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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November
2, 2023
The Cigna Group
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of
incorporation) |
001-38769
(Commission File Number) |
82-4991898
(IRS Employer
Identification No.) |
900 Cottage Grove Road
Bloomfield, Connecticut 06002
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area
code:
(860) 226-6000
Not Applicable
(Former name or former address, if changed since last
report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
☐ Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock, Par Value $0.01 |
CI |
New York Stock Exchange, Inc. |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities
Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ☐
|
Item 2.02 |
Results of Operations and Financial Condition. |
On November 2, 2023, The Cigna
Group issued a press release announcing results for the three months ended September 30, 2023. The press release is furnished as Exhibit
99.1 to this Current Report on Form 8-K and incorporated herein by reference.
This information shall not be
deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act whether made before or after
the date of this Current Report on Form 8-K, except as shall be expressly set forth by specific reference in such a filing.
|
Item 9.01 |
Financial Statements and Exhibits. |
(d) Exhibits.
|
104 |
Cover Page Interactive Data File (embedded within the Inline XBRL). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
THE CIGNA GROUP |
|
|
Date: November 2, 2023 |
By: |
/s/ Brian C. Evanko |
|
|
Brian C. Evanko |
|
|
Executive Vice President and Chief Financial Officer |
Exhibit 99.1
Press Release |
|
INVESTOR RELATIONS CONTACT:
Ralph Giacobbe
860-787-7968
Ralph.Giacobbe@TheCignaGroup.com
MEDIA CONTACT:
Justine Sessions
860-810-6523
Justine.Sessions@cigna.com
The Cigna Group Reports Strong Third Quarter
2023 Results, |
Raises 2023 Adjusted EPS, Revenue, and Cash
Flow Outlook
| • | Total revenues in the third quarter were $49.0 billion |
| • | Shareholders’ net income for the third quarter was $1.4 billion, or $4.74
per share |
| • | Adjusted income from
operations1 for the third quarter was $2.0 billion, or $6.77 per share |
| • | 2023 outlook2
for adjusted income from operations1,2 increased to at least $24.75 per share2 |
BLOOMFIELD, CT, November 2, 2023 – Global health
company The Cigna Group (NYSE: CI) today reported strong third quarter results reflecting revenue and earnings growth across its diversified
portfolio of businesses.
“We continued to drive growth in the third
quarter by harnessing our deep clinical expertise and service capabilities across our company, supporting high-quality care, improved
affordability and better outcomes,” said David M. Cordani, chairman and chief executive officer. “With disciplined execution
and continued innovation across Evernorth Health Services and Cigna Healthcare, we’re meeting the evolving needs of those we serve.”
Shareholders’ net income for
the third quarter 2023 was $1.4 billion, or $4.74 per share, compared with $2.8 billion, or $8.97 per share, for the third quarter 20223,
which included an after-tax gain of $1.4 billion, or $4.52 per share, from the Chubb Transaction4.
The Cigna Group's adjusted income
from operations1 for the third quarter 2023 was $2.0 billion, or $6.77 per share, compared with $1.9 billion, or $6.05 per
share, for the third quarter 20223, reflecting strong contributions from both Evernorth Health Services and Cigna Healthcare.
A reconciliation of shareholders’ net income
to adjusted income from operations1 is provided on the following page and on Exhibit 1 of this earnings release.
CONSOLIDATED HIGHLIGHTS
The following table includes highlights
of results and reconciliations of total revenues to adjusted revenues5 and shareholders’ net income to adjusted income
from operations1:
Consolidated Financial Results (dollars in millions): | |
|
| |
Three Months Ended | |
Nine Months Ended |
| |
September 30, | |
June 30, | |
September 30, |
| |
| 2023 | | |
| 20223 | | |
| 2023 | | |
| 2023 | |
| |
| | | |
| | | |
| | | |
| | |
Total Revenues | |
$ | 49,048 | | |
$ | 45,281 | | |
$ | 48,586 | | |
$ | 144,151 | |
Net Realized Investment Losses from Equity Method Investments5 | |
