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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)
Delaware82-4991898
(State or other jurisdiction(I.R.S. Employer
of incorporation or organization)Identification No.)
900 Cottage Grove Road
Bloomfield, Connecticut 06002
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code (860) 226-6000

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, Par Value $0.01CI
New York Stock Exchange, Inc.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No _
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No _
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated filer
Non-accelerated filerSmaller Reporting Company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Yes _
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes No
As of April 30, 2021, 343,145,549 shares of the issuer’s common stock were outstanding.



Cigna Corporation
TABLE OF CONTENTS
Page
As used herein, “Cigna” or the “Company” refers to one or more of Cigna Corporation and its consolidated
subsidiaries.



Part I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS

Cigna Corporation
Consolidated Statements of Income
Unaudited
Three Months Ended March 31,
(In millions, except per share amounts)20212020
Revenues
Pharmacy revenues$28,025 $25,098 
Premiums10,214 10,840 
Fees and other revenues2,341 2,178 
Net investment income391 353 
TOTAL REVENUES40,971 38,469 
Benefits and expenses
Pharmacy and other service costs27,235 24,190 
Medical costs and other benefit expenses8,005 8,322 
Selling, general and administrative expenses3,279 3,398 
Amortization of acquired intangible assets495 498 
TOTAL BENEFITS AND EXPENSES39,014 36,408 
Income from operations1,957 2,061 
Interest expense and other(314)(391)
Debt extinguishment costs(131)(185)
Net realized investment gains (losses)1 (88)
Income before income taxes1,513 1,397 
TOTAL INCOME TAXES342 208 
Net income1,171 1,189 
Less: Net income attributable to noncontrolling interests10 8 
SHAREHOLDERS' NET INCOME$1,161 $1,181 
Shareholders’ net income per share
Basic$3.33 $3.19 
Diluted$3.30 $3.15 
The accompanying Notes to the Consolidated Financial Statements (unaudited) are an integral part of these statements.
3


Cigna Corporation
Consolidated Statements of Comprehensive Income
Unaudited
Three Months Ended March 31,
(In millions)20212020
Net income$1,171 $1,189 
Other comprehensive loss, net of tax
Net unrealized appreciation (depreciation) on securities and derivatives(273)(428)
Net translation gains (losses) on foreign currencies(119)(175)
Postretirement benefits liability adjustment18 13 
Other comprehensive loss, net of tax(374)(590)
Total comprehensive income797 599 
Comprehensive income (loss) attributable to noncontrolling interests
Net income attributable to redeemable noncontrolling interest5 4 
Net income attributable to other noncontrolling interests5 4 
Other comprehensive (loss) attributable to redeemable noncontrolling interest(4)(4)
Total comprehensive income attributable to noncontrolling interests6 4 
SHAREHOLDERS' COMPREHENSIVE INCOME$791 $595 
The accompanying Notes to the Consolidated Financial Statements (unaudited) are an integral part of these statements.
4


Cigna Corporation
Consolidated Balance Sheets
Unaudited
As of
March 31,
As of December 31,
(In millions)20212020
Assets
Cash and cash equivalents$6,505 $10,182 
Investments1,477 1,331 
Accounts receivable, net13,588 12,191 
Inventories2,919 3,165 
Other current assets1,065 930 
Total current assets25,554 27,799 
Long-term investments22,821 23,262 
Reinsurance recoverables5,175 5,200 
Deferred policy acquisition costs3,351 3,385 
Property and equipment4,114 4,205 
Goodwill44,635 44,648 
Other intangible assets34,792 35,179 
Other assets2,551 2,687 
Separate account assets9,088 9,086 
TOTAL ASSETS$152,081 $155,451 
Liabilities
Current insurance and contractholder liabilities$5,743 $5,308 
Pharmacy and other service costs payable13,762 13,347 
Accounts payable5,640 5,478 
Accrued expenses and other liabilities7,921 8,515 
Short-term debt404 3,374 
Total current liabilities33,470 36,022 
Non-current insurance and contractholder liabilities16,424 16,844 
Deferred tax liabilities, net8,832 8,939 
Other non-current liabilities4,485 4,629 
Long-term debt31,568 29,545 
Separate account liabilities9,088 9,086 
TOTAL LIABILITIES103,867 105,065 
Contingencies — Note 15
Redeemable noncontrolling interests59 58 
Shareholders’ equity
Common stock (1)
4 4 
Additional paid-in capital29,254 28,975 
Accumulated other comprehensive loss(1,231)(861)
Retained earnings29,389 28,575 
Less: treasury stock, at cost(9,267)(6,372)
TOTAL SHAREHOLDERS’ EQUITY48,149 50,321 
Other noncontrolling interests6 7 
Total equity48,155 50,328 
Total liabilities and equity$152,081 $155,451 
(1)Par value per share, $0.01; shares issued, 393 million as of March 31, 2021 and 390 million as of December 31, 2020; authorized shares, 600 million.
The accompanying Notes to the Consolidated Financial Statements (unaudited) are an integral part of these statements.
5



