CI
$207.92
Cigna
($.56)
(.27%)
Earnings Details
3rd Quarter September 2017
Thursday, November 2, 2017 6:00:02 AM
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Summary

Cigna Beats

Cigna (CI) reported 3rd Quarter September 2017 earnings of $2.83 per share on revenue of $10.4 billion. The consensus earnings estimate was $2.36 per share on revenue of $10.1 billion. The Earnings Whisper number was $2.47 per share. Revenue grew 5.1% on a year-over-year basis.

The company said it expects 2017 earnings of $10.20 to $10.40 per share. The company's previous guidance was earnings of $9.75 to $10.05 per share and the current consensus earnings estimate is $10.04 per share for the year ending December 31, 2017.

Cigna Corp is a health services organization with insurance subsidiaries that are providers of medical, dental, disability, life and accident insurance and related products and services.

Results
Reported Earnings
$2.83
Earnings Whisper
$2.47
Consensus Estimate
$2.36
Reported Revenue
$10.38 Bil
Revenue Estimate
$10.13 Bil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Cigna Reports Strong Third Quarter 2017 Results, Raises Outlook

Shareholders’ net income for the third quarter was $560 million, or $2.21 per share

Adjusted income from operations(1) in the third quarter was $716 million, or $2.83 per share

Global medical customer(2) growth projection increased to approximately 650,000 lives in 2017

Adjusted income from operations(1,3) is now projected to be in the range of $2.60 billion to $2.65 billion in 2017, or $10.20 to $10.40 per share(4), which represents per share growth of 26% to 28% over 2016

Cigna Corporation (CI) today reported third quarter 2017 results with strong performance across the company’s Global Health Care, Global Supplemental Benefits and Group Disability & Life segments.

"Cigna’s third quarter results are driven by consistent, strong execution of our strategy to provide affordable and personalized solutions for our customers and clients around the globe," said David M. Cordani, President and Chief Executive Officer. "As we look ahead to 2018, we expect to drive continued innovation and growth as we deliver sustained value in a rapidly changing and dynamic environment."

Total revenues in the quarter were $10.4 billion, an increase of 5% over third quarter 2016, driven by continued growth in Cigna’s targeted customer segments.

For the third quarter of 2017, shareholders’ net income was $560 million, or $2.21 per share, compared with $456 million, or $1.76 per share, for the third quarter of 2016.

Cigna’s adjusted income from operations(1) for the third quarter of 2017 was $716 million, or $2.83 per share, compared with $503 million, or $1.94 per share, for the third quarter of 2016. This reflects significantly increased earnings contributions from each of our business segments.

Reconciliations of shareholders’ net income to adjusted income from operations(1) 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 revenues(5) to total revenues and adjusted income from operations(1) to shareholders’ net income:

Consolidated Financial Results (dollars in millions, customers in
thousands):
Nine Months
Three Months Ended
Ended
September 30,
June 30,
September 30,
2017
2016
2017
2017
Total Revenues
$ 10,382
$
9,880
$ 10,318
$
31,085
Net Realized Investment (Gains)
(117)
(75)
(51)
(214)
Consolidated Operating Revenues(5)
$ 10,265
$
9,805
$ 10,267
$
30,871
Consolidated Earnings, net of taxes
Shareholders’ Net Income
$
560
$
456
$
813
$
1,971
Net Realized Investment (Gains)
(75)
(48)
(34)
(140)
Amortization of Other Acquired Intangible Assets
16
24
18
54
Special Items(1)
215
71
(47)
300
Adjusted Income from Operations(1)
$
716
$
503
$
750
$
2,185
Shareholders’ Net Income, per share
$
2.21
$
1.76
$
3.15
$
7.67
Adjusted Income from Operations(1), per share
$
2.83
$
1.94
$
2.91
$
8.50

Third quarter 2017 shareholders’ net income included special item(1) charges of $215 million after-tax, or $0.85 per share, predominantly associated with the previously disclosed early extinguishment of debt, compared with special item(1) charges in third quarter 2016 of $71 million after-tax, or $0.28 per share, for merger-related transaction costs and a litigation matter.

Cash and marketable investments at the parent company were $1.7 billion at September 30, 2017 and $2.8 billion at December 31, 2016.

Year to date, as of November 1, 2017, the Company repurchased 13.2 million shares of common stock for approximately $2.3 billion.

