- Total revenues for 2016 increased 5%
to $39.7 billion
- Shareholders’ net income for 2016
was $1.9 billion, or $7.19 per share
- Adjusted income from
operations1 for 2016 was $2.1 billion, or $8.10 per
share
- Global medical customer
base2 is projected to grow in the range of 300,000 to
500,000 lives in 2017
- Adjusted income from
operations1,3,4 is projected to grow in the range of
12% to 18%, to $2.35 billion to $2.48 billion in 2017, or $9.00 to
$9.50 per share, excluding capital deployment
Cigna Corporation (NYSE: CI) today reported 2016 results with a
solid fourth quarter performance, and projecting attractive
earnings growth in 2017.
“We concluded 2016 with strong momentum that positions the
company for attractive earnings and customer growth in 2017,” said
David M. Cordani, President and Chief Executive Officer. “We
continue to deliver differentiated value for our customers and
clients with innovative solutions that drive greater levels of
affordability and personalization.”
Total revenues for 2016 were $39.7 billion, an increase of 5%
over 2015, driven by continued growth in Cigna's targeted customer
segments.
Shareholders’ net income for 2016 was $1.9 billion, or $7.19 per
share, compared with $2.1 billion, or $8.04 per share in 2015. For
the fourth quarter of 2016, shareholders’ net income was $382
million, or $1.47 per share, compared with $426 million, or $1.64
per share, for the fourth quarter of 2015.
Cigna's adjusted income from operations1 for full year 2016 was
$2.1 billion, or $8.10 per share, compared with $2.3 billion, or
$8.66 per share, for full year 2015. For the fourth quarter of
2016, adjusted income from operations1 was $485 million, or $1.87
per share, compared with $486 million, or $1.87 per share, for the
fourth quarter of 2015. Adjusted income from operations1 for the
full year and the fourth quarter of 2016 reflect continued strong
results in our Commercial Healthcare and Global Supplemental
Benefits businesses, and actions we have taken to improve results
in our Seniors and Disability & Life businesses.
Reconciliations of shareholders’ net income to adjusted income
from operations1 are provided on the following page, and on Exhibit
2 of this earnings release.
CONSOLIDATED HIGHLIGHTS
The following table includes highlights of results and
reconciliations of consolidated operating revenues5 to total
revenues and adjusted income from operations1 to shareholders’ net
income:
Consolidated Financial Results (dollars in millions):
Year Three Months Ended
Ended December 31, September 30, December
31, 2016 2015
2016 2016 Total Revenues $ 9,944
$ 9,528 $ 9,880 $ 39,668 Net realized investment (gains) losses
(59) 47 (75) (169)
Consolidated Operating Revenues5 $ 9,885 $ 9,575 $ 9,805 $ 39,499
Consolidated Earnings, net of taxes Shareholders’ net
income $ 382 $ 426 $ 456 $ 1,867 Net realized investment (gains)
losses (38) 28 (48) (109) Amortization of other acquired intangible
assets1 22 4 24 94 Special items1 119 28
71 252 Adjusted income from operations1
$ 485 $ 486 $ 503 $ 2,104 Shareholders’
net income, per share $ 1.47 $ 1.64 $ 1.76 $
7.19 Adjusted income from operations1, per share $ 1.87 $
1.87 $ 1.94 $ 8.10
- 2016 shareholders’ net income included
special item1 charges of $252 million after-tax, or $0.97 per
share, for transaction costs related to Cigna’s proposed
combination with Anthem, the establishment of an allowance against
risk corridor program receivables, and a litigation matter.
- Fourth quarter 2016 shareholders’ net
income included special item1 charges of $119 million after-tax, or
$0.46 per share, for the establishment of an allowance against risk
corridor program receivables and transaction costs related to
Cigna’s proposed combination with Anthem.
- Cash and marketable investments at the
parent company were $2.8 billion at December 31, 2016 and $1.4
billion at December 31, 2015.
- In 2016, the Company repurchased
785,000 shares of common stock for approximately $110
million.4
HIGHLIGHTS OF SEGMENT RESULTS
See Exhibit 2 for a reconciliation of adjusted income (loss)
from operations1 to shareholders’ net income.