| 30 | | |
| 80 | | |
| 30 | | |
| 22 | |
Adjusted Revenues5 | |
$ | 49,078 | | |
$ | 45,361 | | |
$ | 48,616 | | |
$ | 144,173 | |
| |
| | | |
| | | |
| | | |
| | |
Consolidated Earnings, net of taxes | |
| | | |
| | | |
| | | |
| | |
Shareholders’ Net Income | |
$ | 1,408 | | |
$ | 2,757 | | |
$ | 1,460 | | |
$ | 4,135 | |
Net Realized Investment Losses1 | |
| 41 | | |
| 145 | | |
| 9 | | |
| 56 | |
Amortization of Acquired Intangible Assets1 | |
| 363 | | |
| 322 | | |
| 346 | | |
| 1,053 | |
Special Items1 | |
| 199 | | |
| (1,365 | ) | |
| 5 | | |
| 205 | |
Adjusted Income from Operations1 | |
$ | 2,011 | | |
$ | 1,859 | | |
$ | 1,820 | | |
$ | 5,449 | |
| |
| | | |
| | | |
| | | |
| | |
Shareholders’ Net Income, per share | |
$ | 4.74 | | |
$ | 8.97 | | |
$ | 4.92 | | |
$ | 13.89 | |
Adjusted Income from Operations1, per share | |
$ | 6.77 | | |
$ | 6.05 | | |
$ | 6.13 | | |
$ | 18.31 | |
| • | Total revenues and adjusted revenues5 for the third quarter 2023 each
increased 8% from the third quarter 2022, reflecting strong growth across Evernorth Health Services and Cigna Healthcare. |
| • | Shareholders’ net income for the third quarter 2023 was $1.4 billion, or $4.74 per share, compared with $2.8 billion, or $8.97
per share, for the third quarter 20223, which included an after-tax gain of $1.4 billion, or $4.52 per share, from the Chubb
Transaction4. |
| • | Adjusted income from operations1 for the third quarter 2023 increased
8% from the third quarter 2022, reflecting strong contributions from Evernorth Health Services and Cigna Healthcare. |
| • | The SG&A expense ratio6 and adjusted SG&A expense ratio6
were 7.7% and 7.3%, respectively, for the third quarter 2023 compared to 7.0% and 6.9%, respectively, for the third quarter 2022, reflecting
increased investments to support business growth and expand our capabilities. |
| • | The debt-to-capitalization ratio was 40.5% at
September 30, 2023 compared to 41.9% at June 30, 2023. |
| • | Year to date through November 1, 2023, the Company repurchased 7.7 million shares of common
stock for approximately $2.2 billion. |
CUSTOMER RELATIONSHIPS
The following table summarizes The Cigna Group’s medical customers
and overall customer relationships:
Customer Relationships (in thousands):
|
As of the Periods Ended |
|
September 30, |
June 30, |
December 31, |
|
2023 |
2022 |
2023 |
2022 |
|
|
|
|
|
Total Pharmacy Customers7 |
98,325 |
94,846 |
98,638 |
93,905 |
|
|
|
|
|
U.S. Commercial |
16,009 |
14,761 |
15,999 |
14,852 |
U.S. Government |
1,970 |
1,381 |
1,883 |
1,354 |
International Health |
1,628 |
1,812 |
1,624 |
1,798 |
Total Medical Customers7 |
19,607 |
17,954 |
19,506 |
18,004 |
|
|
|
|
|
Behavioral Care |
25,100 |
44,522 |
26,383 |
44,841 |
Dental |
18,593 |
18,380 |
18,634 |
18,397 |
Medicare Part D |
2,544 |
2,902 |
2,542 |
2,874 |
|
|
|
|
|
Total Customer Relationships7 |
164,169 |
178,604 |
165,703 |
178,021 |
| • | Total pharmacy customers7 at September 30, 2023 increased 5% from December 31, 2022
to 98.3 million due to new sales and the continued expansion of relationships. |
| • | Total medical customers7 at September 30, 2023 grew 9% from December 31,
2022 to 19.6 million, an increase of 1.6 million customers, primarily driven by growth in U.S. Commercial fee-based customers as well
as in Individual and Medicare Advantage customers. |
| • | Customer relationships7 were impacted by the non-renewal of a supplemental
behavioral coverage contract with New York Life, which was insignificant to total revenues and adjusted income from operations1.
Excluding the impact of this contract7, behavioral care and total customer relationships7 at September 30,
2023 increased 2% and 4%, respectively, from December 31, 2022. |
HIGHLIGHTS OF SEGMENT RESULTS
See Exhibit 1 for a reconciliation
of adjusted income (loss) from operations1 to shareholders’ net income.
Evernorth Health Services
This segment offers a broad range of coordinated
and point solution health services and capabilities, as well as those from partners across the health care system, in Pharmacy Benefits,
Home Delivery Pharmacy, Specialty Pharmacy, Distribution and Care Delivery and Management Solutions to health plans, employers, government
organizations and health care providers.