HIGHLIGHTS OF SEGMENT RESULTS

See Exhibit 2 for a reconciliation of adjusted income (loss) from operations(1) 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):
Nine Months
Three Months Ended
Ended
September 30,
June 30,
September 30,
2017
2016
2017
2017
Premiums and Fees
$
7,197
$
6,807
$
7,179
$
21,715
Adjusted Income from Operations(1)
$
575
$
416
$
591
$
1,776
Adjusted Margin, After-Tax(6)
7.1%
5.4%
7.3%
7.3%
As of the Periods Ended
September 30,
June 30,
December 31,
Customers:
2017
2016
2017
2016
Commercial
15,332
14,594
15,163
14,631
Government
484
583
491
566
Medical(2)
15,816
15,177
15,654
15,197
Behavioral Care(7)
26,636
25,643
26,014
25,790
Dental
15,776
14,960
15,760
14,981
Pharmacy
8,959
8,370
8,902
8,461
Medicare Part D
812
999
823
972

Global Health Care results in the third quarter reflect strong performance led by our Commercial business.

Third quarter 2017 premiums and fees increased 6% relative to third quarter 2016, driven by customer growth and specialty contributions in our Commercial business, partially offset by lower enrollment in our Government business, as expected.

The medical customer base(2) at the end of the third quarter 2017 totaled 15.8 million, an increase of 619,000 customers year to date, driven by organic growth across our Commercial market segments.

Third quarter 2017 adjusted income from operations(1) and adjusted margin, after-tax(6) reflect strong medical and specialty results, continued effective medical cost management and operating expense discipline.

Adjusted income from operations(1) for third quarter 2017 and second quarter 2017 included favorable prior year reserve development on an after-tax basis of $19 million and $36 million, respectively. Third quarter of 2016 did not have a meaningful amount of net prior year reserve development. Year-to-date 2017 adjusted income from operations(1) includes favorable prior year reserve development on an after-tax basis of $116 million.

The Total Commercial medical care ratio(8) ("MCR") of 78.6% for third quarter 2017 reflects strong performance and effective medical cost management in both our Employer and Individual books of business, as well as the impact of the health insurance tax moratorium.

The Total Government MCR(8) of 84.0% for third quarter 2017 reflects solid performance in our Medicare Advantage and Medicare Part D businesses.

The third quarter 2017 Global Health Care operating expense ratio(8) of 21.1% reflects the impact of the health insurance tax moratorium, business mix changes and continued effective expense management.

Global Health Care net medical costs payable(9) was approximately $2.52 billion at September 30, 2017 and $2.26 billion at December 31, 2016.

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):

Nine Months
Three Months Ended
Ended
September 30,
June 30,
September 30,
2017
2016
2017
2017
Premiums and Fees(10)
$
937
$
833
$
914
$
2,720
Adjusted Income from Operations(1)
$
109
$
81
$
105
$
288
Adjusted Margin, After-Tax(6)
11.1%
9.4%
11.0%
10.1%
As of the Periods Ended
September 30,
June 30,
December 31,
2017
2016
2017
2016
Policies(10)
13,087
12,069
13,058
12,151

Global Supplemental Benefits results continue to reflect the value created by affordable and personalized solutions delivered directly to individual consumers through a diversified set of distribution channels.

Third quarter 2017 premiums and fees(10) grew 12% over third quarter 2016, reflecting continued business growth.

Third quarter 2017 adjusted income from operations(1) and adjusted margin, after-tax(6) reflect business growth, favorable claims experience, particularly in South Korea, and effective operating expense management.

Group Disability and Life

This segment includes Cigna’s group disability, life and accident insurance operations.

Financial Results (dollars in millions):

Nine Months
Three Months Ended
Ended
September 30,
June 30,
September 30,
2017
2016
2017
2017
Premiums and Fees
$ 1,015
$ 1,024
$ 1,022
$
3,068
Adjusted Income (Loss) from Operations(1)
$
73
$
53
$
83
$
224
Adjusted Margin, After-Tax(6)
6.6%
4.8%
7.5%
6.7%

Group Disability and Life results reflect the value created for our customers and clients through differentiated solutions that enhance health, productivity and sense of security.

Third quarter 2017 adjusted income from operations(1) and adjusted margin, after-tax(6) reflect favorable claims experience in our life business, and disability results consistent with our expectations.