Global Health
Care
This segment includes Cigna’s Commercial and Government
businesses that deliver medical and specialty health care products
and services to domestic and multi-national clients and customers
using guaranteed cost, retrospectively experience-rated and
administrative services only (“ASO”) funding arrangements.
Specialty health care includes behavioral, dental, disease and
medical management, stop loss and pharmacy-related products and
services.
Financial Results (dollars in millions, customers in
thousands): Year Three
Months Ended Ended December 31,
September 30,
December 31, 2016 2015
2016 2016 Premiums
and Fees $ 6,857 $ 6,721 $ 6,807 $ 27,663 Adjusted Income from
Operations1 $ 406 $ 394 $ 416 $ 1,852 Adjusted Margin, After-Tax6
5.2% 5.2% 5.4% 5.9%
As of the Periods Ended
December 31,
September 30,
Customers:
2016 2015
2016 Commercial 14,631 14,432 14,594 Government
566 567 583 Medical
15,197 14,999 15,177 Behavioral Care 26,238 24,674 26,102
Dental 14,981 13,869 14,960 Pharmacy 8,461 8,068 8,370 Medicare
Part D 972 1,476 999
- Fourth quarter 2016 premiums and fees
increased 2% relative to fourth quarter 2015, driven by customer
growth, specialty contributions, and rate actions in our Commercial
business, partially offset by, as expected, reductions in Medicare
Part D and Individual customers.
- The medical customer base2 at the end
of 2016 totaled 15.2 million, including an increase of
approximately 200,000 customers during the year, driven by organic
growth in our Middle Market, Select, and International
segments.
- Fourth quarter 2016 adjusted income
from operations1 and adjusted margin, after-tax6 reflect strong
contributions from our Commercial employer and specialty
businesses, partially offset by the impact of not recording $16
million, after tax of additional risk corridor receivables in
fourth quarter 2016.
- Adjusted income from operations1
included favorable prior year reserve development on an after-tax
basis of $7 million for full year 2016, compared to $60 million for
full year 2015.
- The Total Commercial medical care
ratio7 (“MCR”) of 79.3% for full year 2016 reflects continued
strong performance in our Commercial employer business, consistent
with our expectations.
- The Commercial MCR7 of 83.1% for fourth
quarter 2016 reflects ongoing strength in our Commercial employer
business, continued high medical costs in our U.S. Individual
business, expected higher seasonal medical costs and the
aforementioned risk corridor impact. The Commercial MCR7 for fourth
quarter 2016 also reflects more normalized stop loss claim
experience, as expected, compared to the favorable stop loss
experience reported in fourth quarter 2015.
- The Total Government MCR7 of 85.3% for
full year 2016 reflects solid performance in Medicare Advantage.
The Government MCR7 of 83.2% for fourth quarter 2016 reflects
increased medical costs in our Medicaid business.
- Full year medical cost trend for our
total U.S. Commercial book of business was modestly below the low
end of our previous range of 4% to 5%, reflecting improved pharmacy
trend as well as continued favorable medical costs, physician
engagement and low utilization trend.
- Fourth quarter 2016 Global Health Care
operating expense ratio7 of 22.0% reflects costs related to our CMS
audit response as well as continued investments in strategic
initiatives, offset by continued efficiency gains.
- Global Health Care net medical costs
payable8 was approximately $2.26 billion at December 31, 2016 and
$2.11 billion at December 31, 2015.
Global Supplemental
Benefits
This segment includes Cigna’s global individual supplemental
health, life and accident insurance business, primarily in Asia,
and Medicare supplement coverage in the United States.
Financial Results (dollars in millions, policies in
thousands):
Year Three Months Ended
Ended December 31, September 30, December
31, 2016 2015
2016 2016 Premiums and Fees9 $
842 $ 776 $ 833 $ 3,247 Adjusted Income from Operations1 $ 63 $ 54
$ 81 $ 294 Adjusted Margin, After-Tax6 7.2% 6.7% 9.4% 8.7%
As of the Periods Ended December 31, September
30, 2016 2015
2016 Policies9 12,151 12,888 12,069
- Global Supplemental Benefits delivered
strong results again in 2016, reflecting the benefits of our
differentiated solutions for individual consumers.
