects annual revenue excluding items like investment income of between $154 billion and $156 billion.

Cigna shares climbed more than 3% to $213.21 after markets opened Thursday. The stock has increased 11% in the last 12 months.

Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CI at https://www.zacks.com/ap/CI

This story has been corrected to show that Cigna expects full-year adjusted revenue of $154 billion to $156 billion, not $140.2 billion.

Automated Insights, source Associated Press News