Delaware
(State or other jurisdiction of incorporation)
|
1‑08323
(Commission File Number)
|
06‑1059331
(IRS Employer
Identification No.)
|
[ ]
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
[ ]
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
[ ]
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
[ ]
|
Pre-commencement communication pursuant to Rule 13e-49(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Item 9.01
|
Financial Statements and Exhibits.
|
|
|
(d)
|
Exhibits.
|
|
|
Exhibit No.
|
Description
|
99.1
|
Cigna Corporation
|
||
Date: May 3, 2018
|
By:
|
/s/ Eric P. Palmer
|
Eric P. Palmer
|
||
Executive Vice President and
|
||
Chief Financial Officer
|
||
(Principal Financial Officer)
|
NEWS RELEASE
|
Contact:
|
Will McDowell, Investor Relations – (215) 761-4198
|
Matt Asensio, Media Relations – (860) 226-2599
|
o |
Total revenues1 increased 9% to $11.4 billion in the first quarter
|
o |
Shareholders’ net income for the first quarter was $915 million, or $3.72 per share
|
o |
Adjusted income from operations2 in the first quarter was $1.0 billion, or $4.11 per share
|
o |
Global medical customer base3 is now projected to grow in the range of 400,000 to 500,000 lives in 2018
|
o |
Adjusted income from operations2,4,5 is now projected to grow in the range of 19% to 23%, to $3.17 billion to $3.27 billion in 2018, or $12.85 to $13.25 per share5
|
Consolidated Financial Results1 (dollars in millions):
|
||||||||||||
|
||||||||||||
|
Three Months Ended
|
|||||||||||
|
March 31,
|
December 31,
|
||||||||||
|
2018
|
2017
|
2017
|
|||||||||
|
||||||||||||
Total Revenues
|
$
|
11,380
|
$
|
10,474
|
$
|
10,656
|
||||||
Net Realized Investment (Gains) Losses
|
35
|
(46
|
)
|
(23
|
)
|
|||||||
Consolidated Operating Revenues6
|
$
|
11,415
|
$
|
10,428
|
$
|
10,633
|
||||||
Consolidated Earnings, Net of Taxes
|
||||||||||||
Shareholders’ Net Income
|
$
|
915
|
$
|
598
|
$
|
266
|
||||||
Net Realized Investment (Gains) Losses
|
25
|
(31
|
)
|
(16
|
)
|
|||||||
Amortization of Other Acquired Intangible Assets2
|
20
|
20
|
12
|
|||||||||
Special Items2
|
50
|
132
|
221
|
|||||||||
Adjusted Income from Operations2
|
$
|
1,010
|
$
|
719
|
$
|
483
|
||||||
|
||||||||||||
Shareholders’ Net Income, per share
|
$
|
3.72
|
$
|
2.30
|
$
|
1.07
|
||||||
Adjusted Income from Operations2, per share
|
$
|
4.11
|
$
|
2.77
|
$
|
1.94
|
· |
Cash and marketable investments at the parent company were $1.0 billion at March 31, 2018 and $1.2 billion at December 31, 2017.
|
· |
Year to date, as of May 2, 2018, the Company repurchased 1.3 million shares of common stock for approximately $275 million. The Company does not expect to conduct additional share repurchases prior to closing of the Express Scripts combination.
|
Financial Results1 (dollars in millions, customers in thousands):
|
||||||||||||
|
||||||||||||
|
Three Months Ended
|
|||||||||||
|
March 31,
|
December 31,
|
||||||||||
|
2018
|
2017
|
2017
|
|||||||||
|
||||||||||||
Operating Revenues
|
$
|
9,089
|
$
|
8,287
|
$
|
8,390
|
||||||
Adjusted Income from Operations2
|
$
|
871
|
$
|
610
|
$
|
397
|
||||||
Adjusted Margin, After-Tax7
|
9.6
|
%
|
7.4
|
%
|
4.7
|
%
|
||||||
|
||||||||||||
|
As of the Periods Ended
|
|||||||||||
|
March 31,
|
December 31,
|
||||||||||
Customers:
|
2018
|
2017
|
2017
|
|||||||||
Commercial
|
15,750
|
15,232
|
15,420
|
|||||||||
Government
|
484
|
502
|
487
|
|||||||||
Medical3
|
16,234
|
15,734
|
15,907
|
|||||||||
|
||||||||||||
Behavioral Care
|
26,998
|
26,006
|
26,849
|
|||||||||
Dental
|
16,521
|
15,788
|
15,801
|
|||||||||
Pharmacy
|
8,796
|
8,910
|
8,960
|
|||||||||
Medicare Part D
|
784
|
853
|
821
|
· |
Global Health Care delivered strong revenue and earnings growth in the first quarter, led by continued strong performance of the company’s Commercial Employer business in our targeted markets.
