- Total revenues in the first quarter
were $37.9 billion. Adjusted revenues1 were $33.4 billion.
- Shareholders’ net income for the first
quarter was $1.37 billion, or $3.56 per share
- Adjusted income from operations2 for
the first quarter was $1.5 billion, or $3.90 per share
- Adjusted income from operations2,3,4 is
now projected to be in the range of $6.24 billion to $6.4 billion
in 2019, or $16.25 to $16.65 per share3, which represents per share
growth of 14% to 17% over 2018
Global health service company Cigna Corporation (NYSE: CI) today
reported strong first quarter 2019 results led by the Health
Services and Integrated Medical segments.
“Cigna's first quarter performance reflects focused execution of
our proven growth strategy and positions us well to achieve our
increased outlook for 2019,” said David M. Cordani, President and
Chief Executive Officer. “Our combination with Express Scripts is
fueling additional innovative programs for the benefit of our
customers and patients, as we accelerate our efforts to improve the
affordability of health care.”
Total revenues for first quarter 2019 were $37.9 billion.
Adjusted revenues1 were $33.4 billion and reflect strong
contributions from each of Cigna's ongoing businesses.
Shareholders’ net income for first quarter 2019 was $1.37
billion, or $3.56 per share, compared with $0.9 billion, or $3.72
per share, for first quarter 2018.
Cigna's adjusted income from operations2 for first quarter 2019
was $1.5 billion, or $3.90 per share, compared with $1.0 billion,
or $4.11 per share, for 2018. This reflects strong earnings
contributions led by the Health Services and Integrated Medical
segments.
Reconciliations of total revenues to adjusted revenues1 and of
shareholders’ net income to adjusted income from operations2 are
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 revenues1 and
shareholders’ net income to adjusted income from operations2:
Consolidated Financial Results (dollars in millions):
Three Months Ended March 31,
December 31, 2019 2018
2018 Total Revenues $ 37,946 $ 11,413 $ 14,300 Net
Realized Investment Losses (Gains) from Equity Method Investments1
(28) 2 20 Special Items and Transitioning Client Contributions1
(4,489) - (569) Adjusted
Revenues1 $ 33,429 $ 11,415 $ 13,751
Consolidated
Earnings, net of taxes Shareholders’ Net Income $ 1,368 $ 915 $
144 Net Realized Investment Losses (Gains)2 (38) 25 58 Amortization
of Other Acquired Intangible Assets2 564 20 103 Special Items and
Transitioning Client Contributions1,2 (396) 50
342 Adjusted Income from Operations2 $ 1,498 $
1,010 $ 647 Shareholders’ Net Income, per share $
3.56 $ 3.72 $ 0.55 Adjusted Income from Operations2,
per share $ 3.90 $ 4.11 $ 2.46
- Year to date through May 1, 2019, the
Company repurchased 3.1 million shares of common stock for
approximately $556 million.
- The debt to capitalization ratio
improved to 48.8% at March 31, 2019 from 50.9% at December 31,
2018.
- The SG&A expense ratio5 was 9.3%
for first quarter 2019, a significant decrease from 23.5% for first
quarter 2018 driven by business mix changes resulting from the
Express Scripts combination, and the health insurance tax
suspension.
CUSTOMER RELATIONSHIPS
The following table summarizes our medical customers and overall
customer relationships:
Customer Relationships (in
thousands):
As of the Periods Ended March 31,
December 31, 2019 2018
2018 Commercial 14,016 13,825 13,982
Government 1,405 1,389 1,407 International Markets 1,572
1,555 1,572
Total Medical
Customers6 16,993 16,769 16,961
Pharmacy6 74,935 8,796 73,230 Behavioral Care6 28,046 26,998
27,215 Dental 17,122 16,521 16,544 Medicare Part D 3,302 784 3,295
International Markets Supplemental Policies6,7 12,576 12,061 12,569
Group Disability and Life Covered Lives6 15,200
15,300 14,800
Total Customer Relationships
168,174 97,229
164,614
- The total medical customer base6 at
first quarter 2019 was 17 million, an organic increase of 32,000
customers year to date and 224,000 over first quarter 2018 driven
by growth in the Select and Middle Market segments, partially
offset by a decline in National Accounts.
- The pharmacy customer base6 at first
quarter 2019 was 75 million, an organic increase of 1.7 million
customers year to date, driven by strong new commercial sales.