- Fourth quarter 2016 premiums and fees
grew 10% over fourth quarter 2015 on a currency-adjusted basis,
reflecting continued business growth.
- Fourth quarter 2016 adjusted income
from operations1 and adjusted margin, after-tax6 reflect business
growth as well as the impact of strategic investments supporting
long-term growth.
Group Disability and
Life
This segment includes Cigna’s group disability, life and
accident insurance operations.
Financial Results (dollars in millions):
Year Three Months Ended
Ended December 31,
September 30,
December 31, 2016 2015
2016
2016 Premiums and Fees $ 1,035 $ 998 $
1,024 $ 4,098 Adjusted Income from Operations1 $ 69 $ 83 $ 53 $ 125
Adjusted Margin, After-Tax6 6.1% 7.6% 4.8% 2.8%
- Fourth quarter 2016 premiums and fees
increased 4% over fourth quarter 2015 driven by business growth
across disability and life products.
- Fourth quarter 2016 adjusted income
from operations1 and adjusted margin, after-tax6 reflect stabilized
life claim experience as well as continued improvement in
disability results.
Corporate & Other
Operations
Adjusted loss from operations1 for Cigna's remaining operations
is presented below:
Financial Results (dollars in
millions):
Year Three Months Ended Ended December
31,
September 30,
December 31, 2016 2015
2016
2016 Corporate & Other Operations $
(53) $ (45) $ (47) $ (167)
2017 OUTLOOK
Cigna's outlook for full year 2017 consolidated adjusted income
from operations1,3 is in the range of $2.35 billion to $2.48
billion, or $9.00 to $9.50 per share. Cigna’s outlook excludes the
impact of additional prior year reserve development and potential
effects of any future capital deployment.4
(dollars in millions, except where noted
and per share amounts)
Projection for Full-Year Ending December 31,
2017 Adjusted Income (Loss) from
Operations1,3 Global Health Care $ 2,035 to 2,115 Global
Supplemental Benefits $ 295 to 315 Group Disability and Life $ 200
to 230 Ongoing Businesses $ 2,530 to 2,660 Corporate &
Other Operations $ (180) Consolidated Adjusted Income from
Operations1,3 $ 2,350 to 2,480 Consolidated Adjusted Income
from Operations, per share1,3,4 $ 9.00 to 9.50
2017 Operating
Metrics and Ratios Outlook
Total Revenue Growth
2% to 3%
Full Year Total Commercial Medical Care Ratio7 80.5%
to 81.5%
Full Year Total Government Medical Care
Ratio7
85% to 86%
Full Year Global Health Care Operating
Expense Ratio7
20.5% to 21.5%
Global Medical Customer Growth2
300,000 – 500,000 customers
The foregoing statements represent the Company’s current
estimates of Cigna's 2017 consolidated and segment adjusted income
from operations1,3 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 Cigna’s website in the Investor
Relations section (http://www.cigna.com/aboutcigna/investors). A
link to the conference call, during which management will review
fourth quarter 2016 results and discuss full year 2017 outlook, is
available in the Investor Relations section of Cigna's website
located at
http://www.cigna.com/cignadotcom/aboutcigna/investors/events/index.page
Notes:
1.
Adjusted income (loss) from operations
is defined as shareholders’ net income (loss) excluding the
following after-tax adjustments: net realized investment results,
net amortization of other acquired intangible assets and special
items. Net amortization of other acquired intangible assets in 2015
included the one-time benefit of an acquisition in which the fair
value of acquired net assets exceeded the purchase price. Special
items are identified in Exhibit 2 of this earnings release.
Adjusted income (loss) from operations
is a measure of profitability used by Cigna’s management because it
presents the underlying results of operations of Cigna’s businesses
and permits analysis of trends in underlying revenue, expenses and
shareholders’ net income. This consolidated measure is not
determined in accordance with accounting principles generally
accepted in the United States (GAAP) and should not be viewed as a
substitute for the most directly comparable GAAP measure,
shareholders’ net income. See Exhibits 1 and 2 for a reconciliation
of adjusted income from operations to shareholders’ net
income.
2.
