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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____
Commission File Number 001-38769
Cigna Corporation
(Exact name of registrant as specified in its charter)
Delaware82-4991898
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
900 Cottage Grove Road
Bloomfield, Connecticut 06002
(Address of principal executive offices) (Zip Code)
(860) 226-6000
(Registrant’s telephone number, including area code)

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, Par Value $0.01CI
New York Stock Exchange, Inc.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes No
As of April 29, 2022, 317,273,452 shares of the issuer’s common stock were outstanding.



Cigna Corporation
As used herein, "Cigna" or the "Company" refers to one or more of Cigna Corporation and its consolidated subsidiaries.



Part I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
a
Cigna Corporation
Consolidated Statements of Income
Unaudited
Three Months Ended March 31,
(In millions, except per share amounts)20222021
Revenues
Pharmacy revenues$30,697 $28,025 
Premiums10,356 10,214 
Fees and other revenues2,538 2,341 
Net investment income414 391 
TOTAL REVENUES44,005 40,971 
Benefits and expenses
Pharmacy and other service costs29,813 27,235 
Medical costs and other benefit expenses8,268 8,005 
Selling, general and administrative expenses3,299 3,279 
Amortization of acquired intangible assets458 495 
TOTAL BENEFITS AND EXPENSES41,838 39,014 
Income from operations2,167 1,957 
Interest expense and other(299)(314)
Debt extinguishment costs (131)
Net realized investment gains (losses)(319)1 
Income before income taxes1,549 1,513 
TOTAL INCOME TAXES351 342 
Net income1,198 1,171 
Less: Net income attributable to noncontrolling interests15 10 
SHAREHOLDERS' NET INCOME$1,183 $1,161 
Shareholders' net income per share
Basic$3.71 $3.33 
Diluted$3.68 $3.30 
The accompanying Notes to the Consolidated Financial Statements (unaudited) are an integral part of these statements.
3


Cigna Corporation
Consolidated Statements of Comprehensive Income
Unaudited
Three Months Ended March 31,
(In millions)20222021
Net income$1,198 $1,171 
Other comprehensive income (loss), net of tax
Net unrealized (depreciation) appreciation on securities and derivatives(560)(273)
Net translation gains (losses) on foreign currencies(63)(119)
Postretirement benefits liability adjustment13 18 
Other comprehensive (loss), net of tax(610)(374)
Total comprehensive income588 797 
Comprehensive income (loss) attributable to noncontrolling interests
Net income attributable to redeemable noncontrolling interests3 5 
Net income attributable to other noncontrolling interests12 5 
Other comprehensive (loss) attributable to redeemable noncontrolling interests(2)(4)
Total comprehensive income attributable to noncontrolling interests13 6 
SHAREHOLDERS' COMPREHENSIVE INCOME$575 $791 
The accompanying Notes to the Consolidated Financial Statements (unaudited) are an integral part of these statements.
4


Cigna Corporation
Consolidated Balance Sheets
Unaudited
As of
March 31,
As of
December 31,
(In millions)20222021
Assets
Cash and cash equivalents$4,424 $5,081 
Investments731 920 
Accounts receivable, net16,003 15,071 
Inventories3,500 3,722 
Other current assets1,042 1,283 
Assets of businesses held for sale9,693 10,057 
Total current assets35,393 36,134 
Long-term investments17,693 18,438 
Reinsurance recoverables4,937 4,970 
Deferred policy acquisition costs719 677 
Property and equipment3,661 3,692 
Goodwill45,804 45,811 
Other intangible assets33,714 34,102 
Other assets2,541 2,728 
Separate account assets8,148 8,337 
TOTAL ASSETS$152,610 $154,889 
Liabilities
Current insurance and contractholder liabilities$5,673 $5,318 
Pharmacy and other service costs payable15,235 15,309 
Accounts payable6,632 6,655 
Accrued expenses and other liabilities7,833 7,322 
Short-term debt2,173 2,545 
Liabilities of businesses held for sale6,116 6,423 
Total current liabilities43,662 43,572 
Non-current insurance and contractholder liabilities12,167 12,563 
Deferred tax liabilities, net8,110 8,346 
Other non-current liabilities3,346 3,762 
Long-term debt31,013 31,125 
Separate account liabilities8,148 8,337 
TOTAL LIABILITIES106,446 107,705 
Contingencies — Note 18
Redeemable noncontrolling interests55 54 
Shareholders' equity
Common stock (1)
4 4 
Additional paid-in capital29,736 29,574 
Accumulated other comprehensive loss(1,492)(884)
Retained earnings33,420 32,593 
Less: Treasury stock, at cost(15,581)(14,175)
TOTAL SHAREHOLDERS' EQUITY46,087 47,112 
Other noncontrolling interests22 18 
Total equity46,109 47,130 
Total liabilities and equity$152,610 $154,889 
(1) Par value per share, $0.01; shares issued, 396 million as of March 31, 2022 and 394 million as of December 31, 2021; authorized shares, 600 million.
The accompanying Notes to the Consolidated Financial Statements (unaudited) are an integral part of these statements.
5