Corporate & Other Operations

Adjusted loss from operations(1) for Cigna’s remaining operations is presented below:

Financial Results (dollars in millions):
Nine Months
Three Months Ended
Ended
September 30,
June 30,
September 30,
2017
2016
2017
2017
Corporate & Other Operations
$
(41)
$
(47)
$ (29)
$
(103)

2017 OUTLOOK

Cigna’s outlook for full year 2017 consolidated adjusted income from operations(1,3) is in the range of $2.60 billion to $2.65 billion, or $10.20 to $10.40 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 Operations(1,3)
Global Health Care
$
2,140 to 2,170
Global Supplemental Benefits
$
345 to 355
Group Disability and Life
$
275 to 285
Ongoing Businesses
$
2,760 to 2,810
Corporate & Other Operations
$
(160)
Consolidated Adjusted Income from Operations(1,3)
$
2,600 to 2,650
Consolidated Adjusted Income from Operations, per share(1,3,4)
$
10.20 to 10.40
2017 Operating Metrics and Ratios Outlook
Total Revenue Growth
Approximately 4%
Full Year Total Commercial Medical Care Ratio(8)
80% to 81%
Full Year Total Government Medical Care Ratio(8)
84.5% to 85.5%
Full Year Global Health Care Operating Expense Ratio(8)
Approximately 21%
Global Medical Customer Growth(2)
Approximately 650,000 customers

The foregoing statements represent the Company’s current estimates of Cigna’s 2017 consolidated and segment adjusted income from operations(1,3) 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). Management will be hosting a conference call to review third quarter 2017 results and discuss full year 2017 outlook beginning today at 8:30 a.m. EDT. A link to the conference call is available in the Investor Relations section of Cigna’s website located at http://www.cigna.com/cignadotcom/aboutcigna/investors/events/index.page.

The call-in numbers for the conference call are as follows:

Live Call (800) 369-1781 (Domestic) (210) 234-0090 (International) Passcode: 11022017

Replay (800) 945-7247 (Domestic) (203) 369-3951 (International)

It is strongly suggested you dial in to the conference call by 8:15 a.m. EDT.

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. 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.
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.
Prior period behavioral care customers have been revised to
conform to current presentation.
8.
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.
9.
Global Health Care medical costs payable are presented net of
reinsurance and other recoverables. The gross Global Health Care
medical costs payable balance was $2.78 billion as of September
30, 2017 and $2.53 billion as of December 31, 2016.
10.
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 growth in 2018 and beyond; 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; 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; 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 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, 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; unfavorable industry, economic or political conditions including foreign currency movements; acts of war, terrorism, natural disasters or pandemics; uncertainty as to the outcome of the litigation between Cigna and Anthem, Inc. with respect to the termination of the merger agreement, the reverse termination fee and/or contract and non-contract damages for claims each party has filed against the other, including the risk that a court finds that Cigna has not complied with its obligations under the merger agreement, is not entitled to receive the reverse termination fee or is liable for breach of the merger agreement;, 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
COMPARATIVE SUMMARY OF FINANCIAL RESULTS (unaudited)
Exhibit 1
(Dollars in millions, except per share amounts)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2017
2016
2017
2016
REVENUES
Premiums
$
8,030
$
7,605
$
24,143
$
23,005
Fees
1,137
1,086
3,417
3,346
Net investment income
298
282
909
848
Mail order pharmacy revenues
733
762
2,200
2,207
Other revenues
67
70
202
208
Consolidated operating revenues
10,265
9,805
30,871
29,614
Net realized investment gains
117
75
214
110
Total revenues
$
10,382
$
9,880
$
31,085
$
29,724
SHAREHOLDERS’ NET INCOME (LOSS)
Shareholders’ net income
$
560
$
456
$
1,971
$
1,485
After-tax adjustments to reconcile to adjusted income from
operations:
Realized investment (gains)
(75)
(48)
(140)
(71)
Amortization of other acquired intangible assets, net
16
24
54
72
Special items
215
71
300
133
Adjusted income from operations (1)
$
716
$
503
$
2,185
$
1,619
Adjusted income (loss) from operations by
segment
Global Health Care
$
575
$
416
$
1,776
$
1,446
Global Supplemental Benefits
109
81
288
231
Group Disability and Life
73
53
224
56
Ongoing Operations
757
550
2,288
1,733
Corporate and Other
(41)
(47)
(103)
(114)
Total adjusted income from operations
$
716
$
503
$
2,185
$
1,619
DILUTED EARNINGS PER SHARE
Shareholders’ net income
$
2.21
$
1.76
$
7.67
$
5.72
After-tax adjustments to reconcile to adjusted income from
operations:
Realized investment (gains)
(0.29)
(0.19)
(0.54)
(0.27)
Amortization of other acquired intangible assets, net
0.06
0.09
0.21
0.28
Special items
0.85
0.28
1.16
0.51
Adjusted income from operations (1)
$
2.83
$
1.94
$
8.50
$
6.24
Weighted average shares (in thousands)
253,410
259,754
257,058
259,568
Common shares outstanding (in thousands)
247,573
256,720
SHAREHOLDERS’ EQUITY at September 30
$
14,145
$
13,974
SHAREHOLDERS’ EQUITY PER SHARE at September 30
$
57.13
$
54.43