Global medical customers include
individuals who meet any one of the following criteria: are covered
under a medical insurance policy, managed care arrangement, or
service agreement issued by Cigna; have access to Cigna's provider
network for covered services under their medical plan; or have
medical claims and services that are administered by Cigna.
3.
Management is not able to provide a
reconciliation to shareholders’ net income (loss) on a
forward-looking basis because we are unable to predict, without
unreasonable effort, certain components thereof including (i)
future net realized investment results and (ii) future special
items. These items are inherently uncertain and depend on various
factors, many of which are beyond our control. As such, any
associated estimate and its impact on shareholders’ net income
could vary materially. The Company believes it is reasonably likely
that a guaranty fund assessment related to Penn Treaty Network
America Insurance Company and its subsidiary American Network
Insurance Company will be finalized in 2017. Due to uncertainties
surrounding this matter, the Company’s share of this guaranty fund
assessment is uncertain, but based on current information, is
estimated to be approximately $85 million after tax. The Company
expects to treat this guaranty fund assessment as a special
item.
4.
The Company’s outlook excludes the
potential effects of any share repurchases or business combinations
that may occur after the date of this earnings release.
5.
The measure “consolidated operating
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.” We define consolidated operating
revenues as total revenues excluding realized investment results.
We exclude realized investment results from this measure because
our portfolio managers may sell investments based on factors
largely unrelated to the underlying business purposes of each
segment. As a result, gains or losses created in this process may
not be indicative of past or future underlying performance of the
business. See Exhibit 1 for a reconciliation of consolidated
operating revenues to total revenues.
6.
Adjusted margin, after-tax, is
calculated by dividing adjusted income (loss) from operations by
operating revenues for each segment.
7.
Operating ratios are defined as
follows:
•
Total Commercial medical care ratio
represents medical costs as a percentage of premiums for all
commercial risk products, including medical, pharmacy, dental, stop
loss and behavioral products provided through guaranteed cost or
experience-rated funding arrangements in both the United States and
internationally.
•
Total Government medical care ratio
represents medical costs as a percentage of premiums for Medicare
Advantage, Medicare Part D, and Medicaid products.
•
Global Health Care Operating Expense
Ratio represents operating expenses excluding acquisition related
amortization expense as a percentage of operating revenue in the
Global Health Care segment.
8.
Global Health Care medical costs
payable are presented net of reinsurance and other recoverables.
The gross Global Health Care medical costs payable balance was
$2.53 billion as of December 31, 2016 and $2.36 billion as of
December 31, 2015.
9.
Cigna owns a 50% noncontrolling
interest in its China joint venture. Cigna's 50% share of the joint
venture’s earnings is reported in Other Revenues using the equity
method of accounting under GAAP. As such, the premiums and fees and
policy counts for the Global Supplemental Benefits segment do not
include the China joint venture.
CAUTIONARY NOTE REGARDING
FORWARD-LOOKING STATEMENTS
This press release, and oral statements made with respect to
information contained in 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 Cigna'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 (loss) from operations
outlook for 2017, on both a consolidated and segment basis;
projected total revenue growth and global medical customer growth,
each over year end 2016; projected medical care and operating
expense ratios and medical cost trends; future financial or
operating performance, including our ability to deliver
personalized and innovative solutions for our customers and clients
and future growth, business strategy, strategic or operational
initiatives; economic, regulatory or competitive environments,
particularly with respect to the pace and extent of change in these
areas; financing or capital deployment plans and amounts available
for future deployment; our prospects for growth in the coming
years; statements regarding the proposed merger between Cigna and
Anthem, Inc. (Anthem); statements regarding the timing of
resolution of the issues raised by CMS; and other statements
regarding Cigna’s and Anthem’s future beliefs, expectations, plans
intentions, financial condition or performance. You may identify
forward-looking statements by the use of words such as “believe,”
“expect,” “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 financial,
strategic and operational plans or initiatives; our ability to
predict and manage medical costs and price effectively and develop
and maintain good relationships with physicians, hospitals and
other health care providers; the impact of modifications to our
operations and processes, including those in our disability
business; our ability to identify potential strategic acquisitions
or transactions and realize the expected benefits of such
transactions; 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; the outcome of
litigation, regulatory audits, including the CMS review and
sanctions, investigations and actions and/or guaranty fund
assessments; uncertainties surrounding participation in
government-sponsored programs such as Medicare; the effectiveness
and security of our information technology and other business
systems; and unfavorable industry, economic or political
conditions, including foreign currency movements; the timing and
likelihood of completion of the proposed merger, including the
timing, receipt and terms and conditions of any required
governmental and regulatory approvals for the proposed merger that
could reduce anticipated benefits or cause the parties to abandon
the transaction; the possibility that the expected synergies and
value creation from the proposed merger will not be realized or
will not be realized within the expected time period; the risk that
the businesses of Cigna and Anthem will not be integrated
successfully; disruption from the proposed merger making it more
difficult to maintain business and operational relationships; the
risk that unexpected costs will be incurred; the possibility that
the proposed merger does not close, including due to the failure to
satisfy the closing conditions; the risk that financing for the
proposed merger may not be available on favorable terms, 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 on the Investor Relations section of www.cigna.com as
well as on Anthem’s most recent report on Form 10-K and subsequent
reports on Forms 10-Q and 8-K available on the Investor Relations
section of www.antheminc.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. Cigna 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.