Financial Results (dollars in millions): |
| |
Three Months Ended | |
Nine Months Ended |
| |
September 30, | |
June 30, | |
September 30, |
| |
2023 | |
2022 | |
2023 | |
2023 |
| |
| |
| |
| |
|
Adjusted Revenues5 | |
$ | 38,596 | | |
$ | 35,698 | | |
$ | 38,205 | | |
$ | 112,980 | |
Adjusted Income from Operations, Pre-Tax1 | |
$ | 1,716 | | |
$ | 1,625 | | |
$ | 1,516 | | |
$ | 4,552 | |
Adjusted Margin, Pre-Tax8 | |
| 4.4% | | |
| 4.6% | | |
| 4.0% | | |
| 4.0% | |
| • | Third quarter 2023 adjusted revenues5 increased 8% relative to third
quarter 2022, reflecting strong organic growth in specialty and care delivery and management solutions. |
| • | Third quarter 2023 adjusted income from operations, pre-tax1, increased
6% relative to third quarter 2022, reflecting growth in specialty and continued affordability improvements, partially offset by increased
strategic investments in technology to support the onboarding of new clients and continued advancement of our digital capabilities and
care solutions. |
| • | Third quarter 2023 adjusted margin, pre-tax8, was 4.4% compared to 4.6%
for third quarter 2022, reflecting continued strategic investments in technology to support the onboarding of new clients and expansion
of existing client relationships. |
Cigna Healthcare
This segment includes U.S. Commercial, U.S. Government
and International Health businesses, which provide comprehensive medical benefits and coordinated solutions to clients and customers.
U.S. Commercial products and services include medical, pharmacy, behavioral health, dental, and other products and services for insured
and self-insured clients. U.S. Government solutions include Medicare Advantage, Medicare Supplement and Medicare Part D plans for seniors,
and individual health insurance plans. International Health solutions include health care coverage in our international markets, as well
as health care benefits for globally mobile individuals and employees of multinational organizations.
Financial Results (dollars in millions): |
| |
Three Months Ended | |
Nine Months Ended |
| |
September 30, | |
June 30, | |
September 30, |
| |
| 2023 | | |
| 20223 | | |
| 2023 | | |
| 2023 | |
| |
| | | |
| | | |
| | | |
| | |
Adjusted Revenues5,9 | |
$ | 12,768 | | |
$ | 11,177 | | |
$ | 12,714 | | |
$ | 38,200 | |
Adjusted Income from Operations, Pre-Tax1 | |
$ | 1,222 | | |
$ | 1,050 | | |
$ | 1,172 | | |
$ | 3,509 | |
Adjusted Margin, Pre-Tax8 | |
| 9.6% | | |
| 9.4% | | |
| 9.2% | | |
| 9.2% | |
| • | Third quarter 2023 adjusted revenues5,9 grew 14% over third quarter 2022, reflecting customer
growth and premium rate increases to cover underlying medical cost trends. |
| • | Third quarter 2023 adjusted income from operations, pre-tax1 increased 16% relative to third
quarter 2022, primarily driven by a lower U.S. Commercial MCR6 and higher net investment income. |
| • | The Cigna Healthcare MCR6 was 80.5% for third quarter 2023 compared
to 80.8% for third quarter 2022, reflecting continued strong performance in our U.S. Commercial business driven by affordability initiatives
and effective pricing execution, partially offset by business mix, reflecting higher customer growth in U.S. Government. |
| • | Cigna Healthcare net medical costs payable10 was
$5.09 billion at September 30, 2023, $4.05 billion at September 30, 2022, and $3.96 billion at December 31, 2022. The
increases are primarily driven by customer growth and business mix. Favorable prior year reserve development on a gross pre-tax
basis was $237 million and $278 million for the nine months ended September 30, 2023 and September 30, 2022, respectively. |
Corporate and Other Operations
Corporate reflects interest expense, amounts
not allocated to operating segments and includes intersegment eliminations. Additionally, this discussion includes items reported in Other
Operations, which is comprised of Corporate Owned Life Insurance (“COLI”) and the Company’s run-off operations.
Financial Results (dollars in millions): | |
| |
| |
| |
|
| |
Three Months Ended | |
Nine Months Ended |
| |
September 30, | |
June 30, | |
September 30, |
| |
| 2023 | | |
| 20223 | | |
| 2023 | | |
| 2023 | |
| |
| | | |
| | | |
| | | |
| | |
Adjusted (Loss) from Operations, Pre-Tax1 | |
$ | (409 | ) | |
$ | (295 | ) | |
$ | (394 | ) | |
$ | (1,202 | ) |
| • | Third quarter 2023 adjusted loss from operations, pre-tax1, was $409 million compared
to $295 million for third quarter 2022, primarily reflecting the impact of higher interest rates on interest expense and pension costs. |
2023 OUTLOOK2
The Cigna Group's outlook2
for full year 2023 adjusted revenues2,5
increased to at least $192.0 billion. The Cigna Group’s outlook2
for full year 2023 consolidated adjusted income from operations1,2
is at least $7.36 billion, or at least $24.75 per share2.
Additionally, this outlook includes the impact of expected future share repurchases and anticipated 2023 dividends.