Cigna Corporation
Consolidated Statements of Changes in Total Equity
Unaudited
Three Months Ended March 31, 2022
(In millions)Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive (Loss)Retained EarningsTreasury StockShareholders’ EquityOther Non- controlling InterestsTotal
Equity
Redeemable Noncontrolling Interests
Balance at December 31, 2021$4 $29,574 $(884)$32,593 $(14,175)$47,112 $18 $47,130 $54 
Effect of issuing stock for employee benefit plans162 (72)90 90 
Other comprehensive (loss)(608)(608)(608)(2)
Net income1,183 1,183 12 1,195 3 
Common dividends declared (per share: $1.12)
(356)(356)(356)
Repurchase of common stock(1,334)(1,334)(1,334)
Other transactions impacting noncontrolling interests  (8)(8) 
Balance at March 31, 2022$4 $29,736 $(1,492)$33,420 $(15,581)$46,087 $22 $46,109 $55 
Three Months Ended March 31, 2021
(In millions)Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive (Loss)Retained EarningsTreasury StockShareholders’ EquityOther Non- controlling InterestsTotal
Equity
Redeemable Noncontrolling Interests
Balance at December 31, 2020$4 $28,975 $(861)$28,575 $(6,372)$50,321 $7 $50,328 $58 
Effect of issuing stock for employee benefit plans279 (87)192 192 
Other comprehensive (loss)(370)(370)(370)(4)
Net income1,161 1,161 5 1,166 5 
Common dividends declared (per share: $1.00)
(347)(347)(347)
Repurchase of common stock(2,808)(2,808)(2,808)
Other transactions impacting noncontrolling interests(6)(6) 
Balance at March 31, 2021$4 $29,254 $(1,231)$29,389 $(9,267)$48,149 $6 $48,155 $59 
The accompanying Notes to the Consolidated Financial Statements (unaudited) are an integral part of these statements.
6


Cigna Corporation
Consolidated Statements of Cash Flows
Unaudited
Three Months Ended March 31,
(In millions)20222021
Cash Flows from Operating Activities
Net income$1,198 $1,171 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization717 715 
Realized investment (gains) losses, net319 (1)
Deferred income tax (benefit) (138)(35)
Debt extinguishment costs 131 
Net changes in assets and liabilities, net of non-operating effects:
Accounts receivable(983)(1,420)
Inventories222 247 
Deferred policy acquisition costs(41)(60)
Reinsurance recoverable and Other assets443 40 
Insurance liabilities396 443 
Pharmacy and other service costs payable(74)415 
Accounts payable and Accrued expenses and other liabilities34 (637)
Other, net(63)84 
NET CASH PROVIDED BY OPERATING ACTIVITIES2,030 1,093 
Cash Flows from Investing Activities
Proceeds from investments sold:
Debt securities and equity securities757 378 
Investment maturities and repayments:
Debt securities and equity securities456 328 
Commercial mortgage loans65 72 
Other sales, maturities and repayments (primarily short-term and other long-term investments)479 364 
Investments purchased or originated:
Debt securities and equity securities(1,246)(980)
Commercial mortgage loans(59) 
Other (primarily short-term and other long-term investments)(425)(637)
Property and equipment purchases, net(288)(242)
Divestiture, net of cash sold(57) 
Other, net(6) 
NET CASH (USED IN) INVESTING ACTIVITIES(324)(717)
Cash Flows from Financing Activities
Deposits and interest credited to contractholder deposit funds43 47 
Withdrawals and benefit payments from contractholder deposit funds(49)(35)
Net change in short-term debt(463)(1,030)
Payments for debt extinguishment (126)
Repayment of long-term debt (4,199)
Net proceeds on issuance of long-term debt 4,262 
Repurchase of common stock(1,368)(2,794)
Issuance of common stock93 204 
Common stock dividend paid(357)(345)
Other, net(70)(35)
NET CASH (USED IN) FINANCING ACTIVITIES(2,171)(4,051)
Effect of foreign currency rate changes on cash, cash equivalents and restricted cash (23)(26)
Net (decrease) in cash, cash equivalents and restricted cash(488)(3,701)
Cash, cash equivalents and restricted cash January 1, (1)
5,548 10,245 
Cash, cash equivalents and restricted cash, March 31,
5,060 6,544 
Cash and cash equivalents reclassified to Assets of businesses held for sale
(591) 
Cash, cash equivalents and restricted cash March 31, per Consolidated Balance Sheets (2)
$4,469 $6,544 
Supplemental Disclosure of Cash Information:
Income taxes paid, net of refunds$43 $122 
Interest paid$308 $331 
(1) Includes $425 million reported in Assets of businesses held for sale as of January 1, 2022.
(2) Restricted cash and cash equivalents were reported in Other long-term investments as of March 31, 2022 and March 31, 2021.
The accompanying Notes to the Consolidated Financial Statements (unaudited) are an integral part of these statements.
7


