Earnings Release
Cigna Delivers Strong 2017 Results, Expects Continued Revenue and Earnings Growth in 2018
•Shareholders’ net income for 2017 was $2.2 billion, or $8.77 per share
--Adjusted income from operations(1) for 2017 was $2.7 billion, or $10.46 per share
•Total revenues are expected to grow 7% to 8% in 2018, with projected growth of 300,000 to 500,000 global medical customers(2)
•Adjusted income from operations(1,3) is projected to be in the range of $3.08 billion to $3.20 billion in 2018, or $12.40 to $12.90 per share(4), which represents per share growth of 19% to 23% over 2017
Cigna Corporation (CI) today reported strong 2017 results with
growth across the Company’s Global Health Care, Global Supplemental
Benefits and Group Disability & Life segments.
"Cigna’s exceptionally strong 2017 performance reflects our team’s
dedication to delivering innovative solutions aligned to the evolving
needs of our customers and clients around the world," said David M.
Cordani, President and Chief Executive Officer. "We’ve entered 2018 with
considerable momentum for growth in each of our businesses, as we
continue to invest in market-leading capabilities to create
differentiated value for our stakeholders."
Total revenues for 2017 were $41.6 billion, an increase of 5% over 2016,
driven by continued growth in Cigna’s targeted customer segments.
Shareholders’ net income for 2017 was $2.2 billion, or $8.77 per share,
compared with $1.9 billion, or $7.19 per share, for 2016.
Cigna’s adjusted income from operations(1) for 2017 was $2.7
billion, or $10.46 per share, compared with $2.1 billion, or $8.10 per
share, for 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
December 31,
September 30,
December 31,
Total Revenues
$ 10,531
$ 9,944
$ 10,382
$
41,616
Net Realized Investment (Gains)
(23)
(59)
(117)
(237)
Consolidated Operating Revenues(5)
$ 10,508
$ 9,885
$ 10,265
$
41,379
Consolidated Earnings, net of taxes
Shareholders’ Net Income
$
266
$
382
$
560
$
2,237
Net Realized Investment (Gains)
(16)
(38)
(75)
(156)
Amortization of Other Acquired Intangible Assets
12
22
16
66
Special Items(1)
221
119
215
521
Adjusted Income from Operations(1)
$
483
$
485
$
716
$
2,668
Shareholders’ Net Income, per share
$
1.07
$
1.47
$
2.21
$
8.77
Adjusted Income from Operations(1), per share
$
1.94
$
1.87
$
2.83
$
10.46
•
Cash and marketable investments at the parent company were $1.2
billion at December 31, 2017 and $2.8 billion at December 31, 2016.
•
In 2017, the Company repurchased 15.7 million shares of stock for $2.8
billion. In January 2018, the Company repurchased 1.2 million shares
of common stock for approximately $260 million.
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):
December 31,
September 30,
December 31,
Premiums and Fees
$
7,326
$
6,857
$
7,197
$
29,041
Adjusted Income from Operations(1)
$
397
$
406
$
575
$
2,173
Adjusted Margin, After-Tax(6)
4.8%
5.2%
7.1%
6.7%
December 31,
September 30,
Commercial
15,420
14,631
15,332
Medical(2)
15,907
15,197
15,816
Behavioral Care(7)
26,849
25,790
26,636
•
Global Health Care delivered attractive results in 2017, led by
organic growth and strong margins in our Commercial business.
•
The medical customer base(2) at the end of 2017 totaled 15.9
million, an organic increase of more than 700,000 customers during the
year, driven by strong growth across our Commercial market segments.
•
Fourth quarter 2017 premiums and fees increased 7% relative to fourth
quarter 2016, driven by Commercial customer growth and specialty
contributions, partially offset by lower enrollment in our Government
business, as expected.
•
Fourth quarter 2017 adjusted income from operations(1) and
adjusted margin, after-tax(6) reflect strong medical and
specialty contributions, continued effective medical cost management,
strategic investments for long-term growth, and expected seasonally
higher medical costs.
•
Adjusted income from operations(1) for full year 2017 and
2016 included favorable prior year reserve development on an after-tax
basis of $112 million and $7 million, respectively.