Cigna Corporation
Consolidated Statements of Changes in Total Equity
Unaudited
Three Months Ended March 31, 2021
(In millions)Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive (Loss)Retained EarningsTreasury StockShareholders’ EquityOther Non- controlling InterestsTotal
Equity
Redeemable Noncontrolling Interests
Balance at December 31, 2020$4 $28,975 $(861)$28,575 $(6,372)$50,321 $7 $50,328 $58 
Effect of issuing stock for employee benefit plans279 (87)192 192 
Other comprehensive loss(370)(370)(370)(4)
Net income1,161 1,161 5 1,166 5 
Common dividends declared (per share: $1.00)
(347)(347)(347)
Repurchase of common stock(2,808)(2,808)(2,808)
Other transactions impacting noncontrolling interests(6)(6) 
Balance at March 31, 2021$4 $29,254 $(1,231)$29,389 $(9,267)$48,149 $6 $48,155 $59 
Three Months Ended March 31, 2020
(In millions)Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive (Loss)Retained EarningsTreasury StockShareholders’ EquityOther Non- controlling InterestsTotal
Equity
Redeemable Noncontrolling Interests
Balance at December 31, 2019$4 $28,306 $(941)$20,162 $(2,193)$45,338 $6 $45,344 $35 
Cumulative effect of adopting new credit loss guidance (ASU 2016-13)
(30)(30)(30)
Effect of issuing stock for employee benefit plans248 (78)170 170 
Other comprehensive loss(586)(586)(586)(4)
Net income1,181 1,181 4 1,185 4 
Common dividends declared (per share: $0.04)
(15)(15)(15)
Repurchase of common stock(979)(979)(979)
Other transactions impacting noncontrolling interests(3)(3) 
Balance at March 31, 2020$4 $28,554 $(1,527)$21,298 $(3,250)$45,079 $7 $45,086 $35 

The accompanying Notes to the Consolidated Financial Statements (unaudited) are an integral part of these statements.
6


