Cigna Group

For the period ended Dec 31, 2024. Filed Feb 27, 2025.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 27, 2025

CI$295.60+0.7%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Segment Information

Note 22 – Segment Information

See Note 1 to the Consolidated Financial Statements for a description of our segments. A description of our basis for reporting segment operating results is outlined below. Intersegment revenues primarily reflect pharmacy and care services transactions between the Evernorth Health Services and Cigna Healthcare segments. The Chairman and Chief Executive Officer is the chief operating decision maker ("CODM") responsible for making decisions about resources to be allocated to the segment and assessing its performance.

The Company uses "pre-tax adjusted income (loss) from operations" and "adjusted revenues" as its principal financial measures of segment operating performance because management, including the CODM, believes these metrics reflect the underlying results of business operations and facilitate analysis of trends in underlying revenue, expenses and profitability to enable resource allocation decisions. We define pre-tax adjusted income (loss) from operations as income (loss) before income taxes excluding pre-tax income (loss) attributable to noncontrolling interests, net investment gains/losses, amortization of acquired intangible assets and special items. The Cigna Group's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting are also excluded. Special items are matters that management, including the CODM, 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.

The Company defines adjusted revenues as total revenues excluding the following adjustments: special items and The Cigna Group's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting. Special items are matters that management, including the CODM, 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, including the CODM, believes they are not indicative of past or future underlying performance of the business.

The Company does not report total assets by segment because this is not a metric used by the CODM to allocate resources or evaluate segment performance.

The following table presents the special items charges (benefits) recorded by the Company, as well as the respective financial statement line items impacted:

	For the Years Ended December 31,
	2024		2023		2022
(In millions)	Pre-tax	After-tax	Pre-tax	After-tax	Pre-tax	After-tax
Integration and transaction-related costs (Selling, general and administrative expenses)	$275	$211	$45	$35	$135	$103
Impairment of dividend receivable (Net investment income)	182	138	—	—	—	—
Deferred tax expenses (benefits), net (Income taxes, less amount attributable to noncontrolling interests)	—	84	—	(1,071)	—	—
Net (gain) loss on sale of businesses	(24)	(2)	1,499	1,429	(1,662)	(1,332)
Charge for organizational efficiency plan (Selling, general and administrative expenses)	—	—	252	193	22	17
Charges (benefits) associated with litigation matters (Selling, general and administrative expenses)	—	—	201	171	(28)	(20)
Total impact from special items	$433	$431	$1,997	$757	$(1,533)	$(1,232)

Summarized segment financial information was as follows:

(In millions)	Evernorth Health Services	Cigna Healthcare	Other Operations	Corporate and Eliminations	Total
2024
Revenues from external customers	$198,177	$47,528	$440	$3	$246,148
Intersegment revenues	3,775	4,972	79	(8,826)
Net investment income	21	618	309	25	973
Total revenues	201,973	53,118	828	(8,798)	247,121
Net investment results from certain equity method investments	—	(204)	—	—	(204)
Special item related to impairment of dividend receivable	182	—	—	—	182
Adjusted revenues	$202,155	$52,914	$828	$(8,798)	$247,099
Pharmacy and other service costs	190,968	—
Medical costs	—	37,887
Selling, general and administrative expenses	3,779	10,805
Other segment items (1)
Interest (expense) and other	(2)	7
Less income attributable to noncontrolling interests	405	—
Pre-tax adjusted income (loss) from operations	7,001	4,229	(9)	(1,688)	9,533
Income (loss) before income taxes	$3,929	$3,315	$(12)	$(1,963)	$5,269
Pre-tax adjustments to reconcile to adjusted income from operations
(Income) attributable to noncontrolling interests	(405)	—	—	—	(405)
Net investment losses (2)	2,129	401	3	—	2,533
Amortization of acquired intangible assets	1,662	41	—	—	1,703
Special items
Integration and transaction-related costs	—	—	—	275	275
Impairment of dividend receivable	182	—	—	—	182
(Gain) loss on sale of businesses	(496)	472	—	—	(24)
Pre-tax adjusted income (loss) from operations	$7,001	$4,229	$(9)	$(1,688)	$9,533
Other Segment Information
Depreciation and amortization	$2,319	$417	$9	$30	$2,775

(1)Other segment items represent the difference between segment adjusted revenues less significant segment expenses and pre-tax adjusted income (loss) from operations, and they do not represent significant segment items relative to the CODM's review and oversight.

(2)Includes Net investment gains/losses as presented in our Consolidated Statements of Income, as well as the Company's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting, which are presented within Fees and other revenues in our Consolidated Statements of Income.