•
The Total Commercial medical care ratio(8) ("MCR") of 79.9%
for full year 2017 and 84.3% for fourth quarter 2017 reflect strong
performance and effective medical cost management in our employer
business, the impact of the health insurance tax moratorium, and
expected seasonally higher fourth quarter medical costs.
•
The Total Government MCR(8) of 84.9% for full year 2017 and
83.4% for fourth quarter 2017 reflect solid performance in our
Medicare Advantage and Medicare Part D businesses.
•
The Global Health Care operating expense ratio(8) of 20.9%
for full year 2017 and 22.2% for fourth quarter 2017 reflect the
impact of the health insurance tax moratorium, business mix changes
and continued investments in strategic initiatives.
•
Global Health Care net medical costs payable(9) was
approximately $2.45 billion at December 31, 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):
December 31,
September 30,
December 31,
Premiums and Fees(10)
$
987
$
842
$
937
$
3,707
Adjusted Income from Operations(1)
$
81
$
63
$
109
$
369
Adjusted Margin, After-Tax(6)
7.9%
7.2%
11.1%
9.5%
December 31,
September 30,
Policies(10)
13,138
12,151
13,087
•
Global Supplemental Benefits delivered outstanding results in 2017,
reflecting the value of our differentiated health and life solutions
for individual consumers provided through diversified distribution
channels.
•
Fourth quarter 2017 premiums and fees(10) grew 17% over
fourth quarter 2016, reflecting continued business growth.
•
Fourth quarter 2017 adjusted income from operations(1) and
adjusted margin, after-tax(6) reflect business growth and
favorable claims experience, particularly in South Korea.
Group Disability and Life
This segment includes Cigna’s group disability, life and accident
insurance operations.
Financial Results (dollars in millions):
December 31,
September 30,
December 31,
Premiums and Fees
$ 1,020
$ 1,035
$
1,015
$
4,088
Adjusted Income (Loss) from Operations(1)
$
61
$
69
$
73
$
285
Adjusted Margin, After-Tax(6)
5.5%
6.1%
6.6%
6.4%
•
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.
•
Fourth quarter 2017 adjusted income from operations(1) and
adjusted margin, after-tax(6) reflect disability and life
results consistent with our expectations, as well as targeted
investments to support long-term growth.
Corporate & Other Operations
Adjusted loss from operations(1) for Cigna’s remaining
operations is presented below:
Financial Results (dollars in millions):
December 31,
September 30,
December 31,
Corporate & Other Operations
$ (56)
$ (53)
$
(41)
$
(159)
2018 OUTLOOK
Cigna’s outlook for full year 2018 consolidated adjusted income from
operations(1,3) is in the range of $3.08 billion to $3.20
billion, or $12.40 to $12.90 per share. Cigna’s outlook excludes the
impact of additional prior year reserve development and potential
effects of any future capital deployment, and reflects the impact of the
Company’s adoption of the new revenue accounting standard effective
January 1, 2018.(4)
(dollars in millions, except where noted and per share amounts)
Projection for Full-Year Ending
December 31, 2018 (1,3,4)
Adjusted Income (Loss) from Operations
Global Health Care
$
2,600 to 2,680
Global Supplemental Benefits
$
380 to 400
Group Disability and Life
$
330 to 350
Ongoing Businesses
$
3,310 to 3,430
Corporate & Other Operations
$
(230)
Consolidated Adjusted Income from Operations
$
3,080 to 3,200
Consolidated Adjusted Income from Operations, per share
$
12.40 to 12.90
2018 Operating Metrics and Ratios Outlook
Total Revenue Growth
7% to 8%
Full Year Total Commercial Medical Care Ratio(8)
77.5% to 78.5%
Full Year Total Government Medical Care Ratio(8)
84% to 85%
Full Year Global Health Care Operating Expense Ratio(8)
22.5% to 23.5%
Global Medical Customer Growth(2)
300,000 to 500,000 customers
Consolidated Adjusted Tax Rate(11)
24% to 25%
Consolidated Projected Adjusted Income from Operations(1,3,4)
- 2017 prior year reserve development
($112)
+ 2018 core growth
$100 to $220
+ 2018 gross impact of U.S. corporate tax reform
$575
- 2018 additional investments enabled by U.S. corporate tax reform
($150)
2018 Outlook
$3,080 to $3,200
The foregoing statements represent the Company’s current estimates of
Cigna’s 2018 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 fourth quarter
2017 results and discuss full year 2018 outlook beginning today at 8:30
a.m. EST. 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 (888) 324-7575 (Domestic) (210) 234-0013
(International) Passcode: 2012018
Replay (888) 566-0596 (Domestic) (203) 369-3072
(International)
It is strongly suggested you dial in to the conference call by 8:15 a.m.