Cigna Corporation
Consolidated Statements of Cash Flows
Unaudited
Three Months Ended March 31,
(In millions)20212020
Cash Flows from Operating Activities
Net income$1,171 $1,189 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization715 693 
Realized investment (gains) losses, net(1)88 
Deferred income tax (benefit) (35)(161)
Debt extinguishment costs131 185 
Net changes in assets and liabilities, net of non-operating effects:
Accounts receivable(1,420)(1,056)
Inventories247 96 
Deferred policy acquisition costs(60)(138)
Reinsurance recoverable and Other assets40 (210)
Insurance liabilities443 341 
Pharmacy and other service costs payable415 408 
Accounts payable and Accrued expenses and other liabilities(637)308 
Other, net84 144 
NET CASH PROVIDED BY OPERATING ACTIVITIES1,093 1,887 
Cash Flows from Investing Activities
Proceeds from investments sold:
Debt securities and equity securities378 756 
Investment maturities and repayments:
Debt securities and equity securities328 408 
Commercial mortgage loans72 5 
Other sales, maturities and repayments (primarily short-term and other long-term investments)364 346 
Investments purchased or originated:
Debt securities and equity securities(980)(1,174)
Other (primarily short-term and other long-term investments)(637)(380)
Property and equipment purchases, net(242)(267)
Other, net 37 
NET CASH (USED IN) INVESTING ACTIVITIES(717)(269)
Cash Flows from Financing Activities
Deposits and interest credited to contractholder deposit funds47 267 
Withdrawals and benefit payments from contractholder deposit funds(35)(255)
Net change in short-term debt(1,030)(180)
Payments for debt extinguishment(126)(192)
Repayment of long-term debt(4,199)(4,209)
Net proceeds on issuance of long-term debt4,262 3,470 
Repurchase of common stock(2,794)(956)
Issuance of common stock204 153 
Common stock dividend paid(345) 
Other, net(35)84 
NET CASH (USED IN) FINANCING ACTIVITIES(4,051)(1,818)
Effect of foreign currency rate changes on cash, cash equivalents and restricted cash (26)(37)
Net (decrease) in cash, cash equivalents and restricted cash(3,701)(237)
Cash, cash equivalents and restricted cash January 1, (1)
10,245 5,411 
Cash, cash equivalents and restricted cash, March 31,
6,544 5,174 
Cash reclassified to assets of business held for sale (597)
Cash, cash equivalents and restricted cash March 31, per Consolidated Balance Sheets (2)
$6,544 $4,577 
Supplemental Disclosure of Cash Information:
Income taxes paid, net of refunds$122 $81 
Interest paid$331 $395 
(1)Includes $743 million reported in Assets of business held for sale as of January 1, 2020. See table below for Cash, cash equivalents and restricted cash reconciliation.
(2)See table below for Cash, cash equivalents and restricted cash reconciliation as of March 31, 2021 and 2020.
7


The following table provides a reconciliation of cash, cash equivalents and restricted cash and cash equivalents reported within the Consolidated Balance Sheets to the totals above:
Unaudited
As of March 31,
(In millions)20212020
Cash and cash equivalents$6,505 $4,452 
Restricted cash and cash equivalents, included in other long-term investments39 125 
Total cash, cash equivalents and restricted cash and cash equivalents$6,544 $4,577 
The accompanying Notes to the Consolidated Financial Statements (unaudited) are an integral part of these statements.

8


CIGNA CORPORATION
CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
TABLE OF CONTENTS
Note NumberFootnotePage
BUSINESS AND CAPITAL STRUCTURE
Mergers, Acquisitions and Divestitures
INSURANCE INFORMATION
INVESTMENTS
PROPERTY, LEASES AND OTHER ASSET BALANCES
COMPLIANCE, REGULATION AND CONTINGENCIES
RESULTS DETAILS

9


Note 1 – Description of Business
Cigna Corporation, together with its subsidiaries (either individually or collectively referred to as “Cigna,” the “Company,” “we,” “our” or “us”) is a global health services organization with a mission of helping those we serve improve their health, well-being and peace of mind by making health care simple, affordable and predictable. We offer a differentiated set of pharmacy, medical, dental and related products and services by our subsidiaries.
The majority of these products are offered through employers and other groups such as governmental and non-governmental organizations, unions and associations. Cigna also offers commercial health and dental insurance, Medicare and Medicaid products and health, life and accident insurance coverages to individuals in the United States and selected international markets. In addition to these ongoing operations, Cigna also has certain run-off operations.
The Company reports its results in the segments detailed below:
In connection with the sale of the U.S. Group Disability and Life business on December 31, 2020, the remainder of our operations previously referred to as "Group Disability and Other" in our 2020 Form 10-K is now referred to as "Other Operations". There were no changes to the underlying business included in this category. Our business that offers group voluntary products and services was not sold to New York Life and results of this business are reported in the U.S. Medical segment.
In connection with the launch of Evernorth in the third quarter of 2020, two reporting segments were renamed. Health Services was renamed as Evernorth and Integrated Medical was renamed U.S. Medical. In addition, two of our operating segments were renamed: Commercial and Government were renamed U.S. Commercial and U.S. Government respectively. There were no changes to the underlying businesses reported in the segments.
Evernorth includes a broad range of coordinated and point solution health services capabilities, as well as those from partners across the health care system in pharmacy solutions, benefits management solutions, care solutions and intelligence solutions, which are provided to health plans, employers, government organizations and health care providers.
U.S. Medical includes U.S. Commercial and U.S. Government businesses that provide comprehensive medical and coordinated solutions to clients and customers. U.S. Commercial products and services include medical, pharmacy, behavioral health, dental, vision, health advocacy programs and other products and services for insured and administrative services only ("ASO") clients. U.S. Government solutions include Medicare Advantage, Medicare Supplement and Medicare Part D plans for seniors, Medicaid plans and individual health insurance plans both on and off the public exchanges.
International Markets includes supplemental health, life and accident insurance products and health care coverage in our international markets, as well as health care benefits for globally mobile employees of multinational organizations.
The remainder of our business operations are reported in Other Operations, consisting of the following:
Group Disability and Life. Prior to the sale of the U.S. Group Disability and Life business on December 31, 2020, this segment provided group long-term and short-term disability, group life, accident, voluntary and specialty insurance products and related services.
Corporate-Owned Life Insurance (“COLI”) offers permanent insurance contracts sold to corporations to provide coverage on the lives of certain employees for the purpose of financing employer-paid future benefit obligations.
Run-off businesses:
Reinsurance: predominantly comprised of guaranteed minimum death benefit (“GMDB”) and guaranteed minimum income benefit (“GMIB”) business effectively exited through reinsurance with Berkshire Hathaway Life Insurance Company of Nebraska (“Berkshire”) in 2013.
Settlement Annuity business in run-off.
Individual Life Insurance and Annuity and Retirement Benefits businesses: deferred gains from the sales of these businesses.
Corporate reflects amounts not allocated to operating segments, including net interest expense (defined as interest on corporate debt less net investment income on investments not supporting segment and other operations), certain litigation matters, expense associated with our frozen pension plans, charitable contributions, severance, certain overhead and project costs and intersegment eliminations for products and services sold between segments.
10


