Cigna Corporation (CI) 10-Year Financial Performance & Capital Metrics

CI • • Insurance & Managed Care

HealthcareHealth InsuranceDiversified Health Insurance & ServicesMajor Health Insurers

AboutThe Cigna Group provides insurance and related products and services in the United States. Its Evernorth segment provides a range of coordinated and point solution health services, including pharmacy, benefits management, care delivery and management, and intelligence solutions to health plans, employers, government organizations, and health care providers. The company's Cigna Healthcare segment offers medical, pharmacy, behavioral health, dental, vision, health advocacy programs, and other products and services for insured and self-insured customers; Medicare Advantage, Medicare Supplement, and Medicare Part D plans for seniors, as well as individual health insurance plans to on and off the public exchanges; and health care coverage in its international markets, as well as health care benefits for mobile individuals and employees of multinational organizations. The company also offers permanent insurance contracts sold to corporations to provide coverage on the lives of certain employees for financing employer-paid future benefit obligations. It distributes its products and services through insurance brokers and consultants; directly to employers, unions and other groups, or individuals; and private and public exchanges. The company was founded in 1792 and is headquartered in Bloomfield, Connecticut.Show more

Revenue $247.12B +26.6%
Combined Ratio 96.19% +0.6%
Net Income $3.43B -33.5%
Return on Equity 7.84% -30.7%
Medical Cost Ratio 89.49% +2.7%
Operating Margin 3.81% -12.8%
Net Margin 1.39% -47.5%
ROA 2.23% -36.1%
Equity / Assets 26.46% -12.8%
Book Value per Share 145.62 -6.7%
Tangible BV/Share -124.89 -17.4%
Debt/Equity 0.78 +16.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Healthy dividend yield of 2.0%
✓Share count reduced 4.6% through buybacks

✗Weaknesses

✗High loss ratio of 89.5%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y21.62%

5Y9.98%

3Y12.39%

TTM15.28%

Profit (Net Income) CAGR

10Y5.03%

5Y-7.62%

3Y-13.85%

TTM102.27%

EPS CAGR

10Y4.47%

5Y-2.05%

3Y-8.36%

TTM113.77%

ROCE

10Y Avg8.93%

5Y Avg7.86%

3Y Avg8.49%

Latest9.33%

Peer Comparison

Major Health Insurers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CICigna Corporation	72.61B	271.81	22.43	26.56%	2.29%	14.63%	12.34%	0.78
ELVElevance Health Inc.	82.38B	370.68	14.43	3.19%	2.84%	12.55%	5.53%	0.75