(dollars in millions, except where noted and per share amounts) |
|
2023 Consolidated Metrics |
Projection for Full Year Ending
December 31, 2023 |
Change from
Prior Projection |
Adjusted Revenues2,5 |
at least $192,000 |
+$2,000 |
Adjusted Income from Operations1,2 |
at least $7,360 |
|
Adjusted Income from Operations, per share1,2 |
at least $24.75 |
+$0.05 |
Adjusted SG&A Expense Ratio2,6 |
~7.4% |
+10 bps |
Adjusted Effective Tax Rate2,11 |
20.5% to 21.0% |
-50 bps at the midpoint |
Cash Flow from Operations2 |
at least $10,500 |
+$1,000 |
Weighted Average Shares Outstanding (millions)2 |
296 to 298 |
-1 at the midpoint |
|
|
|
2023 Evernorth Metrics |
|
|
Adjusted Income from Operations, Pre-Tax1,2 |
at least $6,400 |
|
|
|
|
2023 Cigna Healthcare Metrics |
|
|
Adjusted Income from Operations, Pre-Tax1,2 |
at least $4,425 |
|
Medical Care Ratio2,6 |
81.5% to 82.0% |
-15 bps at the midpoint |
Total Medical Customer Growth2,7 |
at least 1,600,000 |
+200,000 |
The foregoing statements represent
the Company’s current estimates of The Cigna Group's 2023 consolidated and segment adjusted income from operations1,2
and other key metrics as of the date of this release. Actual results may differ materially depending on a number of factors. Investors
are urged to read the Cautionary Note Regarding Forward-Looking Statements included in this release. Management does not assume any obligation
to update these estimates.
This quarterly earnings release
and the Quarterly Financial Supplement are available on The Cigna Group’s website in the Investor Relations section (https://investors.thecignagroup.com/overview/default.aspx).
Management will be hosting a conference call to review third quarter 2023 results and discuss full year 2023 outlook beginning today
at 8:30 a.m. ET. A link to the conference call is available in the Investor Relations section of The Cigna Group's website located at
https://investors.thecignagroup.com/events-and-presentations/default.aspx.
The call-in numbers for the conference call are
as follows:
Live Call
(888) 566-1889 (Domestic)
(773) 799-3989 (International)
Passcode: 11022023
Replay
(800) 839-1171 (Domestic)
(203) 369-3030 (International)
It is strongly suggested you dial
in to the conference call by 8:15 a.m. ET.
About The Cigna Group
The Cigna
Group (NYSE: CI) is a global health company committed to creating a better future built on the vitality of every individual and every
community. We relentlessly challenge ourselves to partner and innovate solutions for better health. The Cigna Group includes products
and services marketed under Evernorth Health Services, Cigna Healthcare, or its subsidiaries. The Cigna Group maintains sales capabilities
in more than 30 countries and jurisdictions, and has approximately 165 million customer relationships around the world. Learn more at
thecignagroup.com.
Notes:
- Adjusted income (loss) from operations
is a principal financial measure of profitability used by The Cigna Group’s management because it presents the underlying results
of operations of the Company’s businesses and permits analysis of trends in underlying revenue, expenses and shareholders’
net income. Adjusted income from operations is defined as shareholders’ net income (or income before income taxes less pre-tax income
(loss) attributable to noncontrolling interests for the segment metric) excluding net realized investment results, amortization of acquired
intangible assets and special items. The Cigna Group’s share of certain realized investment results of its joint ventures reported
in the Cigna Healthcare segment using the equity method of accounting are also excluded. Special items are matters that management believes
are not representative of the underlying results of operations due to their nature or size. Adjusted income (loss) from operations is
measured on an after-tax basis for consolidated results and on a pre-tax basis for segment results. Consolidated adjusted income (loss)
from operations is not determined in accordance with GAAP and should not be viewed as a substitute for the most directly comparable GAAP
measure, shareholders’ net income. See Exhibit 1 for a reconciliation of consolidated adjusted income from operations to shareholders’
net income.
- Management is not able to provide
a reconciliation of adjusted income from operations to shareholders’ net income (loss) or adjusted revenues to total revenues on
a forward-looking basis because it is unable to predict, without unreasonable effort, certain components thereof including (i) future net
realized investment results (from equity method investments with respect to adjusted revenues) and (ii) future special items. These
items are inherently uncertain and depend on various factors, many of which are beyond The Cigna Group’s control. As such, any associated
estimate and its impact on shareholders’ net income and total revenues could vary materially.
The Company’s outlook
excludes the potential effects of any other business combinations that may occur after the date of this earnings release. The Company’s
outlook includes the potential effects of expected future share repurchases and anticipated 2023 dividends.
As announced in January 2021,
The Cigna Group currently intends to pay regular quarterly dividends, with future declarations subject to approval by its Board of Directors
and the Board’s determination that the declaration of dividends remains in the best interests of The Cigna Group and its shareholders.
The decision of whether to pay future dividends and the amount of any such dividends will be based on the Company’s financial position,
results of operations, cash flows, capital requirements, the requirements of applicable law and any other factors the Board of Directors
may deem relevant.
