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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.
AM Best has placed the Financial Strength Rating of A (Excellent) and Long-Term Issuer Credit Rating of 'a' (Excellent) of Cigna Life Insurance New Zealand Limited (CLINZ) under review with positive implications. This follows Cigna Corporation's announcement on October 7, 2021, regarding the sale of its life and supplemental benefits businesses to Chubb Limited for USD 5.75 billion. The review will assess the impact of this acquisition, including potential changes in ratings and support from the new parent company, Chubb.
AM Best has affirmed Cigna's Long-Term Issuer Credit Rating at 'bbb' and its Long- and Short-Term Issue Ratings following the announcement of Cigna's sale of its life, accident, and supplemental benefits business to Chubb Limited for $5.75 billion. This transaction involves operations in seven countries, contributing about $3 billion in premium revenue, and is expected to close in Q2 2022, pending regulatory approvals. Proceeds will be used for general corporate purposes, including share repurchases.
AM Best has affirmed that the Credit Ratings of Chubb Limited (NYSE: CB) and its subsidiaries remain stable after their agreement to acquire Cigna Corporation’s life and non-life insurance operations in seven Asia-Pacific markets for
Cigna Corporation (NYSE: CI) has entered a definitive agreement with Chubb (NYSE: CB) to divest its life, accident, and supplemental benefits businesses in seven countries for $5.75 billion. The transaction, expected to close in 2022, will allow Cigna to focus on its global health services portfolio. After the sale, Cigna anticipates approximately $5.4 billion in net after-tax proceeds, primarily for share repurchases. The sale will slightly dilute Cigna's earnings per share in 2022.
Cigna has announced a third consecutive year of expansion in its Medicare Advantage (MA) offerings, increasing its reach by adding 108 new counties in Connecticut, Oregon, and Washington. The company's presence now spans 477 counties across 26 states and the District of Columbia, marking an 80% increase since 2019. Cigna will offer affordable plans with features like $0 copays for various services and unique benefits tailored for seniors, including diabetes care and social connection programs. The Medicare Annual Election Period begins on October 15, 2021, and ends on December 7, 2021.
Cigna Corporation (NYSE:CI) announced key leadership changes aimed at driving growth across its diversified business sectors. Eric Palmer is appointed as CEO of Evernorth, effective January 1, 2022, following significant service expansion and strategic partnerships. Paul Sanford becomes Executive VP of Operations, overseeing critical customer service initiatives. Noelle Eder's role expands to include global data and analytics oversight. Meanwhile, notable executives Tim Wentworth, Matt Manders, and Steve Miller will retire by the end of 2021, marking a significant transition in leadership as Cigna continues its growth trajectory.
Oscar Health (NYSE: OSCR) has partnered with Cigna to launch affordable health insurance products specifically for small businesses in Chicago and surrounding counties. Starting with plans that offer $0 copay for virtual doctor visits and low-cost prescription coverage, this initiative aims to support small businesses struggling post-pandemic. The partnership will allow businesses to choose from various plan options while ensuring access to quality healthcare providers. Both companies will share risk under a reinsurance agreement, with plans for future expansion.
Cigna and Oscar Health have announced a partnership to provide affordable health insurance products to small businesses in Kansas City and St. Louis, pending regulatory approval. Covered employees will enjoy $0 copays, 24/7 virtual doctor visits, and low-cost prescription coverage. A recent survey revealed that 88% of small business owners prioritize employee health, with 66% considering insurance more crucial than before the pandemic. The partnership aims to support small businesses amidst ongoing COVID-19 challenges by offering tailored health plans and dedicated care teams.
Tenet Healthcare Corporation (NYSE: THC) and Cigna Corporation (NYSE: CI) announced a new multi-year contract, ensuring Cigna customers have continued in-network access to Tenet’s healthcare facilities through 2025. This agreement, finalized four months ahead of the previous contract's expiration, emphasizes the importance of uninterrupted access to quality care amidst the ongoing pandemic. The collaboration will also expand access to lower-cost ambulatory surgery centers.
The contract takes effect on January 1, 2022.
Cigna (NYSE: CI) and Hartford HealthCare have announced a multi-year agreement to ensure continued access for Cigna customers to Hartford HealthCare's facilities and providers, effective November 1, 2021. This partnership promotes quality care at predictable rates, having been finalized two months ahead of the existing contract's expiration. Both organizations emphasize a shared commitment to affordable healthcare, benefiting patients across Connecticut without disruption to services.
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