|
· |
First quarter 2018 operating revenues increased 10% relative to first quarter 2017, driven by Commercial customer growth, premium increases consistent with underlying cost trends and specialty contributions.
|
· |
Cigna's medical customer base3 grew by 327,000 customers in first quarter 2018 to a total of 16.2 million customers, driven by continued organic growth in our Select, Individual and Middle Market segments.
|
· |
First quarter 2018 adjusted income from operations2 and adjusted margin, after-tax7 reflect medical and specialty business growth, strong medical cost performance, a lower tax rate and favorable prior year reserve development.
|
· |
Adjusted income from operations2 for first quarter 2018 and first quarter 2017 included favorable prior year reserve development on an after-tax basis of $43 million and $61 million, respectively.
|
· |
The Total Commercial medical care ratio8 (“MCR”) of 73.7% for first quarter 2018 reflects the consistent strong performance of our Commercial business, the pricing effect of the resumption of the health insurance tax, and favorable prior year reserve development.
|
· |
The Total Government MCR8 of 84.5% for first quarter 2018 reflects strong performance in Medicare Advantage and the seasonal impacts of Medicare Part D.
|
· |
First quarter 2018 Global Health Care operating expense ratio8 of 22.7% reflects the return of the health insurance tax, ongoing investments in growth and innovation, and continued effective expense management.
|
· |
Global Health Care net medical costs payable9 was approximately $2.68 billion at March 31, 2018 and $2.45 billion at December 31, 2017.
|
|
||||||||||||
|
Three Months Ended
|
|||||||||||
|
March 31,
|
December 31,
|
||||||||||
|
2018
|
2017
|
2017
|
|||||||||
|
||||||||||||
Operating Revenues10
|
$
|
1,102
|
$
|
909
|
$
|
1,023
|
||||||
Adjusted Income from Operations2
|
$
|
112
|
$
|
74
|
$
|
81
|
||||||
Adjusted Margin, After-Tax7
|
10.2
|
%
|
8.1
|
%
|
7.9
|
%
|
||||||
|
||||||||||||
|
As of the Periods Ended
|
|||||||||||
|
March 31,
|
December 31,
|
||||||||||
2018
|
2017
|
2017
|
||||||||||
Policies10
|
13,491
|
12,611
|
13,138
|
· |
Global Supplemental Benefits delivered outstanding top line and bottom line results in first quarter 2018, continuing our long track record of profitable growth through innovative product design and distribution strategies tailored to the evolving needs of individual consumers.
|
· |
First quarter 2018 operating revenues10 grew 21% over first quarter 2017, primarily reflecting continued business growth and some favorable impact from foreign currency movements.
|
· |
First quarter 2018 adjusted income from operations2 and adjusted margin, after-tax7 reflect business growth and strong operating expense management.
|
|
||||||||||||
|
Three Months Ended
|
|||||||||||
|
March 31,
|
December 31,
|
||||||||||
|
2018
|
2017
|
2017
|
|||||||||
|
||||||||||||
Operating Revenues
|
$
|
1,116
|
$
|
1,121
|
$
|
1,109
|
||||||
Adjusted Income from Operations2
|
$
|
67
|
$
|
68
|
$
|
61
|
||||||
Adjusted Margin, After-Tax7
|
6.0
|
%
|
6.1
|
%
|
5.5
|
%
|
· |
Group Disability and Life continues to create value for our customers and clients with customized solutions that improve health, productivity and sense of security, particularly when integrated with the company’s medical and other specialty offerings.
|
· |
First quarter 2018 adjusted income from operations2 and adjusted margin, after-tax7 reflect solid performance of our Disability business and modestly elevated life insurance claims.
|
Financial Results (dollars in millions):
|
|||||||||
Three Months Ended
|
|||||||||
March 31,
|
December 31, | ||||||||
2018
|
2017
|
2017 | |||||||
Corporate & Other Operations
|
$
|
(40)
|
$
|
(33)
|
$
|
(56)
|
· |
First quarter 2018 adjusted loss from operations2 improved sequentially primarily driven by favorable impacts on corporate income taxes from stock-based compensation programs.