The timing and actual number
of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and alternate uses
of capital. The share repurchase program may be effected through open market purchases in compliance with Rule 10b-18 under the Securities
Exchange Act of 1934, as amended, including through Rule 10b5-1 trading plans, or privately negotiated transactions. The program may be
suspended or discontinued at any time.
- Effective January 1, 2023, The
Cigna Group adopted ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts, and related amendments. Prior year
results have been restated to reflect the adoption of the new accounting guidance.
- On July 1, 2022, the Company completed
the sale of its life, accident and supplemental benefits businesses in six countries (Hong Kong, Indonesia, New Zealand, South Korea,
Taiwan and Thailand) to Chubb INA Holdings, Inc. ("Chubb") for approximately $5.4 billion in cash (the "Chubb transaction").
In December 2022, the Company divested its ownership interest in a joint venture in Türkiye.
- Adjusted revenues is used by The
Cigna Group’s management because it permits analysis of trends in underlying revenue. The Company defines adjusted revenues as total
revenues excluding the following adjustments: special items and The Cigna Group's share of certain realized investment results of its
joint ventures reported in the Cigna Healthcare segment using the equity method of accounting. Special items are matters that management
believes are not representative of the underlying results of operations due to their nature or size. We exclude these items from this
measure because management believes they are not indicative of past or future underlying performance of the business. Adjusted revenues
is not determined in accordance with GAAP and should not be viewed as a substitute for the most directly comparable GAAP measure, total
revenues. See Exhibit 1 for a reconciliation of consolidated adjusted revenues to total revenues.
- Operating ratios are defined as
follows:
| • | The Cigna Healthcare medical care ratio (“MCR”) represents medical
costs as a percentage of premiums for all U.S. Commercial risk products, including medical, pharmacy, dental, stop loss and behavioral
products provided through guaranteed cost or experience-rated funding arrangements, as well as Medicare Advantage, Medicare Part D, Medicare
Supplement, individual on and off-exchange products, and health care products within our International Health business, within the Cigna
Healthcare segment. |
| • | SG&A expense ratio on a GAAP basis for the third quarter 2023 represents
enterprise selling, general and administrative expenses of $3,788 million as a percentage of Total revenue of $49.0 billion at a consolidated
level. SG&A expense ratio on a GAAP basis for the third quarter 2022 represents enterprise selling, general and administrative expenses
of $3,151 million as a percentage of Total revenue of $45.3 billion at a consolidated level. |
| • | Adjusted SG&A expense ratio for the third quarter 2023 represents enterprise
selling, general and administrative expenses of $3,574 million excluding special items of $214 million as a percentage of adjusted revenue
at a consolidated level. Adjusted SG&A expense ratio for the third quarter 2022 represents enterprise selling, general and administrative
expenses of $3,127 million excluding special items of $24 million as a percentage of adjusted revenue at a consolidated level. |
- Customer relationships are defined
as follows:
| • | Total medical customers includes individuals in the Cigna Healthcare segment
who meet any one of the following criteria: are covered under a medical insurance policy, managed care arrangement, or service agreement
issued by Cigna Healthcare; have access to Cigna Healthcare's provider network for covered services under their medical plan; or have
medical claims and services that are administered by Cigna Healthcare. |
| • | International Health medical customers excludes medical customers served by
less than 100% owned subsidiaries, as well as certain customers served by our third-party administrator. International Health customers
as of September 30, 2023 reflect the transition of certain runoff business to Other Operations beginning January 1, 2023. |
| • | Effective January 1, 2023, total pharmacy customers have been updated to reflect
customer filled prescriptions through Inside Rx. Previously these customers had been estimated based on active customers over a period
of time. Total pharmacy customers for prior periods have been restated to reflect this change. |
| • | Behavioral care and total customer relationships as of December 31, 2022 excluding
the impact of the supplemental behavioral coverage contract with New York Life were 24,696 thousand and 157,876 thousand, respectively.
|
- Adjusted margin, pre-tax, is calculated
by dividing adjusted income (loss) from operations, pre-tax by adjusted revenues for each segment.
- The Cigna Group owns noncontrolling
interests in certain operating joint ventures. As such, the adjusted revenues for the Cigna Healthcare segment only include the Company’s
share of the joint ventures’ earnings reported in Fees and Other Revenues using the equity method of accounting under GAAP.
- Medical costs payable within the
Cigna Healthcare segment are presented net of reinsurance and other recoverables. The gross medical costs payable balance was $5.32 billion
as of September 30, 2023, $4.18 billion as of December 31, 2022, and $4.25 billion as of September 30, 2022.
