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Cigna Medicare Supplement Solutions Provider Phone Number – BLOOMFIELD, Conn. , Nov. 2, 2023 // — Global healthcare company The Cigna Group (NYSE: CI ) today reported strong third quarter results reflecting revenue and earnings growth across its diverse businesses.
“We continued to drive growth in the third quarter by leveraging our deep clinical expertise and service capabilities across our company, supporting high-quality care, improving purchasing power and better outcomes,” said David M. Cordani, President and Chief Executive Officer. “With disciplined execution and continued innovation across Evernorth Health Services and Cigna Healthcare, we are meeting the evolving needs of our services.”
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Net income to shareholders for the third quarter of 2023 was $1.4 billion, or $4.74 per share, compared to $2.8 billion, or $8.97 per share, for the third quarter of 2022.
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For the third quarter of 2023 was $2.0 billion, or $6.77 per share, compared to $1.9 billion, or $6.05 per share, for the third quarter of 2022.
This section provides coordinated and comprehensive health services, as well as those from partners throughout the health care system, in the interests of pharmacies, home delivery pharmacies, specialty pharmacies, distribution and supervision and management of health plan solutions, employers, government organizations and health care providers.
This segment includes US businesses, US government and international health businesses, which provide comprehensive medical benefits and coordination solutions to clients and customers. US commercial products and services include medical, pharmacy, behavioral health, dental, and other products and services for insured and self-insured customers. US government solutions include Medicare Advantage, Medicare Supplement and Medicare Part D plans for seniors, and individual health insurance plans. International health solutions include health care management in our international markets, as well as health care benefits for globally mobile individuals and employees of multinational organizations.
The company reflects the interest expense, the amount that is not allocated to the operating segment and includes the elimination of the division. In addition, this discussion includes items reported in Other Operations, which consist of Company Owned Life Insurance (“COLI”) and Company Operations.
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The above statement represents the company’s current valuation of the Group’s 2023 consolidated and adjusted income from operations.
And other key metrics as of the date of this release. Actual results may vary significantly depending on a number of factors. Investors are urged to read the cautionary notes regarding forward-looking statements included in this release. Management undertakes no obligation to update these estimates.
This quarterly earnings release and quarterly financial supplement are available on the Cigna Group website in the Investor Relations section (https://investors.thecignagroup.com/overview/default.aspx). The board of directors will host a meeting to review the results of the third quarter of 2023 and discuss the forecast. 2023 calendar starting today at 8:30 am. A link to the conference call is available on the Investor Relations section of The Cigna Group’s website located at https://investors.thecignagroup.com/events-and-presentations/default.aspx.
Cigna Group (NYSE: CI) is a global healthcare company committed to creating a better future built on the importance of every person and every community. We constantly challenge ourselves to partner and innovate solutions for better health. The Cigna Group includes products and services marketed under Evernorth Health Services, Cigna Healthcare, or its subsidiaries. The Cigna Group maintains sales capabilities in more than 30 countries and jurisdictions, and has relationships with approximately 165 million customers worldwide. Learn more at thecignagroup.com.
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Improved income (loss) from operations is the main financial measure of profitability used by the management of the Cigna group because it presents the basic results of the company’s business operations and allows the analysis of trends in income, expenses and net income of shareholders. Adjusted income from operations is defined as net income to shareholders (or income before income taxes less income before taxes (loss) resulting from noncontrolling interests for the metric segment) excluding net realized investment gains, deductions of acquired intangible assets and special items. The Cigna Group’s share of certain recognized investment results of its joint ventures reported in the Cigna Health Care segment using the equity method of accounting is also excluded. Special items are matters that management believes are not representative of the underlying results of operations due to their nature or size. Adjusted income (loss) from operations is measured on an after-tax basis for consolidated results and on a pre-tax basis for segment results. Comprehensive income (loss) from operations is not determined in accordance with GAAP and should not be viewed as a substitute for the most directly comparable GAAP measure, net income to shareholders. See Exhibit 1 for a reconciliation of adjusted gross income from operations to net income to shareholders.
