Cigna Group

Note 14 – Collectively Significant Operating Unconsolidated Subsidiaries

In addition to equity method investments in certain limited partnerships and limited liability companies holding real estate, securities or loans (as disclosed in Note 11), we maintain a portfolio of operating joint ventures accounted for as equity method investments. Operating joint ventures had a carrying value of $(211) million as of December 31, 2025 and $656 million as of December 31, 2024, of which $(296) million as of December 31, 2025 and $43 million as of December 31, 2024 related to our joint venture in China. The carrying value of our joint venture in China includes the Company's share of Accumulated Other Comprehensive Income (Loss) ("AOCI") losses of $1,672 million as of December 31, 2025 and $979 million as of December 31, 2024, primarily related to the requirement to update discount rate assumptions for certain long-duration liabilities as well as the impact of unrealized investment gains and losses.

For the years ended December 31, 2025, 2024 and 2023, none of our equity method investments were individually significant.

In the fourth quarter of 2024, we sold a portion of an operating joint venture, reducing our ownership. As a result, we recognized $496 million within Net gain (loss) on sale of businesses in our Consolidated Statements of Income.

Accounting Policy. We record in our Consolidated Statements of Income our proportionate share of net income or loss generated by operating joint ventures within Fees and other revenues. In certain instances, income or loss is reported on a one-month lag due to the timing of when financial information is received.

The below summarized results of operations and financial position of the operating joint ventures reflects the latest available financial information and does not represent the Company's proportionate share of the assets, liabilities or earnings of such entities.