- The measure “adjusted effective
tax rate” is not determined in accordance with GAAP and should not be viewed as a substitute for the most directly comparable GAAP
measure, “consolidated effective tax rate”. We define adjusted effective tax rate as the consolidated income tax rate applicable
to the Company’s pre-tax income excluding pre-tax income (loss) attributable to noncontrolling interests, net realized investment
results, amortization of acquired intangible assets, and special items. The Cigna Group's share of certain realized investment results
of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting are also excluded. Management is
not able to provide a reconciliation to the consolidated effective tax rate on a forward-looking basis because we are unable to predict,
without unreasonable effort, certain components thereof include (i) future net realized investment results and (ii) future special items.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release, and oral statements
made in connection with this release, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform
Act of 1995. Forward-looking statements are based on The Cigna Group's current expectations and projections about future trends, events
and uncertainties. These statements are not historical facts. Forward-looking statements may include, among others, statements concerning
our projected adjusted income from operations outlook for 2023 on a consolidated, per share, and segment basis; projected adjusted revenue
outlook for 2023; projected total medical customer growth over year end 2022; projected medical care and adjusted SG&A expense ratios;
projected consolidated adjusted effective tax rate; projected cash flow from operations; future dividends; projected weighted average
shares outstanding; future financial or operating performance, including our ability to deliver affordable, predictable and simple solutions
for our customers and clients; future growth, business strategy and strategic or operational initiatives; economic, regulatory or competitive
environments, particularly with respect to the pace and extent of change in these areas and the impact of the developing inflationary
and interest rate pressures; capital deployment plans and amounts available for future deployment; our prospects for growth in the coming
years; the impact of revised accounting rules related to accounting for long-duration contracts; and other statements regarding The Cigna
Group’s future beliefs, expectations, plans, intentions, liquidity, cash flows, financial condition or performance. You may identify
forward-looking statements by the use of words such as “believe,” “expect,” “project,” “plan,”
“intend,” “anticipate,” “estimate,” “predict,” “potential,” “may,”
“should,” “will” or other words or expressions of similar meaning, although not all forward-looking statements
contain such terms.
Forward-looking statements are subject to risks
and uncertainties, both known and unknown, that could cause actual results to differ materially from those expressed or implied in forward-looking
statements. Such risks and uncertainties include, but are not limited to: our ability to achieve our strategic and operational initiatives;
our ability to adapt to changes in an evolving and rapidly changing industry; our ability to compete effectively, differentiate our products
and services from those of our competitors and maintain or increase market share; price competition, inflation and other pressures that
could compress our margins or result in premiums that are insufficient to cover the cost of services delivered to our customers; the potential
for actual claims to exceed our estimates related to expected medical claims; our ability to develop and maintain satisfactory relationships
with physicians, hospitals, other health service providers and with producers and consultants; our ability to maintain relationships with
one or more key pharmaceutical manufacturers or if payments made or discounts provided decline; changes in the pharmacy provider marketplace
or pharmacy networks; changes in drug pricing or industry pricing benchmarks; our ability to invest in and properly maintain our information
technology and other business systems; our ability to prevent or contain effects of potential cyberattack or other privacy or data security
incidents; political, legal, operational, regulatory, economic and other risks that could affect our multinational operations, including
currency exchange rates; risks related to strategic transactions and realization of the expected benefits of such transactions, as well
as integration or separation difficulties or underperformance relative to expectations; dependence on success of relationships with third
parties; risk of significant disruption within our operations or among key suppliers or third parties; potential liability in connection
with managing medical practices and operating pharmacies, onsite clinics and other types of medical facilities; the substantial level
of government regulation over our business and the potential effects of new laws or regulations or changes in existing laws or regulations;
uncertainties surrounding participation in government-sponsored programs such as Medicare; the outcome of litigation, regulatory audits
and investigations; compliance with applicable privacy, security and data laws, regulations and standards; potential failure of our prevention,
detection and control systems; unfavorable economic and market conditions, the risk of a recession or other economic downturn and resulting
impact on employment metrics, stock market or changes in interest rates and risks related to a downgrade in financial strength ratings
of our insurance subsidiaries; the impact of our significant indebtedness and the potential for further indebtedness in the future; credit
risk related to our reinsurers; as well as more specific risks and uncertainties discussed in our most recent report on Form 10-K and
subsequent reports on Forms 10-Q and 8-K available through the Investor Relations section of http://www.thecignagroup.com. You should not place
undue reliance on forward-looking statements, which speak only as of the date they are made, are not guarantees of future performance
or results, and are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. The Cigna Group undertakes
no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except
as may be required by law.