EST.
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’
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. Also, the Company’s outlook
reflects the impact of the adoption of the new revenue accounting
standard (ASU 2014-09) effective January 1, 2018. The Company’s
fourth quarter 2017 financial supplement dated February 1, 2018
includes a comparison of 2017 and 2016 key income statement line
items and ratios as reported, and as revised under the new
standard. Additional information regarding the Company’s adoption
of the standard will be available in the Company’s 10-K expected
to filed on February 28, 2018.
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
6.
Adjusted margin, after-tax, is calculated by dividing adjusted
income (loss) from operations by operating revenues for each
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,
?
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 $2.72 billion as of December 31,
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
11.
The measure "consolidated 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 consolidated adjusted tax rate as
the income tax rate applicable to the Company’s pre-tax income
excluding net realized investment results, net amortization of
other acquired intangible assets and special items. 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)
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 2018, on both a consolidated
and segment basis; projected total revenue growth and global medical
customer growth, each over year end 2017; projected growth beyond 2018;
projected medical care and operating expense ratios and medical cost
trends; the anticipated effects of U.S. tax reform and our projected
consolidated adjusted tax rate; 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; 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.
COMPARATIVE SUMMARY OF FINANCIAL RESULTS (unaudited)
Exhibit 1
(Dollars in millions, except per share amounts)
Three Months Ended
Year Ended
Premiums
$
8,164
$
7,621
$
32,307
$
30,626
Net investment income
317
299
1,226
1,147
Mail order pharmacy revenues
779
759
2,979
2,966
Consolidated operating revenues
10,508
9,885
41,379
39,499
Net realized investment gains
23
59
237
169
Total revenues
$
10,531
$
9,944
$
41,616
$
39,668
SHAREHOLDERS’ NET INCOME (LOSS)
Shareholders’ net income
$
266
$
382
$
2,237
$
1,867
After-tax adjustments to reconcile to adjusted income from
Realized investment (gains)
(16)
(38)
(156)
(109)
Amortization of other acquired intangible assets, net
12
22
66
94
Special items
221
119
521
252
Adjusted income from operations (1)
$
483
$
485
$
2,668
$
2,104
Adjusted income (loss) from operations by
Global Health Care
$
397
$
406
$
2,173
$
1,852
Global Supplemental Benefits
81
63
369
294
Group Disability and Life
61
69
285
125
Ongoing Operations
539
538
2,827
2,271
Corporate and Other
(56)
(53)
(159)
(167)
Total adjusted income from operations
$
483
$
485
$
2,668
$
2,104
DILUTED EARNINGS PER SHARE
Shareholders’ net income
$
1.07
$
1.47
$
8.77
$
7.19
After-tax adjustments to reconcile to adjusted income from
Realized investment (gains)
(0.06)
(0.14)
(0.61)
(0.42)
Amortization of other acquired intangible assets, net
0.05
0.08
0.26
0.36
Special items
0.88
0.46
2.04
0.97
Adjusted income from operations (1)
$
1.94
$
1.87
$
10.46
$
8.10
Weighted average shares (in thousands)
249,181
259,882
255,072
259,647
Common shares outstanding (in thousands)
243,967
256,869
SHAREHOLDERS’ EQUITY at December 31,
$
13,735
$
13,723
SHAREHOLDERS’ EQUITY PER SHARE at December 31,
$
56.30
$
53.42
(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).
