CIGNA (NYSE:CI) stands out from its peers in a lot of ways. It is arguably over-reserved, it's not really much of a force in Medicare, it's vocally embraced the concept of consumerism, and it has very modest risk exposure. The question that remains, though, is whether these differences will parlay into better long-term returns than those from the likes of UnitedHealth (NYSE:UNH), Aetna (NYSE:AET), and Coventry (NYSE:CVH).

Just skimming over first-quarter results, your initial impression might be "no." Revenue was down 5% and adjusted income from operations was down about 6% on a per-share basis. Not so good at first blush, then, relative to the aforementioned companies. And certainly there were some items that I didn't especially like -- enrollment was down, medical costs were up, and the company's Part D plan was a bigger loser than originally hoped.

But it's also true that this is a company still in the midst of a market recovery. And though I'm still decidedly skeptical about the ultimate impact of consumerism in managed care, the company management claims that it is the fastest-growing provider of consumer-directed plans. Plus, when you adjust for the impact of favorable reserve developments, the year-over-year earnings comparison wasn't that bad.

As is probably clear, I'm not yet convinced that the CIGNA approach is the right one. But it is worth noting that this company has considerably less underwriting risk than many other names. So, if the sector as a whole has guessed wrong about medical cost trends, CIGNA will look like an interesting defensive idea in an environment of tighter commercial risk profits.

Even though CIGNA is a different sort of health plan operator, it's gotten smacked alongside everybody else in the recent "fleeing of the bulls." And I have to admit that, even with conservative estimates, the stock does look like it might be something of a bargain. While it's not my cup of tea, other Fools might want to take a closer look.

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Fool contributor Stephen Simpson has no financial interest in any stocks mentioned here (that means he's neither long nor short the shares).