- Pharmacy6 and Medicare Part D customers
in the first quarter 2019 and fourth quarter 2018 include customers
gained through the completion of the Express Scripts combination on
December 20, 2018.
HIGHLIGHTS OF SEGMENT RESULTS
See Exhibit 1 for a reconciliation of adjusted income (loss)
from operations2 to shareholders’ net income.
Health
Services
This segment includes a broad range of pharmacy services,
including benefits management, specialty pharmacy services,
clinical solutions, home delivery, and health management
services.
Financial Results (dollars in millions):
Three Months Ended March 31, December 31,
2019 2018 2018
Adjusted Revenues1 $ 22,460 $ 1,071 $ 3,313 Adjusted Income from
Operations, Pre-Tax2 $ 994 $ 83 $ 153 Adjusted Margin, Pre-Tax8
4.4% 7.7% 4.6%
- Cigna completed the combination with
Express Scripts on December 20, 2018. Accordingly, contributions
from the Express Scripts business are reflected in the Health
Services segment results for the entire first quarter 2019, a
portion of fourth quarter 2018, and are not reflected in first
quarter 2018 results.
- Growth in first quarter 2019 adjusted
revenues1 and adjusted income from operations, pre-tax2 were driven
by the combination with Express Scripts.
- Health Services fulfilled 292 million
adjusted pharmacy scripts9 in first quarter 2019, consistent with
the company’s expectations.
- Health Services delivered solid results
in first quarter 2019, driven by organic growth in pharmacy
customers since the start of the year, and strong adjusted pharmacy
script volumes and performance in specialty pharmacy care.
Integrated
Medical
This segment includes Cigna’s U.S. Commercial and Government
businesses that provide comprehensive medical solutions to clients
and customers. U.S. Commercial products and services include
medical, pharmacy, behavioral health, dental, vision, health
advocacy programs and other products and services to insured and
self-insured customers. Government solutions include Medicare
Advantage, Medicare Supplement, and Medicare Part D plans for
seniors, Medicaid plans, and individual health insurance coverage
both on and off the public exchanges.
Financial Results (dollars in millions):
Three Months Ended March 31, December 31,
2019 2018 2018 Adjusted
Revenues1 $ 9,195 $ 8,150 $ 8,297 Adjusted Income from Operations,
Pre-Tax2 $ 1,170 $ 1,012 $ 643 Adjusted Margin, Pre-Tax8 12.7%
12.4% 7.7%
- Integrated Medical delivered strong
results in first quarter 2019, led by organic growth and strong
margins in our Commercial and Government businesses.
- First quarter 2019 adjusted revenues1
increased 13% relative to first quarter 2018, driven by Commercial
customer growth and expansion of specialty relationships, as well
as premium increases consistent with underlying cost trends.
- First quarter 2019 adjusted income from
operations, pre-tax2 and adjusted margin, pre-tax8 reflect strong
medical and specialty contributions and continued effective medical
cost performance.
- Adjusted income from operations,
pre-tax2 for first quarter 2019 and first quarter 2018 included
favorable net prior year reserve development on a pre-tax basis of
$50 million and $51 million, respectively.
- The medical care ratio5 (“MCR”) of
78.9% for first quarter 2019 reflects strong performance and
execution in our commercial and government businesses and favorable
prior year development, partially offset by the addition of the
Express Scripts Medicare Part D business and the pricing effect of
the health insurance tax suspension.
- Integrated Medical net medical costs
payable10 was approximately $2.72 billion at March 31, 2019, $2.41
billion at March 31, 2018 and $2.43 billion at December 31,
2018.
International
Markets
This segment includes supplemental health, life and accident
insurance products and health care coverage in our international
markets, as well as health care benefits for globally mobile
employees of multinational organizations.
Financial Results (dollars in millions,
policies and customers in thousands):
Three Months Ended March 31,
December 31, 2019 2018
2018 Adjusted Revenues1,7 $ 1,394 $ 1,341 $ 1,355
Adjusted Income from Operations, Pre-Tax2 $ 206 $ 217 $ 120
Adjusted Margin, Pre-Tax8 14.8% 16.2% 8.9%
As of the
Periods Ended March 31, December 31, 2019
2018 2018 International Markets
Supplemental Policies6,7 12,576 12,061 12,569 International Markets
Medical Customers6 1,572 1,555 1,572
- First quarter 2019 adjusted revenues1,7
grew 4% over first quarter 2018, reflecting continued business
growth, partially offset by some impact from unfavorable foreign
currency movements.