Management is unable to provide a reconciliation of adjusted income from operations to shareholders’ net income (loss) or adjustment of income to total income on a forward-looking basis because it cannot predict, without reasonable effort, certain elements including (i.) futurenet recognized investment results (from equity method investments on adjusted income) and (ii) future special items. These items are generally subject to uncertainty and depend on various factors, many of which are beyond the control of Control of the Cigna group. Therefore, related estimates and their impact on shareholders’ net income and consolidated income can differ significantly.
The company’s forecast does not include the potential impact of other business combinations that may occur after the date of this earnings release. The company’s forecast includes the potential impact of future share purchases and expected dividends in 2023.
As announced in January 2021, TheCignaGroup currently intends to pay quarterly dividends on a regular basis, with future declarations subject to the approval of the Board of Directors and the Board’s determination that declaring dividends remains in the best interests of TheCignaGroup and its shareholders. The decision to pay future dividends and the amount of such dividends will be based on the Company’s financial position, operating results, cash flows, capital requirements, applicable legal requirements and other factors that the Board of Directors may deem relevant. .
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The timing and actual amount of shares repurchased will depend on a number of factors, including price, general business and market conditions, and the use of alternative capital. Share repurchase programs may be effected through open market purchases pursuant to Rule 10b-18 under the Securities Exchange Act of 1934, as amended, including through Rule 10b5-1 trading plans, or privately negotiated transactions. The program may be suspended or terminated at any time.
Effective January 1, 2023, Cigna Group adopted ASU 2018-12, Improvements to Accounting for Long-Term Contracts, and related amendments. The previous year’s results have been restated to reflect the adoption of the new accounting guidelines.
On July 1, 2022, the company completed the sale of its life, accident and additional benefits business in six countries (Hong Kong, Indonesia, New Zealand, South Korea, Taiwan and Thailand) to Chubb INA Holdings, Inc. (“Chubb”) for approximately $5.4 billion in cash (the “Chubb Transaction”). In December 2022, the company withdrew its ownership interest in the joint venture in Türkiye.
Adjusted earnings are used by Cigna Group management because they allow analysis of underlying earnings trends. The Company defines adjusted earnings as total earnings excluding the following adjustments: Special items and the Cigna Group’s share of certain recognized investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting. Special items are matters that management believes are not representative of the underlying results of operations due to their nature or size. We exclude these items from this measure because management believes they are not indicative of the underlying past or future performance of the business. Adjusted income is not determined in accordance with GAAP and should not be viewed as a substitute for the most directly comparable GAAP measure, total income. See Exhibit 1 for a reconciliation of adjusted gross income to gross income.
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Adjusted margin, before taxes, is calculated by dividing the income (loss) from operations, before taxes, by the adjusted income for each segment.
The Cigna Group owns non-controlling interests in certain joint ventures. Therefore, adjusted income for the Cigna Healthcare segment only includes the Company’s share of the associated company’s income reported in fees and other income using the equity method of accounting under GAAP.
Medical expenses payable within the Cigna Healthcare segment are presented net of reinsurance and other loans. Total medical expenses payable were $5.32 billion on September 30, 2023, $4.18 billion on December 31, 2022 and $4.25 billion on September 30, 2022.
The “adjusted effective tax rate” measure is not intended to conform to GAAP and should not be viewed as a substitute for the most directly comparable GAAP measure, the “combined effective tax rate”. We define the effective tax rate as the gross income tax rate applied to the Company’s pretax income excluding pretax income (loss) resulting from noncontrolling interests, net realized investment gains, deductions for acquired intangible assets, and special items. The Cigna Group’s share of certain recognized investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting is also excluded. Management cannot provide a reconciliation to the effective tax rate on a forward-looking basis because we cannot predict, without reasonable effort, certain elements including (i) future net investment results and (ii) future special items. .
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