Cigna Group
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
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Other Operations
Other Operations includes corporate owned life insurance ("COLI") and the Company's run-off operations. See Note 1 to the Consolidated Financial Statements for additional information regarding these operations. In the prior periods, Other Operations also included the International businesses sold in July 2022 and our interest in a joint venture in Türkiye sold in December 2022. As described in the introduction of Segment Reporting, performance of Other Operations is measured using adjusted revenues and pre-tax adjusted income from operations.
Effective January 1, 2023, we adopted amended accounting guidance for long-duration insurance contracts. For the Other Operations segment, prior period results of operations have been retrospectively adjusted to conform to this new basis of accounting. The impact of this amended guidance is immaterial. Prior period results related to long-duration contracts sold in the Chubb transaction and our divested interest in a joint venture in Türkiye were not adjusted (as permitted by ASU 2022-05). See Note 10 to the Consolidated Financial Statements for additional disclosure of our long-duration insurance contracts and Note 2 to the Consolidated Financial Statements for additional information regarding the adoption of this amended guidance.
| Financial Summary | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| For the Years Ended December 31, · Change Favorable(Unfavorable) · Change Favorable(Unfavorable) | |||||||||||||||
| (Dollars in millions) · 2023 · 2022 · 2021 · 2023 vs. 2022 · 2022 vs. 2021 | |||||||||||||||
| Adjusted revenues | $596 | $2,263 | $3,989 | $(1,667) | (74) | % | $(1,726) | (43) | % | ||||||
| Pre-tax adjusted income from operations | $96 | $509 | $903 | $(413) | (81) | % | $(394) | (44) | % | ||||||
| Pre-tax adjusted margin | 16.1 | % | 22.5 | % | 22.6 | % | (640) | bps | (10) | bps | |||||
Adjusted revenues declined reflecting the absence of revenues from the business divested in 2022.
Pre-tax adjusted income from operations decreased primarily due to the absence of earnings from the businesses divested in the Chubb transaction.
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