- First quarter 2019 adjusted income from
operations, pre-tax2 and adjusted margin, pre-tax8 reflect business
growth, offset by unfavorable foreign currency impacts and spending
to strengthen our capabilities to further long-term growth.
Group Disability and
Other Operations
This segment includes Cigna’s Group Disability and Life business
which offers group long-term and short-term disability, and group
life, accident, voluntary and specialty insurance products and
services. Additionally, this segment includes Corporate Owned Life
Insurance (“COLI”) and the Company’s run-off operations.
Financial Results (dollars in
millions):
Three Months Ended March 31,
December 31, 2019 2018
2018 Adjusted Revenues1 $ 1,296 $ 1,271 $ 1,246
Adjusted Income from Operations, Pre-Tax2 $ 84 $ 116 $ 109 Adjusted
Margin, Pre-Tax8 6.5% 9.1% 8.7%
- First quarter 2019 adjusted income from
operations, pre-tax2 and adjusted margin, pre-tax8 reflect
unfavorable disability claims partially offset by strong life
results.
Corporate
Corporate reflects interest expense, as well as amounts not
allocated to operating segments and includes intersegment
eliminations.
Financial Results (dollars in
millions):
Three Months Ended March 31, December
31, 2019 2018 2018
Adjusted (Loss) from Operations, Pre-Tax2 $ (490) $ (92) $ (148)
- The first quarter 2019 adjusted loss
from operations, pre-tax2 increased as a result of higher interest
expense associated with the financing of the combination with
Express Scripts.
2019 OUTLOOK
Cigna's outlook for full year 2019 consolidated adjusted income
from operations2,3,4 is in the range of $6.24 billion to $6.4
billion, or $16.25 to $16.65 per share. Cigna’s outlook excludes
the impact of additional prior year reserve development of medical
costs and potential effects of any future share repurchase4.
(dollars in millions, except where noted
and per share amounts)
Projection for Full-Year
Ending
Change
from Prior
December 31, 2019 Projection
2019 Consolidated
Operating Metrics
Adjusted Income from Operations2,3,4 $ 6,240 to 6,400 $ + 0
to 40
Adjusted Income from Operations, per share2,3,4 $
16.25 to 16.65 $ + 0.15 to + 0.25
Adjusted Revenues1,3
$ 132,500 to 134,500 $ + 1,000
SG&A Expense Ratio5
10.0% to 10.5%
Adjusted Tax Rate11 23.5% to 24.5%
2019
Segment-Level Operating Metrics
Adjusted Income from Operations, Pre-Tax2,3,4 Health
Services $ 5,050 to 5,200 Integrated Medical $ 3,700 to 3,800 $ + 0
to 50
Adjusted Pharmacy Scripts – Health Services9 1.17 to
1.19 billion
Medical Customer Growth6 300,000 to 400,000
customers
Medical Care Ratio5 80.5% to 81.5%
Medical Cost
Trend12 3.5% to 4.5%
2020 OUTLOOK
Health Services’ projected 2020 retention rate for the 2019
selling season for pharmacy services is in the range of 96% to
98%.
The foregoing statements represent the Company’s current
estimates of Cigna's 2019 consolidated and segment adjusted income
from operations2,3,4 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).
Management will be hosting a conference call to review first
quarter 2019 results and discuss full year 2019 outlook beginning
today at 8:30 a.m. ET. A link to the conference call is available
in the Investor Relations section of Cigna's website located at
https://www.cigna.com/aboutcigna/investors/events/index.page.
The call-in numbers for the conference call are as follows:
Live Call (
888) 324-7575
(Domestic) (
210) 234-0013 (International) Passcode:
5022019 Replay (
800) 839-5571 (Domestic)
(
402) 220-2073 (International)
It is strongly suggested you dial in to the conference call by
8:15 a.m. ET.
About Cigna
Cigna Corporation (NYSE: CI) is a global health service company
dedicated to improving the health, well-being and peace of mind of
those we serve. Cigna delivers choice, predictability,
affordability and access to quality care through integrated
capabilities and connected, personalized solutions that advance
whole person health. All products and services are provided
exclusively by or through operating subsidiaries of Cigna
Corporation, including Cigna Health and Life Insurance Company,
Cigna Life Insurance Company of New York, Connecticut General Life
Insurance Company, Express Scripts companies or their affiliates,
and Life Insurance Company of North America. Such products and
services include an integrated suite of health services, such as
medical, dental, behavioral health, pharmacy, vision, supplemental
benefits, and other related products including group life, accident
and disability insurance.