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	37.88B	39.84B	41.81B	48.65B	153.57B	160.4B	174.07B	180.52B	195.26B	247.12B
Revenue Growth %	0.08%	0.05%	0.05%	0.16%	2.16%	0.04%	0.09%	0.04%	0.08%	0.27%
Medical Costs & Claims+	25.42B	26.81B	27.72B	32.32B	128.49B	136.19B	151.12B	157.02B	170.09B	221.16B
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	12.45B	13.03B	14.09B	16.33B	25.08B	24.21B	22.95B	23.5B	25.18B	25.96B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.07%	0.05%	0.08%	0.16%	0.54%	-0.03%	-0.05%	0.02%	0.07%	0.03%
Operating Expenses+	92M	9.94B	10.14B	12.17B	17B	16.05B	15.01B	15.05B	16.64B	16.55B
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	302M	287M	250M	356M	2.77B	1.8B	1.8B	1.86B	1.81B	1.75B
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	12.36B	3.09B	3.94B	4.16B	8.08B	8.15B	7.94B	8.45B	8.54B	9.42B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.07%	-0.75%	0.28%	0.06%	0.94%	0.01%	-0.03%	0.06%	0.01%	0.1%
EBITDA+	12.66B	3.38B	4.19B	4.52B	10.84B	9.96B	9.74B	10.31B	10.35B	11.17B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	0	278M	252M	498M	1.68B	1.44B	1.21B	1.23B	1.45B	1.44B
Non-Operating Income	8.87B	-164M	-184M	-704M	-738M	-412M	-221M	-129M	-498M	-275M
Pretax Income+	3.33B	2.98B	3.61B	3.58B	6.57B	10.87B	6.79B	8.4B	5.51B	5.27B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	1.25B	1.14B	1.37B	935M	1.45B	2.38B	1.37B	1.61B	141M	1.49B
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	2.09B	1.87B	2.24B	2.64B	5.1B	8.46B	5.37B	6.7B	5.16B	3.43B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0%	-0.11%	0.2%	0.18%	0.94%	0.66%	-0.37%	0.25%	-0.23%	-0.34%
EPS (Diluted)+	8.04	7.19	9.17	10.54	13.44	22.96	15.75	21.41	17.39	12.12
EPS Growth %	0.03%	-0.11%	0.28%	0.15%	0.28%	0.71%	-0.31%	0.36%	-0.19%	-0.3%
EPS (Basic)	8.17	7.31	9.17	10.69	13.58	23.17	15.89	21.66	17.57	12.25
Diluted Shares Outstanding	260.59M	259.65M	243.97M	246.65M	379.82M	368.39M	340.97M	313.06M	296.88M	283.22M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	57.09B	59.36B	61.76B	153.23B	155.77B	155.45B	154.89B	143.88B	152.76B	155.88B
Asset Growth %	0.02%	0.04%	0.04%	1.48%	0.02%	-0%	-0%	-0.07%	0.06%	0.02%
Total Investment Assets+	23.9B	26.08B	28.62B	28.97B	22.43B	24.53B	19.32B	17.14B	18.91B	15.79B
Long-Term Investments	23.52B	25.39B	26.48B	26.93B	21.49B	23.2B	18.4B	16.24B	17.98B	15.13B
Short-Term Investments	381M	691M	2.14B	2.04B	937M	1.33B	920M	905M	925M	665M
Total Current Assets+	13.76B	13.43B	9.31B	20.43B	29.84B	27.8B	36.13B	30.12B	37.35B	48.87B
Cash & Equivalents	1.97B	3.19B	2.97B	3.85B	4.62B	10.18B	5.08B	5.92B	7.82B	7.55B
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	7.85B	6.53B	1.07B	1.51B	11.25B	1.12B	11.8B	1.55B	5.51B	9.9B
Goodwill & Intangibles+	7.32B	7.17B	7.32B	86.79B	84.36B	82.84B	82.72B	81.15B	77.94B	76.61B
Goodwill	6.02B	5.98B	6.16B	44.51B	44.6B	44.65B	45.81B	45.81B	44.26B	44.37B
Intangible Assets	1.3B	1.19B	1.15B	42.28B	39.76B	38.19B	36.91B	35.34B	33.68B	32.24B
PP&E (Net)	800M	767M	756M	1.28B	1.75B	1.74B	1.66B	1.3B	877M	828M
Other Assets	11.69B	12.6B	17.89B	17.8B	18.32B	19.87B	15.97B	15.07B	18.61B	14.44B
Total Liabilities	44.98B	45.58B	47.97B	112.15B	110.39B	105.06B	107.7B	98.98B	106.41B	114.64B
Total Debt+	5.17B	5.03B	5.44B	42.48B	38.04B	33.56B	34.27B	31.55B	30.93B	31.97B
Net Debt	3.2B	1.85B	2.47B	38.62B	33.42B	23.38B	29.18B	25.63B	23.11B	24.42B
Long-Term Debt	5.02B	4.74B	5.19B	39.49B	31.83B	29.51B	31.1B	28.03B	28.09B	28.9B
Short-Term Debt	100M	250M	231M	2.84B	5.49B	3.36B	2.52B	2.96B	2.73B	2.99B