CIGNA CORPORATION COMPARATIVE
SUMMARY OF FINANCIAL RESULTS (unaudited) Exhibit 1
(Dollars in millions, except per share amounts)
Three Months Ended Year Ended
December 31, December 31,
2016 2015
2016 2015 REVENUES
Premiums $ 7,621 $ 7,461 $ 30,626 $ 29,642 Fees 1,139 1,056 4,485
4,217 Net investment income 299 295 1,147 1,153 Mail order pharmacy
revenues 759 690 2,966 2,536 Other revenues 67 73
275 271 Consolidated operating revenues 9,885 9,575
39,499 37,819 Net realized investment gains (losses) 59 (47) 169 57
Total revenues $ 9,944 $ 9,528
$ 39,668 $ 37,876
SHAREHOLDERS' NET
INCOME (LOSS) Shareholders' net income $ 382 $
426 $ 1,867 $ 2,094 After-tax adjustments to reconcile to adjusted
income from operations: Realized investment (gains) losses (38) 28
(109) (40) Amortization of other acquired intangible assets, net 22
4 94 80 Special items 119 28 252 122
Adjusted income
from operations (1) 485 $ 486
$ 2,104 $ 2,256
Adjusted income
(loss) from operations by segment
Global Health Care $ 406 $ 394 $ 1,852 $ 1,848 Global Supplemental
Benefits 63 54 294 262 Group Disability and Life 69
83 125 324 Ongoing Operations 538 531 2,271 2,434
Corporate and Other (53) (45) (167) (178)
Total
adjusted income from operations $ 485 $ 486
$ 2,104 $ 2,256
DILUTED EARNINGS PER
SHARE Shareholders' net income $ 1.47 $ 1.64 $ 7.19 $
8.04 After-tax adjustments to reconcile to adjusted income from
operations: Realized investment (gains) losses (0.14) 0.11 (0.42)
(0.15) Amortization of other acquired intangible assets, net 0.08
0.01 0.36 0.30 Special items 0.46 0.11 0.97 0.47
Adjusted income from operations (1) $ 1.87 $ 1.87
$ 8.10 $ 8.66 Weighted average shares
(in thousands) 259,882 260,518
259,647 260,592 Common shares
outstanding (in thousands)
256,869 256,544
SHAREHOLDERS' EQUITY at December 31,
$ 13,723 $ 12,035
SHAREHOLDERS' EQUITY PER SHARE at December 31,
$ 53.42 $ 46.91
(1) Adjusted income (loss) from operations
is defined as shareholders' net income (loss) excluding the
following after-tax adjustments: realized investment results; net
amortization of other acquired intangible assets; and special items
(identified and quantified on Exhibit 2).