CIGNA CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

8


Note 1 – Description of Business
Cigna Corporation, together with its subsidiaries (either individually or collectively referred to as "Cigna," the "Company," "we," "our" or "us") is a global health services organization with a mission of helping those we serve improve their health, well-being and peace of mind by making health care affordable, predictable and simple. Our subsidiaries offer a differentiated set of pharmacy, medical, behavioral, dental and supplemental products and services.
The majority of these products are offered through employers and other groups such as governmental and non-governmental organizations, unions and associations. Cigna also offers commercial health and dental insurance and Medicare products to individuals in the United States and selected international markets. In addition to these ongoing operations, Cigna also has certain run-off operations.
Details of the Company's reporting segments and recent changes are provided below:
We entered into a definitive agreement in October 2021 to sell our life, accident and supplemental benefits businesses in several countries to Chubb INA Holdings, Inc. ("Chubb"). As of March 31, 2022, we now expect to sell our life, accident and supplemental benefits businesses in six countries (Hong Kong, Indonesia, New Zealand, South Korea, Taiwan and Thailand) to Chubb for $5.72 billion in cash (the "Chubb Transaction"); we no longer expect to sell our interest in a joint venture in Turkey as part of the Chubb Transaction. See Note 5 for further information on the classification of these businesses as held for sale. In connection with the pending Chubb Transaction, we revised our business reporting structure. As such, we adjusted our segment reporting effective in the fourth quarter of 2021 and segment results for the three months ended March 31, 2021 have been restated to conform to the new segment presentation (see Note 19).

A full description of our segments follows:
Evernorth includes a broad range of coordinated and point solution health services and capabilities, as well as those from partners across the health care system, in pharmacy solutions, benefits management solutions, care delivery and care management solutions and intelligence solutions, which are provided to health plans, employers, government organizations and health care providers.
Cigna Healthcare includes U.S. Commercial, U.S. Government and International Health operating segments that provide comprehensive medical and coordinated 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 for insured and self-insured customers. U.S. Government solutions include Medicare Advantage, Medicare Supplement and Medicare Part D plans for seniors and individual health insurance plans both on and off the public exchanges. International Health solutions include health care coverage in our international markets, as well as health care benefits for globally mobile individuals and employees of multinational organizations.
Other Operations contains the remainder of our business operations, consisting of the following:
Ongoing business:
Corporate-Owned Life Insurance ("COLI") offers permanent insurance contracts sold to corporations to provide coverage on the lives of certain employees for the purpose of financing employer-paid future benefit obligations.
Our interest in a joint venture in Turkey.
Exiting businesses:
International Life, Accident and Supplemental Benefits Businesses in six countries to be sold pursuant to the Chubb Transaction.
Run-off businesses:
Reinsurance: predominantly comprised of guaranteed minimum death benefit ("GMDB") and guaranteed minimum income benefit ("GMIB") business effectively exited through reinsurance with Berkshire Hathaway Life Insurance Company of Nebraska ("Berkshire") in 2013.
Settlement Annuity and other businesses in run-off.
Individual Life Insurance and Annuity and Retirement Benefits businesses: deferred gains from the sales of these businesses.