RECONCILIATION OF SHAREHOLDERS’ NET INCOME (LOSS) TO ADJUSTED
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,
4Q17
4Q16
3Q17
4Q17
4Q16
3Q17
4Q17
4Q16
3Q17
4Q17
4Q16
3Q17
4Q17
4Q16
3Q17
4Q17
4Q16
3Q17
Shareholders’ net income (loss)
$
1.07
$
1.47
$
2.21
$
266
$
382
$
560
$
529
$
337
$
610
$
19
$ 54
$ 105
$
105
$
83
$
97
$ (387)
$
(92)
$
(252)
After-tax adjustments to reconcile to adjusted income (loss) from
Realized investment (gains) losses
(0.06)
(0.14)
(0.29)
(16)
(38)
(75)
(3)
(29)
(47)
(15)
5
-
(5)
(14)
(24)
7
-
(4)
Amortization of other acquired intangible assets, net
0.05
0.08
0.06
12
22
16
8
18
12
4
4
4
-
-
-
-
-
-
U.S. tax reform
0.78
-
-
196
-
-
(137)
-
-
73
-
-
(39)
-
-
299
-
-
Transaction-related costs
0.10
0.15
0.03
25
39
6
-
-
-
-
-
-
-
-
-
25
39
6
Risk corridor allowance
-
0.31
-
-
80
-
-
80
-
-
-
-
-
-
-
-
-
-
Debt extinguishment costs
-
-
0.82
-
-
209
-
-
-
-
-
-
-
-
-
-
-
209
Adjusted income (loss) from operations
$
1.94
$
1.87
$
2.83
$
483
$
485
$
716
$
397
$
406
$
575
$
81
$ 63
$ 109
$
61
$
69
$
73
$
(56)
$
(53)
$
(41)
Weighted average shares (in thousands)
249,181
259,882
253,410
U.S. tax reform
$
(56)
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
(56)
$
-
$
-
Transaction-related costs
38
43
9
-
-
-
-
-
-
-
-
-
38
43
9
Risk corridor allowance
-
124
-
-
124
-
-
-
-
-
-
-
-
-
-
Debt extinguishment costs
-
-
321
-
-
-
-
-
-
-
-
-
-
-
321
Total
$
(18)
$
167
$
330
$
-
$
124
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
(18)
$
43
$
330
(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
Year Ended December 31,
2017
2016
2017
2016
2017
2016
2017
2016
2017
2016
2017
2016
Shareholders’ net income (loss)
$
8.77
$
7.19
$ 2,237
$ 1,867
$ 2,282
$ 1,751
$
302
$ 268
$
358
$
164
$ (705)
$
(316)
After-tax adjustments to reconcile to adjusted income (loss) from
Realized investment (gains) losses
(0.61)
(0.42)
(156)
(109)
(88)
(78)
(24)
6
(49)
(39)
5
2
Amortization of other acquired intangible assets, net
0.26
0.36
66
94
48
74
18
20
-
-
-
-
U.S. tax reform
0.77
-
196
-
(137)
-
73
-
(39)
-
299
-
Debt extinguishment costs
0.82
-
209
-
-
-
-
-
-
-
209
-
Long-term care guaranty fund assessment
0.32
-
83
-
68
-
-
-
15
-
-
-
Transaction-related costs(1)
0.13
0.56
33
147
-
-
-
-
-
-
33
147
Risk corridor allowance
-
0.31
-
80
-
80
-
-
-
-
-
-
Charges associated with litigation matters
-
0.10
-
25
-
25
-
-
-
-
-
-
Adjusted income (loss) from operations
$
10.46
$
8.10
$ 2,668
$ 2,104
$ 2,173
$ 1,852
$
369
$ 294
$
285
$
125
$ (159)
$
(167)
Weighted average shares (in thousands)
255,072
259,647
Common shares outstanding as of December 31, (in thousands)
243,967
256,869
U.S. tax reform
$
(56)
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
(56)
$
-
Debt extinguishment costs
321
-
-
-
-
-
-
-
321
-
Long-term care guaranty fund assessment
129
-
106
-
-
-
23
-
-
-
Transaction-related costs(1)
126
166
-
-
-
-
-
-
126
166
Risk corridor allowance
-
124
-
124
-
-
-
-
-
-
Charges associated with litigation matters
-
40
-
40
-
-
-
-
-
-
Total
$
520
$
330
$
106
$
164
$
-
$
-
$
23
$
-
$
391
$
166
(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-K for the period ended
December 31, 2017 expected to be filed on February 28, 2018.
http://cts.businesswire.com/ct/CT?id=bwnews&sty=20180201005310r1&sid=cmtx6&distro=nx&lang=en
View source version on businesswire.com: http://www.businesswire.com/news/home/20180201005310/en/
SOURCE: Cigna Corporation
Will McDowell, Investor Relations - 215-761-4198
Matt Asensio, Media Relations - 860-226-2599