CIGNA CORPORATION
RECONCILIATION OF SHAREHOLDERS' NET INCOME
(LOSS) TO ADJUSTED INCOME FROM OPERATIONS
Exhibit 2 (Dollars in millions,
except per share amounts)
Diluted Global Group
Corporate Earnings Global Supplemental
Disability and Per Share Consolidated
Health Care Benefits and Life Other
Three Months Ended,
4Q16 4Q15 3Q16
4Q16 4Q15 3Q16
4Q16 4Q15 3Q16
4Q16 4Q15 3Q16
4Q16 4Q15 3Q16
4Q16 4Q15 3Q16
Shareholders' net income (loss) $ 1.47 $ 1.64 $ 1.76
$ 382 $ 426 $ 456 $ 337 $ 354 $
413 $ 54 $ 72 $ 77 $ 83 $
74 $ 65 $ (92) $ (74) $ (99) After-tax
adjustments to reconcile to adjusted income from operations:
Realized investment (gains) losses (0.14) 0.11 (0.19) (38) 28 (48)
(29) 20 (42) 5 (2) - (14) 9 (12) - 1 6 Amortization of other
acquired intangible assets, net 0.08 0.01 0.09 22 4 24 18 20 20 4
(16) 4 - - - - - - Special items: Charges associated with
litigation matters - - 0.10 - - 25 - - 25 - - - - - - - - -
Merger-related transaction costs 0.15 0.11 0.18 39 28 46 - - - - -
- - - - 39 28 46 Risk corridor allowance 0.31
- - 80
- - 80
- -
- - -
- - -
- - -
Adjusted income (loss) from operations $ 1.87 $
1.87 $ 1.94 $ 485 $
486 $ 503 $ 406 $
394 $ 416 $ 63 $ 54
$ 81 $ 69 $ 83 $
53 $ (53) $ (45) $
(47) Weighted average shares (in thousands) 259,882 260,518
259,754 Special Items, pre-tax: Charges associated with
litigation matters $ - $ - $ 40 $ - $ - $ 40 $ - $ - $ - $ - $ - $
- $ - $ - $ - Merger-related transaction costs 43 31 49 - - - - - -
- - - 43 31 49 Risk corridor allowance 124
- - 124
- -
- - -
- - -
- - -
Total $ 167 $ 31 $ 89
$ 124 $ - $ 40 $
- $ - $ - $ -
$ - $ - $ 43 $
31 $ 49
Diluted Global Group Corporate
Earnings Global Supplemental Disability
and Per Share Consolidated Health Care
Benefits and Life Other Year Ended December
31, 2016
2015 2016 2015
2016 2015
2016 2015 2016
2015 2016
2015 Shareholders' net income (loss) $
7.19 $ 8.04 $ 1,867 $ 2,094 $ 1,751 $ 1,794 $ 268 $ 267 $ 164 $ 328
$ (316) $ (295) After-tax adjustments to reconcile to adjusted
income from operations: Realized investment (gains) losses (0.42)
(0.15) (109) (40) (78) (30) 6 (1) (39) (4) 2 (5) Amortization of
other acquired intangible assets, net 0.36 0.30 94 80 74 84 20 (4)
- - - - Special Items: Charges associated with litigation matters
0.10 - 25 - 25 - - - - - - - Debt extinguishment costs - 0.25 - 65
- - - - - - - 65 Merger-related transaction costs 0.56 0.22 147 57
- - - - - - 147 57 Risk corridor allowance 0.31
- 80
- 80
- -
- -
- - -
Adjusted income (loss) from operations $ 8.10
$ 8.66 $ 2,104 $
2,256 $ 1,852 $
1,848 $ 294 $ 262
$ 125 $ 324 $
(167) $ (178) Weighted average
shares (in thousands) 259,647 260,592 Common shares outstanding as
of December 31, (in thousands) 256,869 256,544 Special
Items, pre-tax: Charges associated with litigation matters $ 40 $ -
$ 40 $ - $ - $ - $ - $ - $ - $ - Debt extinguishment costs - 100 -
- - - - - - 100 Merger-related transaction costs 166 66 - - - - - -
166 66 Risk corridor allowance 124
- 124
- -
- -
- -
- Total $ 330 $ 166
$ 164 $ - $
- $ - $ -
$ - $ 166 $
166
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170202005328/en/
Cigna CorporationWill McDowell, Investor
Relations215-761-4198orMatt Asensio, Media
Relations860-226-2599
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