Total Current Liabilities+	5.82B	8.26B	11.01B	31.89B	40.14B	36.02B	43.57B	41.23B	48.72B	57.98B
Accounts Payable	4.66B	5.45B	489M	15.07B	15.54B	18.82B	21.96B	24.84B	28.37B	37.76B
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	885M	0	6.57B	6.8B	13.05B	5.31B	11.74B	5.41B	9.73B	10.7B
Deferred Taxes	0	0	0	0	0	0	0	0	1000K	1000K
Other Liabilities	34.14B	32.56B	31.79B	40.74B	37.9B	39.01B	32.57B	29.46B	22.37B	20.75B
Total Equity+	12.11B	13.79B	13.78B	41.07B	45.38B	50.39B	47.18B	44.95B	46.35B	41.24B
Equity Growth %	0.11%	0.14%	-0%	1.98%	0.1%	0.11%	-0.06%	-0.05%	0.03%	-0.11%
Shareholders Equity	12.04B	13.72B	13.73B	41.03B	45.34B	50.32B	47.11B	44.87B	46.22B	41.03B
Minority Interest	78M	62M	49M	44M	41M	65M	72M	79M	128M	210M
Retained Earnings	12.12B	13.86B	15.82B	15.09B	20.16B	28.57B	32.59B	37.87B	41.65B	43.52B
Common Stock	74M	74M	74M	4M	4M	4M	4M	4M	4M	4M
Accumulated OCI	-1.25B	-1.38B	-1.08B	-1.71B	-941M	-861M	-884M	-1.4B	-1.86B	-2.34B
Return on Equity (ROE)	0.18%	0.14%	0.16%	0.1%	0.12%	0.18%	0.11%	0.15%	0.11%	0.08%
Return on Assets (ROA)	0.04%	0.03%	0.04%	0.02%	0.03%	0.05%	0.03%	0.04%	0.03%	0.02%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.43x	0.37x	0.39x	1.03x	0.84x	0.67x	0.73x	0.70x	0.67x	0.78x
Book Value per Share	46.48	53.09	56.50	166.52	119.48	136.77	138.38	143.58	156.13	145.62
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	2.93B	4.03B	4.09B	3.77B	9.48B	10.35B	7.19B	8.66B	11.81B	10.36B
Operating CF Growth %	0.36%	0.37%	0.01%	-0.08%	1.52%	0.09%	-0.31%	0.2%	0.36%	-0.12%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	2.08B	1.84B	2.23B	2.65B	5.12B	8.49B	5.42B	6.78B	5.37B	3.78B
Depreciation & Amortization	585M	610M	566M	695M	3.65B	2.8B	2.92B	2.94B	3.04B	2.77B
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	21M	74M	242M	-101M	-313M	-386M	-216M	-472M	-1.66B	-95M
Other Non-Cash Items	251M	-169M	281M	81M	-175M	-4.15B	-57M	-1.18B	1.58B	2.71B
Working Capital Changes	-1M	1.67B	765M	449M	1.2B	3.6B	-879M	584M	3.49B	1.19B
Cash from Investing+	-1.74B	-2.57B	-1.7B	-26.38B	-734M	2.98B	-3.61B	3.1B	-5.17B	-2.1B
Capital Expenditures	-510M	-461M	-471M	-528M	-1.05B	-1.09B	-1.15B	-1.29B	-1.57B	-1.41B
Acquisitions	-99M	-4M	-209M	-24.45B	-153M	5.45B	-1.89B	4.83B	-434M	390M
Purchase of Investments	-5.42B	-6.89B	-6.69B	-6.83B	-6.04B	-6.69B	-6.11B	-4.32B	-5.54B	-2.69B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	140M	50M	-95M	-109M	-119M	-71M	-50M	-233M	-264M	-838M
Cash from Financing+	-530M	-225M	-2.65B	23.52B	-7.19B	-8.53B	-8.21B	-11.24B	-4.29B	-7.65B
Dividends Paid	0	0	0	0	-15M	-15M	-1.34B	-1.38B	-1.45B	-1.57B
Share Repurchases	-671M	-139M	-2.73B	-342M	-1.99B	-4.04B	-7.74B	-7.61B	-2.28B	-7.03B
Stock Issued	154M	36M	131M	68M	224M	376M	326M	389M	187M	305M
Debt Issuance (Net)	1000K	-1000K	1000K	1000K	-1000K	-1000K	1000K	-1000K	-1000K	1000K
Other Financing	-114M	26M	-468M	-423M	-237M	-328M	-112M	-79M	-469M	-411M
Net Change in Cash+	548M	1.22B	-213M	883M	1.56B	4.83B	-4.7B	428M	2.36B	594M
Exchange Rate Effect	-1000K	-1000K	1000K	-1000K	-1000K	1000K	-1000K	-1000K	1000K	-1000K
Cash at Beginning	1.42B	1.97B	3.19B	2.97B	3.85B	5.41B	10.24B	5.55B	5.98B	8.34B
Cash at End	1.97B	3.19B	2.97B	3.85B	5.41B	10.24B	5.55B	5.98B	8.34B	8.93B
Free Cash Flow+	2.21B	3.56B	3.62B	3.24B	8.44B	9.26B	6.04B	7.36B	10.24B	8.96B
FCF Growth %	0.45%	0.62%	0.01%	-0.1%	1.6%	0.1%	-0.35%	0.22%	0.39%	-0.13%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	8.47	13.73	14.82	13.14	22.21	25.13	17.71	23.51	34.49	31.63