(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
Exhibit 2
INCOME FROM OPERATIONS
(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,
3Q17
3Q16
2Q17
3Q17
3Q16
2Q17
3Q17
3Q16
2Q17
3Q17
3Q16
2Q17
3Q17
3Q16
2Q17
3Q17
3Q16
2Q17
Shareholders’ net income (loss)
$
2.21
$
1.76
$
3.15
$
560
$
456
$
813
$
610
$
413
$
599
$
105
$ 77
$
101
$
97
$
65
$
97
$ (252)
$
(99)
$
16
After-tax adjustments to reconcile to adjusted income (loss) from
operations:
Realized investment (gains) losses
(0.29)
(0.19)
(0.13)
(75)
(48)
(34)
(47)
(42)
(22)
-
-
-
(24)
(12)
(14)
(4)
6
2
Amortization of other acquired intangible assets, net
0.06
0.09
0.07
16
24
18
12
20
14
4
4
4
-
-
-
-
-
-
Special items:
Debt extinguishment costs
0.82
-
-
209
-
-
-
-
-
-
-
-
-
-
-
209
-
-
Merger-related transaction costs
0.03
0.18
(0.18)
6
46
(47)
-
-
-
-
-
-
-
-
-
6
46
(47)
Charges associated with litigation matters
-
0.10
-
-
25
-
-
25
-
-
-
-
-
-
-
-
-
-
Adjusted income (loss) from operations
$
2.83
$
1.94
$
2.91
$
716
$
503
$
750
$
575
$
416
$
591
$
109
$ 81
$
105
$
73
$
53
$
83
$
(41)
$
(47)
$
(29)
Weighted average shares (in thousands)
253,410
259,754
258,061
Special items, pre-tax:
Debt extinguishment costs
$
321
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
321
$
-
$
-
Merger-related transaction costs
9
49
16
-
-
-
-
-
-
-
-
-
9
49
16
Charges associated with litigation matters
-
40
-
-
40
-
-
-
-
-
-
-
-
-
-
Total
$
330
$
89
$
16
$
-
$
40
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
330
$
49
$
16
(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
Nine Months Ended September 30,
3Q17
3Q16
3Q17
3Q16
3Q17
3Q16
3Q17
3Q16
3Q17
3Q16
3Q17
3Q16
Shareholders’ net income (loss)
$
7.67
$
5.72
$
1,971
$
1,485
$
1,753
$
1,414
$
283
$
214
$
253
$
81
$ (318)
$
(224)
After-tax adjustments to reconcile to adjusted income (loss) from
operations:
Realized investment (gains) losses
(0.54)
(0.27)
(140)
(71)
(85)
(49)
(9)
1
(44)
(25)
(2)
2
Amortization of other acquired intangible assets, net
0.21
0.28
54
72
40
56
14
16
-
-
-
-
Special items:
Debt extinguishment costs
0.81
-
209
-
-
-
-
-
-
-
209
-
Merger-related transaction costs (1)
0.03
0.41
8
108
-
-
-
-
-
-
8
108
Long-term care guaranty fund assessment
0.32
-
83
-
68
-
-
-
15
-
-
-
Charges associated with litigation matters
-
0.10
-
25
-
25
-
-
-
-
-
-
Adjusted income (loss) from operations
$
8.50
$
6.24
$
2,185
$
1,619
$
1,776
$
1,446
$
288
$
231
$
224
$
56
$ (103)
$
(114)
Weighted average shares (in thousands)
257,058
259,568
Common shares outstanding as of September 30, (in thousands)
247,573
256,720
Special items, pre-tax:
Debt extinguishment costs
$
321
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
321
$
-
Merger-related transaction costs (1)
88
123
-
-
-
-
-
-
88
123
Long-term care guaranty fund assessment
129
-
106
-
-
-
23
-
-
-
Charges associated with litigation matters
-
40
-
40
-
-
-
-
-
-
Total
$
538
$
163
$
106
$
40
$
-
$
-
$
23
$
-
$
409
$
123

(1) For additional information related to a one-time tax benefit of approximately $60 million recorded in the second quarter of 2017, please refer to Note 3 to the Consolidated Financial Statements in Cigna’s Form 10-Q for the period ended September 30, 2017 expected to be filed on November 2, 2017.

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SOURCE: Cigna Corporation

Cigna Corporation
Will McDowell, Investor Relations - 215-761-4198
Matt Asensio, Media Relations - 860-226-2599