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The Cigna Group (NYSE: CI) is a global health services company dedicated to improving health outcomes and providing comprehensive healthcare solutions. The company operates primarily through two platforms: Evernorth Health Services and Cigna Healthcare. Cigna offers a diverse portfolio of pharmacy, medical, behavioral, dental, and supplemental products and services.
Pharmacy Benefit Management (PBM) and Health Insurance: Cigna's PBM services experienced significant growth following its 2018 merger with Express Scripts. The company's PBM and specialty pharmacy services are primarily sold to health insurance plans and employers, with notable contracts including the Department of Defense and insurer Centene. Cigna serves 18 million U.S. medical members as of December 2023, focusing on self-funded employer arrangements.
Recent Achievements: In 2024, Cigna repurchased $3.2 billion of common stock through accelerated stock repurchase agreements, reflecting strong business growth and commitment to shareholder value. The company is also addressing chronic conditions by introducing innovative solutions like EncircleRx, which offers financial guarantees for managing the cost of GLP-1s.
Partnerships and Community Engagement: Cigna partners with various organizations to enhance community health. This includes sponsoring the NFL's Vincent Country Safe Zone Activity Day, providing essential health screenings and eye exams for students, and participating in behavioral health initiatives through Evernorth Behavioral Care Group.
Financial Performance: Cigna reported strong first-quarter 2024 results, with adjusted income from operations of $1.9 billion, reflecting growth across its Evernorth and Cigna Healthcare businesses. The company also announced pricing terms for tender offers to manage its senior notes, aiming for significant savings for both patients and health plans through biosimilar initiatives.
Future Outlook: As of 2024, Cigna aims to achieve an adjusted EPS growth target of 10%-14% and has reaffirmed its 2024 adjusted EPS guidance of at least $28.25. The company continues to innovate and expand its healthcare offerings, focusing on affordability, access, and improved clinical outcomes.
Cigna has announced that it will offer free transportation to community cooling centers for its Medicare Advantage customers during the summer. This service is aimed at assisting older adults who are more vulnerable to heat-related illnesses. Cigna's initiative is critical, as over 650 Americans die annually from such conditions, primarily those aged 65 and older. Customers can utilize their transportation benefits for rides to cooling locations, libraries, or senior centers. The company emphasizes the need for community support during heat emergencies, encouraging families to check on elderly loved ones.
The Board of Directors of Cigna declared a cash dividend of $1.12 per share for the third quarter of 2022. This dividend is payable on September 22, 2022, to shareholders on record by the close of business on September 7, 2022. This decision reflects Cigna's commitment to delivering value to its shareholders while maintaining financial strength.
Cigna Corporation (NYSE:CI) will announce its second quarter 2022 financial results on August 4, 2022, at 6:30 a.m. ET. A conference call will follow at 8:30 a.m. ET to discuss the results. Participants are encouraged to join by 8:15 a.m. ET. The call can be accessed via phone or through a live internet webcast. Replay options will be available post-call. Cigna, a global health services company, operates in over 30 countries with more than 190 million customer relationships worldwide.
Cigna Corporation (NYSE: CI) has completed a $5.4 billion divestiture of its life, accident, and supplemental benefits businesses across six Asia-Pacific markets to Chubb (NYSE: CB). This strategic shift allows Cigna to refocus on its global health portfolio, while expecting approximately $5.1 billion in net after-tax proceeds. The funds will primarily support a share repurchase program, reinforcing Cigna's commitment to enhancing shareholder value. This transaction does not affect Cigna's health operations in North America and other regions.
AM Best has upgraded the outlook for Cigna Corporation's Long-Term Issuer Credit Rating (Long-Term ICR) from stable to positive while affirming its Financial Strength Rating (FSR) of A (Excellent). The Long-Term ICRs for Cigna's key U.S. and European subsidiaries were also revised to positive. Cigna's strong balance sheet, improved risk-adjusted capitalization, and stable earnings are highlighted. However, the company faces elevated financial leverage of about 42% and significant goodwill from the Express Scripts acquisition. Overall, positive growth is projected for core businesses in 2022.
Cigna Corporation (NYSE: CI) has announced a significant $3.5 billion accelerated stock repurchase program as part of its ongoing commitment to enhance shareholder value. This initiative is part of Cigna's broader share repurchase strategy, which retains an authority of approximately $8.8 billion as of June 14, 2022. Cigna aims to repurchase at least $7 billion of shares in 2022, signaling confidence in its cash flow and business strength. The initial share delivery is expected on July 6, 2022, with final settlement anticipated in the fourth quarter of 2022.
Cigna Corporation (NYSE: CI) announced that CFO Brian Evanko will present at the Goldman Sachs 43rd Annual Global Healthcare Conference on June 14, 2022, in Rancho Palos Verdes, CA. The presentation is scheduled to start at approximately 2:20 p.m. ET. A live webcast will be available on Cigna's Investor Relations website, allowing stakeholders to access the discussion and updates regarding the company's performance and strategies. Cigna focuses on improving health and well-being through integrated health services, maintaining a global presence with over 190 million customer relationships.
Cigna Corporation (NYSE: CI) reported robust first quarter 2022 results with total revenues of $44.0 billion and adjusted revenues of $44.1 billion, reflecting growth across its businesses. Shareholders earned $1.2 billion or $3.68 per share, up from $3.30 last year. Adjusted income from operations rose to $1.9 billion, or $6.01 per share. The total customer base grew by 3% year-to-date to 190.4 million, while Cigna's 2022 outlook projects at least $177 billion in adjusted revenues. The company continues to invest in innovation and partnerships.
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