Cigna Corporation (NYSE:CI) Q1 2021 Results Earnings Conference Call May 7, 2021 8:30 AM ET Company Participants Alexis Jones - Lead Principal, IR David Cordani - President and CEO Brian Evanko - CFO Conference Call Participants Robert Jones - Goldman Sachs Ralph Giacobbe - Citi Justin Lake - Wolfe Research George Hill - Deutsche Bank A.J. Rice - Credit Suisse Kevin Fischbeck - Bank of America Lisa Gil - JPMorgan Joshua Raskin - Nephron Research Scott Fidel - Stephens Matthew Borsch - BMO Capital Markets Ri ...

r growth with purpose CIGNA INVESTOR PRESENTATION | MAY 7, 2021 Forward-looking statements CAUTIONARY STATEMENT FOR PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This presentation and oral statements made with respect to information contained in this presentation, 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 projecti ...

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, 2021 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 1-38769 Cigna Corporation (Exact name of registrant as specified in its charter) Delaware 82-4991898 (State or other jurisdiction ( ...

| --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------| | | | 77 | | | | | | | | | | | | | | | Forward-looking statements 2 CAUTIONARY STATEMENT FOR PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This presentation, the Investor Day webcast of Cigna Corporation ("Cigna" or the "Company") and oral statements made with respect to information contained therein may contain forward-looking statements within the meaning of the Private Securities L ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 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) | --- | --- | |--------- ...

Financial Performance - Cigna's adjusted income from operations is used as the principal financial measure, reflecting underlying business performance and excluding realized investment gains and losses, amortization of acquired intangible assets, and special items [248]. - Year-to-date U.S. Medical results showed higher earnings due to the deferral of care in April and May, which exceeded the costs associated with COVID-19 testing and treatment [260]. - Total revenues for the three months ended September 30, 2020, were $40,955 million, a 6% increase from $38,556 million in 2019 [268]. - Adjusted revenues rose by 14% to $40,801 million for the three months ended September 30, 2020, compared to $35,833 million in 2019 [266]. - Shareholders' net income for the three months ended September 30, 2020, was $1,388 million, reflecting a 3% increase from $1,351 million in 2019 [268]. - Pharmacy revenues grew by 7% to $27,802 million for the three months ended September 30, 2020, compared to $25,987 million in 2019 [268]. - Medical costs and other benefit expenses increased by 9% to $8,429 million for the three months ended September 30, 2020, compared to $7,734 million in 2019 [268]. - Total benefits and expenses for the three months ended September 30, 2020, were $38,847 million, a 7% increase from $36,433 million in 2019 [268]. - Adjusted income from operations for the three months ended September 30, 2020, decreased to $1,618 million from $1,718 million in 2019, reflecting impacts of COVID-19 [273]. - Cash flows from operating activities for the nine months ended September 30, 2020, were $6,056 million, a decrease from $6,692 million in the same period of 2019 [309]. - Total revenues for the third quarter of 2020 were $29,944 million, an increase of 9% from $27,598 million in the same period of 2019 [352]. - Adjusted revenues for the third quarter of 2020 were $29,827 million, up 20% from $24,880 million in the third quarter of 2019 [352]. COVID-19 Impact - The COVID-19 pandemic led to a significant deferral of care by customers, with medical utilization returning to nearly normal levels by the end of June 2020 [260]. - The Group Disability and Other segment experienced significantly elevated life insurance claims related to the COVID-19 pandemic in the third quarter [260]. - Cigna has enhanced liquidity measures to support operations and meet obligations amid the ongoing pandemic [262]. - The company anticipates potential impacts on future results due to rising unemployment, higher medical costs, and lower investment returns [261]. - The company has implemented COVID-19 related cost share waivers and expanded access to virtual care for customers [256]. - Cigna's operational response to the pandemic included enabling remote work and enhancing safety protocols for employees [258]. - The company continues to assess the financial impacts of COVID-19 on its operations and financial position [263]. - Medical customer base decreased as of September 30, 2020, compared to the same period in 2019, primarily due to economic impacts of COVID-19 [368]. Segment Performance - Cigna's Evernorth segment results reflected a favorable mix of claims, partially offset by lower non-specialty, 30-day retail script volume [260]. - Evernorth segment revenues increased by 20% to $29,827 million for the three months ended September 30, 2020, compared to $24,880 million in 2019 [266]. - The U.S. Medical segment reported adjusted revenues of $9,629 million for the third quarter of 2020, a 5% increase from $9,148 million in the same period of 2019 [361]. - Adjusted revenues for Group Disability and Other increased to $1,314 million for the three months ended September 30, 2020, a 2% increase from $1,284 million in the same period in 2019 [380]. Investment and Financial Position - Net realized investment results from certain equity method investments increased significantly to $37 million for the three months ended September 30, 2020, from $5 million in 2019 [266]. - The debt-to-capitalization ratio was 42.8%, down from 45.2% at December 31, 2019, with a focus on reducing it below 40% [323]. - The company had $4.25 billion of undrawn committed capacity under revolving credit agreements and approximately $5.8 billion in cash and short-term investments as of September 30, 2020 [328]. - Total investment assets increased to $24,673 million as of September 30, 2020, compared to $23,755 million as of December 31, 2019 [388]. - The low interest rate environment pressures income from investments, with U.S. treasury rates near all-time lows and historically low yields for investment-grade assets [402]. Regulatory and Legal Matters - The company is subject to ongoing RADV audits by CMS and OIG, which may impact future operations [294]. - The federal government stopped funding cost-sharing reduction subsidies in 2017, leading to ongoing litigation regarding these payments [296]. - The company filed a lawsuit in May 2020 against the federal government seeking payment of cost-sharing reduction subsidies, currently stayed pending appeals [296]. - The Transparency in Coverage rule requires health plans to disclose price and cost-sharing information, effective January 1, 2023 [292]. - COVID-19 regulatory actions have provided premium relief and mandated coverage for testing and treatment, impacting operational flexibility [292]. - The company continues to monitor regulatory actions related to drug pricing and expects no material impact on its business [292].

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 June 30, 2020 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 1-38769 Cigna Corporation (Exact name of registrant as specified in its charter) Delaware 82-4991898 (State or other jurisdiction (I ...

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, 2020 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 1-38769 Cigna Corporation (Exact name of registrant as specified in its charter) Delaware 82-4991898 (State or other jurisdiction ( ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 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) | --- | --- | |--------- ...

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 September 30, 2019 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 1-08323 Cigna Corporation (Exact name of registrant as specified in its charter) Delaware 82-4991898 (State or other jurisdicti ...