Health-insurance company Cigna Corp. said Wednesday its profit in the fourth quarter fell nearly 60 percent as the year-ago figure benefited from hefty gains.

For the quarter ended Dec. 31, net income totaled $224 million, or $1.78 per share, compared with $558 million, or $4.16 per share, for the same period last year. The latest quarter included a gain of $4 million from the accelerated recognition of a portion of the sale of Cigna's retirement benefits business, while the year-earlier quarter included a net gain of about $165 million from various items.

Excluding these, adjusted income from operations was $249 million, or $1.98 per share, for the fourth quarter versus $323 million, or $2.41 per share, for the same period last year.

"All of our businesses performed well in the fourth quarter and throughout 2005," H. Edward Hanway, chairman and chief executive, said in a statement. "Our health care, group disability and life and international operations generated strong results reflecting our ability to deliver innovative health and related benefits programs to meet customers' needs. We also stabilized our health-care membership and set the stage for membership growth in 2006."

Cigna forecast on Wednesday 2006 adjusted income from operations of $7.25 to $7.70 per share, including $1.65 to $1.80 per share in the first quarter. The estimates exclude the potential impact of share repurchases. As of Wednesday, the company has about $700 million of stock repurchase authority available.

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