Corporate reflects amounts not allocated to operating segments, including net interest expense (defined as interest on corporate debt less net investment income on investments not supporting segment and other operations), certain litigation matters, expense associated with our frozen pension plans, charitable contributions, severance, certain overhead and enterprise-wide project costs and intersegment eliminations for products and services sold between segments.
9


Note 2 – Summary of Significant Accounting Policies    
Basis of Presentation
The Consolidated Financial Statements include the accounts of Cigna Corporation and its consolidated subsidiaries. Intercompany transactions and accounts have been eliminated in consolidation. These Consolidated Financial Statements were prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP").
Amounts recorded in the Consolidated Financial Statements necessarily reflect management's estimates and assumptions about medical costs, investment and receivable valuations, interest rates and other factors. Significant estimates are discussed throughout these Notes; however, actual results could differ from those estimates. The impact of a change in estimate is generally included in earnings in the period of adjustment.

These interim Consolidated Financial Statements are unaudited but include all adjustments (including normal recurring adjustments) necessary, in the opinion of management, for a fair statement of financial position and results of operations for the periods reported. The interim Consolidated Financial Statements and Notes should be read in conjunction with the Consolidated Financial Statements and Notes included in the 2021 Annual Report on Form 10-K ("2021 Form 10-K"). The preparation of interim Consolidated Financial Statements necessarily relies heavily on estimates. This and other factors, including the seasonal nature of portions of the health care and related benefits business, competitive and other market conditions, as well as COVID-19 related impacts, call for caution in estimating full-year results based on interim results of operations.

Recent Accounting Pronouncements
There were no new accounting standards adopted as of March 31, 2022 that had a material impact on our financial statements. There are no accounting pronouncements not yet adopted, with the exception of Accounting Standards Update 2018-12, Targeted Improvements to the Accounting for Long-Duration Insurance Contracts ("LDTI") that are expected to impact Cigna's operations or our financial statements. Refer to the Company's 2021 Form 10-K for discussion of the LDTI standard and related expected effects to Cigna. We continue to make progress on our LDTI implementation plan and are on track for the January 1, 2023 adoption date.

Note 3 – Accounts Receivable, Net

The following amounts were included within Accounts receivable, net:
(In millions)March 31, 2022December 31, 2021
Noninsurance customer receivables$7,200 $6,274 
Pharmaceutical manufacturers receivables5,805 5,463 
Insurance customer receivables2,647 2,932 
Other receivables399 456 
Total16,051 15,125 
Accounts receivable, net classified as Assets of businesses held for sale(48)(54)
Accounts receivable, net per Consolidated Balance Sheets$16,003 $15,071 

These receivables are reported net of our allowances of $1.5 billion as of March 31, 2022 and $1.4 billion as of December 31, 2021. These allowances include contractual allowances for certain rebates receivable with pharmaceutical manufacturers and certain receivables from third-party payors, discounts and claims adjustments issued to customers in the form of client credits, an allowance for current expected credit losses and other non-credit adjustments.

The Company's allowance for current expected credit losses was $65 million as of March 31, 2022 and $60 million as of December 31, 2021.
10


Note 4 – Mergers, Acquisitions and Divestitures

A.Acquisition of MDLIVE

On April 19, 2021, Cigna acquired 97% of MDLIVE, Inc. ("MDLIVE"), a 24/7 virtual care platform. Combined with Cigna's previously held equity investment, Cigna now owns 100% of MDLIVE. The Company's 2021 Form 10-K includes detailed disclosures of merger consideration, purchase price allocation and intangible assets identified in this transaction. In accordance with GAAP, the total consideration transferred has been allocated to the tangible and intangible net assets acquired based on management's estimates of their fair values and is now finalized as of March 31, 2022. For the three months ended March 31, 2022, there were immaterial changes to the purchase price allocation.