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	67.37%	92.25%	90.57%	91.45%	94.74%	94.92%	95.44%	95.32%	95.63%	96.19%
Medical Cost Ratio	67.12%	67.3%	66.3%	66.44%	83.67%	84.91%	86.81%	86.98%	87.11%	89.49%
Return on Equity (ROE)	18.21%	14.42%	16.23%	9.61%	11.81%	17.66%	11.01%	14.55%	11.31%	7.84%
Return on Assets (ROA)	3.71%	3.21%	3.69%	2.45%	3.3%	5.44%	3.46%	4.49%	3.48%	2.23%
Equity / Assets	21.22%	23.22%	22.32%	26.8%	29.13%	32.41%	30.46%	31.24%	30.34%	26.46%
Book Value / Share	46.48	53.09	56.5	166.52	119.48	136.77	138.38	143.58	156.13	145.62
Debt / Equity	0.43x	0.37x	0.39x	1.03x	0.84x	0.67x	0.73x	0.70x	0.67x	0.78x
Revenue Growth	8.48%	5.18%	4.94%	16.37%	215.65%	4.45%	8.52%	3.7%	8.17%	26.56%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Evernorth	-	-	-	-	-	-	-	-	-	198.18B
Evernorth Growth	-	-	-	-	-	-	-	-	-	-
Cigna Healthcare	-	-	-	32.22B	35.34B	36.47B	42.38B	42.38B	46.82B	47.53B
Cigna Healthcare Growth	-	-	-	-	9.69%	3.21%	16.20%	-0.01%	10.48%	1.52%
Evernorth Health Services	-	-	-	5.91B	107.41B	112.68B	127.71B	135.87B	147.83B	-
Evernorth Health Services Growth	-	-	-	-	1717.19%	4.90%	13.34%	6.39%	8.80%	-
Other	-	-	-	5.05B	5.16B	5.24B	3.99B	2.26B	596M	-
Other Growth	-	-	-	-	2.16%	1.65%	-23.89%	-43.29%	-73.65%	-
Corporate and Eliminations	-	-	-	151M	-2M	-	-1M	7M	24M	-
Corporate and Eliminations Growth	-	-	-	-	-101.32%	-	-	800.00%	242.86%	-
International Markets	-	-	-	5.32B	5.66B	6.01B	-	-	-	-
International Markets Growth	-	-	-	-	6.31%	6.15%	-	-	-	-
Global Health Benefits	22.7B	23.3B	24.54B	-	-	-	-	-	-	-
Global Health Benefits Growth	-	2.64%	5.34%	-	-	-	-	-	-	-
Group Disability And Life	3.84B	4B	3.98B	-	-	-	-	-	-	-
Group Disability And Life Growth	-	4.14%	-0.42%	-	-	-	-	-	-	-
Global Supplemental Benefits	3B	3.23B	3.68B	-	-	-	-	-	-	-
Global Supplemental Benefits Growth	-	7.53%	14.20%	-	-	-	-	-	-	-
Other Operations	103M	103M	112M	-	-	-	-	-	-	-
Other Operations Growth	-	0.00%	8.74%	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	-	-	-	-	154.04B	166.63B	174.54B	189.84B	241.56B
UNITED STATES Growth	-	-	-	-	-	-	8.17%	4.75%	8.77%	27.25%
All Other Countries	-	-	2.13B	2.3B	2.82B	2.99B	5.9B	4.82B	4.26B	-
All Other Countries Growth	-	-	-	8.02%	22.48%	6.02%	97.29%	-18.31%	-11.68%	-
KOREA, REPUBLIC OF	-	-	-	-	-	2.12B	-	-	-	-
KOREA, REPUBLIC OF Growth	-	-	-	-	-	-	-	-	-	-
United States	-	-	36.13B	42.77B	147.33B	-	-	-	-	-
United States Growth	-	-	-	18.39%	244.45%	-	-	-	-	-
South Korea	-	-	1.89B	2.09B	2.02B	-	-	-	-	-
South Korea Growth	-	-	-	10.62%	-3.39%	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Cigna Corporation (CI) has a price-to-earnings (P/E) ratio of 22.4x. This is roughly in line with market averages.

Growth & Financials

Cigna Corporation (CI) grew revenue by 26.6% over the past year. This is strong growth.

Yes, Cigna Corporation (CI) is profitable, generating $6.15B in net income for fiscal year 2024 (1.4% net margin).

Dividend & Returns

Yes, Cigna Corporation (CI) pays a dividend with a yield of 2.04%. This makes it attractive for income-focused investors.

Cigna Corporation (CI) has a return on equity (ROE) of 7.8%. This is below average, suggesting room for improvement.

Industry Metrics

Cigna Corporation (CI) has a combined ratio of 96.2%. A ratio below 100% indicates underwriting profitability.

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