Cigna has announced that it will not expand Obamacare coverage as it had originally planned, Forbes reported.
While the insurer will still sell coverage in seven states, it will hold back on expansion due to being cautious about the future of Obamacare.
"During the company's third-quarter earnings call, Cigna CEO David Cordani said the insurer is taking a "cautious and slow" approach to operating on the Obamacare exchanges," the article said.
"We are going to expect to see revenue growth and plan for a loss," Cordani said.
In the third quarter of 2015, Cigna reported profits of $547 million, which declined to $456 million in the third-quarter of this year, showing a loss of $91 million.
"Cigna, which had hoped to expand individual Obamacare offerings to 10 states next year, instead will remain in seven," the article says. "It is leaving Georgia and Texas in 2017, but entering the Chicago market and Raleigh, North Carolina, maintaining a somewhat smaller presence next year overall."
Other insurers like Aetna, Humana and UnitedHealth Group have announced exits in the Obamacare exchanges citing major losses.