THE CIGNA GROUP | |
Exhibit 1 |
COMPARATIVE SUMMARY OF FINANCIAL RESULTS (unaudited) | |
| |
|
| |
| |
| |
| |
| |
| |
| |
| |
|
| |
| |
Three Months Ended | |
| |
Nine Months Ended | |
Three Months Ended |
| |
| |
September 30, | |
| |
September 30, | |
June 30, |
(Dollars in millions, except per share amounts) | |
| |
2023 | |
| |
2022 (1) | |
| |
2023 | |
| |
2022 (1) | |
2023 |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
|
REVENUES | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Pharmacy revenues | |
| | | |
$ | 34,531 | | |
| | | |
$ | 32,762 | | |
| | | |
$ | 100,639 | | |
| | | |
$ | 95,431 | | |
| | | |
$ | 33,964 | |
Premiums | |
| | | |
| 10,998 | | |
| | | |
| 9,586 | | |
| | | |
| 33,062 | | |
| | | |
| 30,368 | | |
| | | |
| 11,039 | |
Fees and other revenues | |
| | | |
| 3,198 | | |
| | | |
| 2,729 | | |
| | | |
| 9,574 | | |
| | | |
| 8,023 | | |
| | | |
| 3,305 | |
Net investment income | |
| | | |
| 321 | | |
| | | |
| 204 | | |
| | | |
| 876 | | |
| | | |
| 943 | | |
| | | |
| 278 | |
Total Revenues | |
| | | |
| 49,048 | | |
| | | |
| 45,281 | | |
| | | |
| 144,151 | | |
| | | |
| 134,765 | | |
| | | |
| 48,586 | |
Net realized investment results from certain equity method investments | |
| | | |
| 30 | | |
| | | |
| 80 | | |
| | | |
| 22 | | |
| | | |
| 134 | | |
| | | |
| 30 | |
Adjusted revenues (2) | |
| | | |
$ | 49,078 | | |
| | | |
$ | 45,361 | | |
| | | |
$ | 144,173 | | |
| | | |
$ | 134,899 | | |
| | | |
$ | 48,616 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shareholders' net income | |
| | | |
$ | 1,408 | | |
| | | |
$ | 2,757 | | |
| | | |
$ | 4,135 | | |
| | | |
$ | 5,511 | | |
| | | |
$ | 1,460 | |
Pre-tax adjusted income (loss) from operations by segment | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Evernorth Health Services | |
| | | |
$ | 1,716 | | |
| | | |
$ | 1,625 | | |
| | | |
$ | 4,552 | | |
| | | |
$ | 4,402 | | |
| | | |
$ | 1,516 | |
Cigna Healthcare | |
| | | |
| 1,222 | | |
| | | |
| 1,050 | | |
| | | |
| 3,509 | | |
| | | |
| 3,582 | | |
| | | |
| 1,172 | |
Corporate and Other Operations | |
| | | |
| (409 | ) | |
| | | |
| (295 | ) | |
| | | |
| (1,202 | ) | |
| | | |
| (582 | ) | |
| | | |
| (394 | ) |
Consolidated pre-tax adjusted income from operations | |
| | | |
| 2,529 | | |
| | | |
| 2,380 | | |
| | | |
| 6,859 | | |
| | | |
| 7,402 | | |
| | | |
| 2,294 | |
Adjusted income tax expense | |
| | | |
| (518 | ) | |
| | | |
| (521 | ) | |
| | | |
| (1,410 | ) | |
| | | |
| (1,622 | ) | |
| | | |
| (474 | ) |
Consolidated after-tax adjusted income from operations | |
| | | |
$ | 2,011 | | |
| | | |
$ | 1,859 | | |
| | | |
$ | 5,449 | | |
| | | |
$ | 5,780 | | |
| | | |
$ | 1,820 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Weighted average shares (in thousands) | |
| | | |
| 297,131 | | |
| | | |
| 307,517 | | |
| | | |
| 297,663 | | |
| | | |
| 315,647 | | |
| | | |
| 296,879 | |
Common shares outstanding (in thousands) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 293,764 | | |
| | | |
| 305,564 | | |
| | | |
| 295,830 | |
SHAREHOLDERS' EQUITY at September 30, | |
| | | |
| | | |
| | | |
| | | |
| | | |
$ | 45,691 | | |
| | | |
$ | 44,764 | | |
| | | |
| | |
SHAREHOLDERS' EQUITY PER SHARE at September 30, | |
| | | |
| | | |
| | | |
| | | |
| | | |
$ | 155.54 | | |
| | | |
$ | 146.50 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| Three Months Ended | | |
| Nine Months Ended | | |
| Three Months Ended | |
| |
| September 30, | | |
| September 30, | | |
| June 30, | |
| |
| 2023 | | |
| 2022 (1) | | |
| 2023 | | |
| 2022 (1) | | |
| 2023 | |
(Dollars in millions, except per share amounts) | |
| Pre-tax | | |
| After-tax | | |
| Pre-tax | | |
| After-tax | | |
| Pre-tax | | |
| After-tax | | |
| Pre-tax | | |
| After-tax | | |
| Pre-tax | | |
| After-tax | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
SHAREHOLDERS’ NET INCOME | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shareholders' net income | |
| | | |
$ | 1,408 | | |
| | | |
$ | 2,757 | | |
| | | |
$ | 4,135 | | |
| | | |
$ | 5,511 | | |
| | | |
$ | 1,460 | |
Adjustments to reconcile adjusted income from operations | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net realized investment losses (3) | |
$ | 44 | | |
| 41 | | |