Cigna maintains sales capability in over 30 countries and
jurisdictions, and has more than 160 million customer relationships
throughout the world. To learn more about Cigna®, including links
to follow us on Facebook or Twitter, visit www.cigna.com.
Notes:
1.
At the consolidated level, the measure
“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.” We define adjusted
revenues as total revenues excluding revenue contributions from
transitioning pharmacy benefit management clients, Anthem Inc. and
Coventry Health Care, Inc. (the “transitioning clients”), net
realized investment results from equity method investments, and
special items. We exclude these items from this measure because
they are not indicative of past or future underlying performance of
the business. See Exhibit 1 for a reconciliation of consolidated
adjusted revenues to total revenues.
2.
Adjusted income (loss) from operations
is defined as shareholders’ net income (loss) excluding the
following adjustments: earnings contributions from transitioning
clients, net realized investment results, amortization of acquired
intangible assets, and special items. Special items are identified
in Exhibit 1 of this earnings release. Adjusted income (loss) from
operations is measured on an after-tax basis for consolidated
results and on a pre-tax basis for segment results.
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 Exhibit 1 for a reconciliation of
adjusted income from operations to shareholders’ net income.
Effective in the fourth quarter of 2018, Cigna updated
its segments. Refer to our Current Report on Form 8-K filed with
the Securities and Exchange Commission on January 23, 2019 and our
Annual Report on Form 10-K for the year ended December 31, 2018 for
additional information and prior period results on the historic and
new segment bases.
3.
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 we are 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 our control. As such, any
associated estimate and its impact on shareholders’ net income
could vary materially.
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.
Operating ratios are defined as
follows:
•
Medical care ratio 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, Medicaid, and
individual on and off-exchange products, within our Integrated
Medical segment.
•
SG&A expense ratio represents
enterprise selling, general and administrative expenses excluding
special items and expenses from transitioning clients, as a
percentage of adjusted revenue at a consolidated level.
6.
Customer relationships are defined as
follows:
•
Total medical customers includes
individuals in our Integrated Medical and International Markets
segments 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.
•
Pharmacy customer relationships
excludes transitioning clients.
•
International Markets policies exclude
International Markets medical customers included in total medical
customers.
•
Group Disability and Life covered lives
are estimated.
7.
Cigna owns a 50% noncontrolling
interest in its China joint venture. Cigna's 50% share of the joint
venture’s earnings is reported in Fees and Other Revenues using the
equity method of accounting under GAAP. As such, the adjusted
revenues and policy counts for the International Markets segment do
not include the China joint venture.
8.
Adjusted margin, pre-tax, is calculated
by dividing adjusted income (loss) from operations, pre-tax by
adjusted revenues for each segment.
9.
For Health Services adjusted pharmacy
scripts, non-specialty network scripts filled through 90-day
programs and home delivery scripts are multiplied by three. All
other network and specialty scripts are counted as one script.
Adjusted pharmacy scripts guidance does not include script volumes
associated with transitioning clients, nor volumes expected to be
insourced from OptumRx under the terms of the transition services
agreement.
10.
Medical costs payable within the
Integrated Medical segment are presented net of reinsurance and
other recoverables. The gross medical costs payable balance was
$2.96 billion as of March 31, 2019, $2.70 billion as of December
31, 2018, and $2.64 billion as of March 31, 2018. The Integrated
Medical days claims payable was 40.9 days at March 31, 2019, 40.7
days at December 31, 2018 and 41.9 days at March 31, 2018.
11.
The measure “adjusted 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 tax rate as
the consolidated income tax rate applicable to the Company’s
pre-tax income excluding net realized investment results,
amortization of acquired intangible assets, special items, and
transitioning clients. 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 including (i)
future net realized investment results and (ii) future special
items.
12.
Medical cost trend includes all U.S.
commercial employer funding arrangements.
