NEW YORK, June 11 (Reuters) - Health insurer Cigna's ( CI )

medical use trends across its portfolio were in line with

its expectations for 2023 and 2024, CFO Brian Evanko said on

Tuesday, citing the company's lack of Medicaid management.

The company has also reaffirmed its adjusted annual profit

forecast made in May, Evanko said at the Goldman Sachs Global

Healthcare Conference. The majority of Cigna's ( CI ) business is from

managing employer-based healthcare plans.

It raised its annual profit forecast in May for the second

time this year, in sharp contrast to some rivals that are

struggling with rising costs due to a much larger presence in

the government-backed Medicare Advantage (MA) market for adults

aged 65 and older.

During the COVID-19 pandemic, Medicaid plans were

required to keep individuals enrolled. Following the termination

of that policy in 2023, redeterminations for Medicaid

eligibility have been prolonged.

Insurers saw unanticipated use of healthcare plans by

patients following the pandemic. Cigna ( CI ) continues to expect an

adjusted profit of at least $28.40 per share in 2024.

At a conference last month, UnitedHealth's CEO Andrew Witty

said his company expected "some disturbance" around medical

services used by Medicaid members.

Shares of Cigna ( CI ) fell 0.2% to about $338 in afternoon

trading. UnitedHealth shares were down 3.8% at $484.72, while

those of rivals Humana, Centene and Elevance Health fell 1.1%,

3.1% and 2.6%, respectively, following the conference.

Cigna's ( CI ) "outpatient dynamic" was also impacted by the Change

Healthcare hack which disrupted claims during the first quarter

of 2024, Evanko said.

The February ransomware attack on UnitedHealth stole a

"substantial portion" of personal data from American patients

and disrupted provider payments. UnitedHealth's Witty said in a

May testimony that the hack caused "incredible disruption"

across the healthcare system.

Evanko said Cigna ( CI ) had been affected by the disruptions

caused by the hack but was returning to normal.

"But for the balance of the year, we're expecting that kind

of normalized level to persist," he said.