Cigna Corporation (CI) has reported a 16.64 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $456 million, or $1.76 a share in the quarter, compared with $547 million, or $2.10 a share for the same period last year. On an adjusted basis, earnings per share were at $1.94 for the quarter compared with $2.28 in the same period last year.

Revenue during the quarter grew 5.23 percent to $9,880 million from $9,389 million in the previous year period.

However, the adjusted operating income for the quarter stood at $503 million compared to $593 million in the prior year period. At the same time, adjusted operating margin contracted 122 basis points in the quarter to 5.09 percent from 6.32 percent in the last year period.

"Cigna's third quarter financial results are driven by our focus on affordable solutions and quality health outcomes for our customers and clients," said David M. Cordani, president and chief executive officer. "As we look to 2017, our commitment to delivering sustained value through innovative programs provides us with attractive growth opportunities in each of our businesses."

For fiscal year 2016, Cigna Corporation projects adjusted operating income to be in the range of $2,025 million to $2,095 million. The company forecasts diluted earnings per share to be in the range of $7.80 to $8.05 on adjusted basis.