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 2019, on both a consolidated and segment basis;
projected adjusted revenue outlook for 2019; projected global
medical customer growth over year end 2018; projected growth beyond
2019; statements concerning our long-term projected adjusted income
(loss) from operations outlook; projected medical care and SG&A
expense ratios and medical cost trends; projected adjusted pharmacy
scripts; our projected consolidated adjusted tax rate; future
financial or operating performance, including our ability to
deliver affordable, personalized and innovative solutions for our
customers and clients; 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; the merger (the “Merger”) with Express Scripts
Holding Company (“Express Scripts”) and other statements regarding
Cigna'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 and pharmacy costs and price
effectively; our ability to adapt to changes or trends in an
evolving and rapidly changing industry; our ability to effectively
differentiate our products and services from those of our
competitors and maintain or increase market share; our ability to
develop and maintain good relationships with physicians, hospitals,
other health care providers and pharmaceutical manufacturers;
changes in drug pricing; the impact of modifications to our
operations and processes; our ability to identify potential
strategic acquisitions or transactions and realize the expected
benefits (including anticipated synergies) of such transactions in
full or within the anticipated time frame, including with respect
to the Merger, as well as our ability to integrate operations,
resources and systems; 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, investigations, 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; the impact of our debt service obligations
on the availability of funds for other business purposes;
unfavorable industry, economic or political conditions, including
foreign currency movements; acts of war, terrorism, natural
disasters or pandemics; 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. 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 Exhibit 1
COMPARATIVE SUMMARY OF FINANCIAL RESULTS (unaudited)
(Dollars in millions, except per share amounts)
Three
Months Ended Three Months Ended March 31,
December 31, 2019
2018 2018 REVENUES
Pharmacy revenues $ 25,179 $ 717 $ 3,257 Premiums 9,971 8,999 9,108
Fees and other revenues 2,450 1,368 1,491 Net investment income
including special items 346 329
444
Total revenues 37,946
11,413 14,300 Revenue
contributions from transitioning clients (4,489) - (459) Net
realized investment (gains) losses from equity method subsidiaries
(28) 2 20 Special items reported in integration and
transaction-related costs - -
(110) Adjusted revenues (1) $ 33,429 $ 11,415
$ 13,751
SHAREHOLDERS' NET INCOME
Shareholders' net income $ 1,368 $
915 $ 144 After-tax adjustments to reconcile
to adjusted income from operations: Adjustment for transitioning
clients (504) - (47) Net realized investment (gains) losses (38) 25
58 Amortization of acquired intangible assets 564 20 103
Special
items Integration and transaction-related costs 108 50 402
Charges associated with litigation matters - - (16) U.S. tax reform
- - 3 Adjusted income
from operations (2) $ 1,498 $ 1,010 $ 647
Pre-tax adjusted
income (loss) from operations by segment
Health Services $ 994 $ 83 $ 153 Integrated Medical 1,170 1,012 643
International Markets 206 217 120 Group Disability and Other 84 116
109 Corporate (490) (92)
(148) Consolidated pre-tax adjusted income from operations (2)
1,964 1,336 877 Adjusted
income tax expense (466) (326)
(230) Consolidated after-tax adjusted income from operations
(2) $ 1,498 $ 1,010 $ 647
DILUTED
EARNINGS PER SHARE Shareholders' net income $ 3.56 $
3.72 $ 0.55 After-tax adjustments to reconcile to adjusted income
from operations: Adjustment for transitioning clients (1.31) -
(0.18) Net realized investment (gains) losses (0.10) 0.10 0.22
Amortization of other acquired intangible assets 1.47 0.08 0.39
Special items Integration and transaction-related costs 0.28
0.21 1.53 Charges associated with litigation matters - - (0.06)
U.S. tax reform - - 0.01
Adjusted income from operations (2) $ 3.90 $ 4.11
$ 2.46 Weighted average shares (in thousands)
384,024 245,788 263,521 Common shares
outstanding (in thousands) 380,270
243,250 380,924
SHAREHOLDERS' EQUITY at
March 31, $ 42,408 $ 14,195
SHAREHOLDERS' EQUITY PER SHARE at March 31,
$ 111.52 $ 58.36 (1)
Adjusted revenues is defined as total revenues excluding the
following adjustments: revenue contributions from transitioning
clients, special items and Cigna's share of certain realized
investment results of its joint ventures reported using the equity
method. These items are excluded because they are not indicative of
past or future underlying performance of our businesses. (2)
Adjusted income (loss) from operations is defined as shareholders'
net income (loss) excluding the following after-tax adjustments:
realized investment results, amortization of acquired intangible
assets, special items and earnings contributions from transitioning
clients.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190502005218/en/
INVESTOR RELATIONS CONTACT:Will
McDowell215-761-4198william.mcdowell2@cigna.com
MEDIA CONTACT:Ellie
Polack860-902-4906elinor.polack@cigna.com
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