Note 2 – Summary of Significant Accounting Policies    
Basis of Presentation
The Consolidated Financial Statements include the accounts of Cigna Corporation and its consolidated subsidiaries. Intercompany transactions and accounts have been eliminated in consolidation. These Consolidated Financial Statements were prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).
Amounts recorded in the Consolidated Financial Statements necessarily reflect management’s estimates and assumptions about medical costs, investment and receivable valuations, interest rates and other factors. Significant estimates are discussed throughout these Notes; however, actual results could differ from those estimates. The impact of a change in estimate is generally included in earnings in the period of adjustment.

These interim Consolidated Financial Statements are unaudited but include all adjustments (including normal recurring adjustments) necessary, in the opinion of management, for a fair statement of financial position and results of operations for the periods reported. The interim Consolidated Financial Statements and Notes should be read in conjunction with the Consolidated Financial Statements and Notes included in the 2020 Annual Report on Form 10-K (“2020 Form 10-K”). The preparation of interim Consolidated Financial Statements necessarily relies heavily on estimates. This and other factors, including the seasonal nature of portions of the health care and related benefits business, competitive and other market conditions, as well as COVID-19 related impacts, call for caution in estimating full-year results based on interim results of operations.

Recent Accounting Pronouncements
The Company's 2020 Form 10-K includes discussion of significant recent accounting pronouncements that either have impacted our financial statements or may impact them in the future. There have been no updates on recently issued accounting pronouncements that have occurred since the Company filed its 2020 Form 10-K. There were no new accounting standards adopted in the first quarter of 2021 that had a material impact to our financial statements.


Note 3 – Accounts Receivable, Net

The following amounts were included within Accounts receivable, net:
(In millions)March 31, 2021December 31, 2020
Noninsurance customer receivables$6,249 $5,534 
Pharmaceutical manufacturers receivable4,978 4,676 
Insurance customer receivables2,172 1,789 
Other receivables189 192 
Total$13,588 $12,191 

These receivables are reported net of our allowances of $1.3 billion as of March 31, 2021 and $1.2 billion as of December 31, 2020. These allowances include contractual allowances for certain rebates receivable with pharmaceutical manufacturers and certain receivables from third-party payors, discounts and claims adjustments issued to customers in the form of client credits, an allowance for current expected credit losses and other non-credit adjustments.