The results of MDLIVE have been included in the Company's Consolidated Financial Statements from the date of the acquisition. Revenues from MDLIVE and their results of operations were not material to Cigna's consolidated results of operations for the three months ended March 31, 2022. The pro forma effects of this acquisition for prior periods were not material to our consolidated results of operations.
B.Integration and Transaction-related Costs
The Company incurred costs related to the acquisition of MDLIVE, the sale of the U.S. Group Disability and Life business and the terminated merger with Anthem, Inc. ("Anthem"). In the first three months of 2022, the Company also incurred costs related to the pending Chubb Transaction (see Note 5 for further information on assets and liabilities of businesses held for sale). These costs were $52 million pre-tax ($37 million after-tax) for the three months ended March 31, 2022 and $29 million pre-tax ($22 million after-tax) for the three months ended March 31, 2021. These costs consisted primarily of certain projects to integrate or separate the Company's systems, products and services, fees for legal, advisory and other professional services and certain employment-related costs.
Note 5 – Assets and Liabilities of Businesses Held for Sale

We entered into a definitive agreement in October 2021 to sell our life, accident and supplemental benefits businesses in several countries to Chubb. As of March 31, 2022, we now expect to sell our life, accident and supplemental benefits businesses in six countries (Hong Kong, Indonesia, New Zealand, South Korea, Taiwan and Thailand) to Chubb for $5.72 billion in cash. Subject to applicable regulatory approvals and customary closing conditions, we expect to complete the sale of these businesses in the second quarter of 2022. The Company has aggregated and classified the assets and liabilities of these businesses as held for sale in our Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021. The assets and liabilities of our interest in a joint venture in Turkey were classified as held for sale in our Consolidated Balance Sheet as of December 31, 2021; however, we no longer expect to sell this business to Chubb and the assets and liabilities are no longer classified as held for sale.
The assets and liabilities of businesses held for sale were as follows:
(In millions)March 31, 2022December 31, 2021
Cash and cash equivalents$591 $406 
Investments4,771 5,109 
Deferred policy acquisition costs2,717 2,755 
Separate account assets718 878 
Goodwill, other intangible assets and all other assets896 909 
Total assets of businesses held for sale9,693 10,057 
Insurance and contractholder liabilities4,562 4,644 
Accounts payable, accrued expenses and other liabilities436 452 
Deferred tax liabilities, net400 449 
Separate account liabilities718 878 
Total liabilities of businesses held for sale$6,116 $6,423 
The held for sale businesses reported Gross unrealized (depreciation) appreciation on securities and derivatives of $(33) million and $137 million and Gross cumulative translation losses on foreign currencies of $160 million and $209 million on our Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021, respectively.
11


Note 6 – Earnings Per Share ("EPS")

Basic and diluted earnings per share were computed as follows:
Three Months Ended
March 31, 2022March 31, 2021
(Shares in thousands, dollars in millions, except per share amounts)BasicEffect of
Dilution
DilutedBasicEffect of
Dilution
Diluted
Shareholders' net income$1,183 $1,183 $1,161 $1,161 
Shares:
Weighted average318,487 318,487 348,248 348,248 
Common stock equivalents2,795 2,795 3,728 3,728 
Total shares318,487 2,795 321,282 348,248 3,728 351,976 
EPS$3.71 $(0.03)$3.68 $3.33 $(0.03)$3.30 

The following outstanding employee stock options were not included in the computation of diluted earnings per share because their effect was anti-dilutive:
Three Months Ended March 31,
(In millions)20222021
Anti-dilutive options2.8 1.5 

The Company held approximately 77.3 million shares of common stock in treasury at March 31, 2022, 71.2 million shares as of December 31, 2021 and 48.7 million shares as of March 31, 2021.
12


Note 7 – Debt
The outstanding amounts of debt and finance leases were as follows:
(In millions)March 31, 2022December 31, 2021
Short-term debt
Commercial paper$1,570 $2,027 
$500 million, 3.05% Notes due 11/2022
496 495 
$17 million, 8.3% Notes due 1/2023
17  
$63 million, 7.65% Notes due 3/2023
63  
Other, including finance leases27 23 
Total short-term debt$2,173 $2,545 
Long-term debt
$17 million, 8.3% Notes due 2023
$ $17 
$63 million, 7.65% Notes due 2023
 63 
$700 million, Floating Rate Notes due 2023
699 699 
$1,000 million, 3% Notes due 2023
987 985 
$1,187 million, 3.75% Notes due 2023
1,185 1,185 
$500 million, 0.613% Notes due 2024
499 498 
$1,000 million, 3.5% Notes due 2024
985 983 
$900 million, 3.25% Notes due 2025
897 897 
$2,200 million, 4.125% Notes due 2025