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PHILADELPHIA (AP) - Health insurer Cigna Corp. reported an almost 60 percent drop in fourth-quarter net income from a year-ago figure that was bolstered by hefty gains.
But the Philadelphia-based insurer still beat Wall Street's expectations, a sign its turnaround is gaining ground.
"The turnaround looks like it's kind of going, but going slowly," said Paul Newsome, an analyst at A.G. Edwards. "It's not a complete, across-the-board turnaround at this point yet. But they made progress in the fourth quarter and the results showed it."
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