$ | 162 | | |
| 145 | | |
$ | 66 | | |
| 56 | | |
$ | 627 | | |
| 513 | | |
$ | 4 | | |
| 9 | |
Amortization of acquired intangible assets | |
| 454 | | |
| 363 | | |
| 460 | | |
| 322 | | |
| 1,368 | | |
| 1,053 | | |
| 1,419 | | |
| 1,061 | | |
| 455 | | |
| 346 | |
Special Items | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Charges (benefits) associated with litigation matters | |
| 201 | | |
| 171 | | |
| — | | |
| — | | |
| 201 | | |
| 171 | | |
| (28 | ) | |
| (20 | ) | |
| — | | |
| — | |
Loss (gain) on sale of businesses | |
| 21 | | |
| 19 | | |
| (1,735 | ) | |
| (1,388 | ) | |
| 21 | | |
| 19 | | |
| (1,735 | ) | |
| (1,388 | ) | |
| — | | |
| — | |
Integration and transaction-related costs | |
| 13 | | |
| 9 | | |
| 24 | | |
| 23 | | |
| 20 | | |
| 15 | | |
| 112 | | |
| 86 | | |
| 6 | | |
| 5 | |
Charge for organizational efficiency plan | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 22 | | |
| 17 | | |
| — | | |
| — | |
Adjusted income from operations (4) | |
| | | |
$ | 2,011 | | |
| | | |
$ | 1,859 | | |
| | | |
$ | 5,449 | | |
| | | |
$ | 5,780 | | |
| | | |
$ | 1,820 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
DILUTED EARNINGS PER SHARE | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shareholders' net income | |
| | | |
$ | 4.74 | | |
| | | |
$ | 8.97 | | |
| | | |
$ | 13.89 | | |
| | | |
$ | 17.46 | | |
| | | |
$ | 4.92 | |
Adjustments to reconcile to adjusted income from operations | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net realized investment losses (3) | |
$ | 0.15 | | |
| 0.14 | | |
$ | 0.53 | | |
| 0.48 | | |
$ | 0.22 | | |
| 0.19 | | |
$ | 1.99 | | |
| 1.62 | | |
$ | 0.01 | | |
| 0.03 | |
Amortization of acquired intangible assets | |
| 1.53 | | |
| 1.22 | | |
| 1.50 | | |
| 1.05 | | |
| 4.60 | | |
| 3.54 | | |
| 4.50 | | |
| 3.36 | | |
| 1.53 | | |
| 1.17 | |
Special Items | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Charges (benefits) associated with litigation matters | |
| 0.68 | | |
| 0.58 | | |
| — | | |
| — | | |
| 0.67 | | |
| 0.58 | | |
| (0.09 | ) | |
| (0.06 | ) | |
| — | | |
| — | |
Loss (gain) on sale of businesses | |
| 0.07 | | |
| 0.06 | | |
| (5.64 | ) | |
| (4.52 | ) | |
| 0.07 | | |
| 0.06 | | |
| (5.49 | ) | |
| (4.39 | ) | |
| — | | |
| — | |
Integration and transaction-related costs | |
| 0.04 | | |
| 0.03 | | |
| 0.08 | | |
| 0.07 | | |
| 0.07 | | |
| 0.05 | | |
| 0.35 | | |
| 0.27 | | |
| 0.02 | | |
| 0.01 | |
Charge for organizational efficiency plan | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 0.07 | | |
| 0.05 | | |
| — | | |
| — | |
Adjusted income from operations (4) | |
| | | |
$ | 6.77 | | |
| | | |
$ | 6.05 | | |
| | | |
$ | 18.31 | | |
| | | |
$ | 18.31 | | |
| | | |
$ | 6.13 | |
(1) Effective January 1, 2023,
The Cigna Group adopted ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts, and related amendments. Prior
year results have been restated to reflect the adoption of the new accounting guidance. Please refer to the Summary of Significant Accounting
Policies footnote in The Cigna Group’s Form 10-Q for the period ended September 30, 2023, expected to be filed on November 2,
2023, for additional details.
(2) Adjusted revenues is defined
as total revenues excluding the following adjustments: special items and The Cigna Group’s share of certain realized investment
results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting. These items are excluded
because they are not indicative of past or future underlying performance of our businesses.
(3) Includes The Cigna Group’s
share of certain realized investments results of its joint ventures reported in the Cigna Healthcare segment using the equity method
of accounting.
(4) Adjusted income (loss) from operations
is defined as shareholders’ net income (or income before income taxes less pre-tax income (loss) attributable to noncontrolling
interests for the segment metric) excluding the following adjustments: net realized investment results, amortization of acquired intangible
assets and special items. The Cigna Group’s share of certain realized investment results of its joint ventures reported in the
Cigna Healthcare segment using the equity method of accounting are also excluded.
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