The Company's allowance for current expected credit losses was $70 million as of March 31, 2021 and $65 million as of December 31, 2020.
11


Note 4 – Mergers, Acquisitions and Divestitures
A.Acquisition of MDLIVE
In April 2021, Cigna's Evernorth segment completed the 100% acquisition of MDLIVE, Inc. ("MDLIVE"), a 24/7 virtual care platform. The acquisition of MDLIVE will enable Evernorth to continue expanding access to virtual care and delivering a more affordable, convenient and connected care experience for consumers. The Company will complete the purchase price allocation in the second quarter of 2021.

B.Divestiture of U.S. Group Disability and Life business
On December 31, 2020, Cigna completed the sale of its U.S. Group Disability and Life business to New York Life Insurance Company for cash proceeds of $6.2 billion. The Company recognized a gain of $4.2 billion pre-tax ($3.2 billion after-tax), which includes recognition of previously unrealized capital gains on investments sold.
C.Integration and Transaction-related Costs
In the first three months of 2021, the Company incurred costs related to the acquisition of MDLIVE, the terminated merger with Anthem, Inc. (“Anthem”), the sale of the U.S. Group Disability and Life business and other transactions. In the first three months of 2020, the Company incurred costs related to the acquisition and integration of Express Scripts Holding Company ("Express Scripts"), the terminated merger with Anthem, the sale of the U.S. Group Disability and Life insurance business and other transactions. These costs were $29 million pre-tax ($22 million after-tax) for the three months ended March 31, 2021, compared with $97 million pre-tax ($74 million after-tax) for the three months ended March 31, 2020, and consisted primarily of certain projects related to the Company’s systems, products and services, fees for legal, advisory and other professional services and certain employment-related costs.
Note 5 – Earnings Per Share (“EPS”)
Basic and diluted earnings per share were computed as follows:
Three Months Ended
March 31, 2021March 31, 2020
(Shares in thousands, dollars in millions, except per share amounts)BasicEffect of
Dilution
DilutedBasicEffect of
Dilution
Diluted
Shareholders’ net income$1,161 $1,161 $1,181 $1,181 
Shares:
Weighted average348,248 348,248 370,440 370,440 
Common stock equivalents3,728 3,728 4,199 4,199 
Total shares348,248 3,728 351,976 370,440 4,199 374,639 
EPS$3.33 $(0.03)$3.30 $3.19 $(0.04)$3.15 

The following outstanding employee stock options were not included in the computation of diluted earnings per share because their effect was anti-dilutive.
Three Months Ended March 31,
(In millions)20212020
Anti-dilutive options1.5 4.1 

The Company held approximately 48.7 million shares of common stock in treasury at March 31, 2021, 35.5 million shares as of December 31, 2020 and 18.8 million shares as of March 31, 2020.
12


Note 6 – Debt
The outstanding amounts of debt and finance leases were as follows:
(In millions)March 31, 2021December 31, 2020
Short-term debt
$78 million, 6.37% Notes due 6/2021
78 78 
$1,000 million, Floating Rate Notes due 9/2021
 999 
$1,250 million, 3.4% Notes due 9/2021
 1,249 
$181 million, 3.9% Notes due 2/2022
181  
$120 million, 4% Notes due 2/2022
120  
Commercial paper5 1,030 
Other, including finance leases20 18 
Total short-term debt$404 $3,374 
Long-term debt
$277 million, 4% Notes due 2022
 276 
$973 million, 3.9% Notes due 2022
 972 
$500 million, 3.05% Notes due 2022
491 490 
$17 million, 8.3% Notes due 2023
17 17 
$63 million, 7.65% Notes due 2023
63 63 
$700 million, Floating Rate Notes due 2023
698 698 
$1,000 million, 3% Notes due 2023
978 975 
$1,187 million, 3.75% Notes due 2023
1,184 2,181 
$500 million, 0.613% Notes due 2024
498  
$1,000 million, 3.5% Notes due 2024
979 977 
$900 million, 3.25% Notes due 2025
896 896 
$2,200 million, 4.125% Notes due 2025
2,191 2,191 
$1,500 million, 4.5% Notes due 2026
1,504 1,505 
$800 million, 1.25% Notes due 2026
796  
$1,500 million, 3.4% Notes due 2027
1,413 1,410 
$259 million, 7.875% Debentures due 2027
259 259 
$600 million, 3.05% Notes due 2027
595 595