(In millions)	Evernorth Health Services	Cigna Healthcare	Other Operations	Corporate and Eliminations	Total
2023
Revenues from external customers	$147,588	$46,219	$291	$1	$194,099
Intersegment revenues	5,670	4,332	—	(10,002)
Net investment income	241	597	305	23	1,166
Total revenues	153,499	51,148	596	(9,978)	195,265
Net investment results from certain equity method investments	—	57	—	—	57
Adjusted revenues	$153,499	$51,205	$596	$(9,978)	$195,322
Pharmacy and other service costs	143,571	—
Medical costs	—	35,678
Selling, general and administrative expenses	3,340	11,055
Other segment items (1)
Interest (expense) and other	(2)	8
Less income attributable to noncontrolling interests	144	2
Pre-tax adjusted income (loss) from operations	6,442	4,478	96	(1,698)	9,318
Income (loss) before income taxes	$4,768	$2,664	$76	$(1,995)	$5,513
Pre-tax adjustments to reconcile to adjusted income from operations
(Income) attributable to noncontrolling interests	(144)	(2)	—	—	(146)
Net investment losses (2)	—	133	2	—	135
Amortization of acquired intangible assets	1,774	45	—	—	1,819
Special items
Integration and transaction-related costs	—	—	—	45	45
Loss on sale of businesses	—	1,481	18	—	1,499
Charge for organizational efficiency plan	—	—	—	252	252
Charges associated with litigation matters	44	157	—	—	201
Pre-tax adjusted income (loss) from operations	$6,442	$4,478	$96	$(1,698)	$9,318
Other Segment Information
Depreciation and amortization	$2,438	$569	$3	$25	$3,035

(In millions)	Evernorth Health Services	Cigna Healthcare	Other Operations	Corporate and Eliminations	Total
Revenues from external customers	$135,786	$41,738	$1,839	$—	$179,363
Intersegment revenues	4,463	2,535	—	(6,998)
Net investment income	86	638	424	7	1,155
Total revenues	140,335	44,911	2,263	(6,991)	180,518
Net investment results from certain equity method investments	—	126	—	—	126
Adjusted revenues	$140,335	$45,037	$2,263	$(6,991)	$180,644
Pharmacy and other service costs	131,284	—
Medical costs	—	31,119
Selling, general and administrative expenses	2,856	9,827
Other segment items (1)
Interest (expense) and other	(2)	12
Less income attributable to noncontrolling interests	66	4
Pre-tax adjusted income (loss) from operations	6,127	4,099	509	(1,466)	9,269
Income (loss) before income taxes	$4,421	$3,470	$2,101	$(1,595)	$8,397
Pre-tax adjustments to reconcile to adjusted income from operations
(Income) attributable to noncontrolling interests	(66)	(4)	(14)	—	(84)
Net investment losses (2)	—	530	83	—	613
Amortization of acquired intangible assets	1,772	103	1	—	1,876
Special items
Integration and transaction-related costs	—	—	—	135	135
(Gain) on sale of businesses	—	—	(1,662)	—	(1,662)
Charge for organizational efficiency plan	—	—	—	22	22
(Benefits) associated with litigation matters	—	—	—	(28)	(28)
Pre-tax adjusted income (loss) from operations	$6,127	$4,099	$509	$(1,466)	$9,269
Other Financial Information
Depreciation and amortization	$2,283	$638	$6	$10	$2,937

Revenue from external customers includes Pharmacy revenues, Premiums and Fees and other revenues. The following table presents these revenues by product, premium and service type:

	For the Years Ended December 31,
(In millions)	2024	2023	2022
Products (Pharmacy revenues) (ASC 606)
Network revenues	$105,340	$67,514	$64,946
Home delivery and specialty revenues	72,476	65,732	61,283
Other revenues	11,545	9,047	6,753
Total Evernorth Health Services	189,361	142,293	132,982
Other Operations	60	—	—
Corporate and eliminations	(4,059)	(5,050)	(4,416)
Total Pharmacy revenues	185,362	137,243	128,566
Insurance premiums (ASC 944)
Cigna Healthcare
U.S. Healthcare
Employer insured	17,576	16,490	15,199
Medicare Advantage	8,679	8,771	7,896
Stop loss	6,744	6,143	5,461
Individual and Family Plans	3,951	5,088	2,636
Other	4,938	4,095	3,996
U.S. Healthcare	41,888	40,587	35,188
International Health	3,624	3,295	2,906
Total Cigna Healthcare	45,512	43,882	38,094
Divested International businesses	—	—	1,596
Other Operations excluding Divested International businesses	380	281	225
Corporate and eliminations	104	74	1
Total Premiums	45,996	44,237	39,916
Services (Fees) (ASC 606) and Other revenues (1)
Evernorth Health Services	12,591	10,965	7,267
Cigna Healthcare	6,988	6,669	6,179
Other Operations	79	10	18
Corporate and eliminations	(4,868)	(5,025)	(2,583)
Total Fees and other revenues (1)	14,790	12,619	10,881
Total revenues from external customers	$246,148	$194,099	$179,363

(1)Other revenues for the years ended December 31, 2024, 2023 and 2022 were $584 million, $210 million and $168 million, respectively.

Major Customers. Revenues from a single pharmacy benefit client were approximately 16% of consolidated revenues for the year ended December 31, 2024. These amounts were reported in the Evernorth Health Services segment.

Additionally, revenues from U.S. Federal Government agencies, under a number of contracts, were approximately 11%,15% and 14% of consolidated revenues for the years ended December 31, 2024, 2023 and 2022, respectively. These amounts were reported in the Evernorth Health Services and Cigna Healthcare segments.

U.S. and Foreign Revenues. U.S. and foreign revenues from external customers are shown below. The Company's foreign revenues are generated by its foreign operating entities. In the periods shown, no single foreign country contributed more than 2% of consolidated revenues from external customers.

	For the Years Ended December 31,
(In millions)	2024	2023	2022
United States	$241,563	$189,840	$174,540
Foreign countries (1)	4,585	4,259	4,823
Total revenues from external customers	$246,148	$194,099	$179,363

(1) In 2022, included revenues from the divested International businesses of $1.6 billion.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.