|
(dollars in millions, except where noted and per share amounts)
|
Projection for Full-
Year Ending
|
Change
from Prior
|
||||
|
|
December 31, 2018 2,4,5
|
Projection
|
|||
Adjusted Income (Loss) from Operations
|
|
|
|
|||
Global Health Care
|
|
$
|
2,670 to 2,730
|
$
|
+ 50 to 70
|
|
Global Supplemental Benefits
|
|
$
|
390 to 410
|
$
|
+ 10
|
|
Group Disability and Life
|
|
$
|
330 to 350
|
$
|
||
Ongoing Businesses
|
|
$
|
3,390 to 3,490
|
$
|
+ 60 to 80
|
|
|
|
|
||||
Corporate & Other Operations
|
|
$
|
(220)
|
$
|
+ 10
|
|
Consolidated Adjusted Income from Operations
|
|
$
|
3,170 to 3,270
|
$
|
+ 70 to 90
|
|
|
|
|
||||
Consolidated Adjusted Income from Operations, per share
|
|
$
|
12.85 to 13.25
|
$
|
+ 0.35 to 0.45
|
2018 Operating Metrics and Ratios Outlook | |||||
Total Revenue Growth
|
|
|
7% to 8%
|
||
Full Year Total Commercial Medical Care Ratio8
|
|
|
77.5% to 78.5%
|
||
Full Year Total Government Medical Care Ratio8
|
|
|
83.5% to 84.5%
|
- 50 bps
|
|
Full Year Global Health Care Operating Expense Ratio8
|
|
|
22.5% to 23.5%
|
||
Global Medical Customer Growth3
|
|
|
400,000 to 500,000
Customers
|
+ 0 to 100,000
Customers
|
|
Consolidated Adjusted Tax Rate11
|
|
|
24% to 25%
|
|
Live Call
|
|
(888) 324-7575 (Domestic)
|
|
(210) 234-0013 (International)
|
|
Passcode: 5032018
|
|
Replay
|
|
(866) 484-6429 (Domestic)
|
|
(203) 369-1603 (International)
|
1. |
Effective January 1, 2018, the Company adopted Accounting Standards Update 2014-09 “Revenue from Contracts with Customers” through full retrospective restatement. The adoption of ASU 2014-09 had no impact to shareholders’ net income, adjusted income from operations or cash flows, however the adoption resulted in certain reclassifications in the Consolidated and Global Health Care Segment income statements. Additional information regarding adoption of the new revenue accounting standard is available in the Company’s Form 10-Q expected to be filed on May 3, 2018.
|
2. |
Adjusted income (loss) from operations is defined as shareholders’ net income (loss) excluding the following after-tax adjustments: net realized investment results, net amortization of other acquired intangible assets and special items. Special items are identified in Exhibit 2 of this earnings release.
|
Adjusted income (loss) from operations is a measure of profitability used by Cigna’s management because it presents the underlying results of operations of Cigna’s businesses and permits analysis of trends in underlying revenue, expenses and shareholders’ net income. This consolidated measure is not determined in accordance with accounting principles generally accepted in the United States (GAAP) and should not be viewed as a substitute for the most directly comparable GAAP measure, shareholders’ net income. See Exhibits 1 and 2 for a reconciliation of adjusted income from operations to shareholders’ net income.
|
3. |
Global medical customers include individuals who meet any one of the following criteria: are covered under a medical insurance policy, managed care arrangement, or service agreement issued by Cigna; have access to Cigna's provider network for covered services under their medical plan; or have medical claims and services that are administered by Cigna.
|
4. |
Management is not able to provide a reconciliation to shareholders’ net income (loss) on a forward-looking basis because we are unable to predict, without unreasonable effort, certain components thereof including (i) future net realized investment results and (ii) future special items. These items are inherently uncertain and depend on various factors, many of which are beyond our control. As such, any associated estimate and its impact on shareholders’ net income could vary materially.
|
5. |
The Company’s outlook excludes the potential effects of any share repurchases or business combinations that may occur after the date of this earnings release. Also, the Company’s outlook is presented on the basis of the new revenue accounting standard (ASU 2014-09) adopted effective January 1, 2018.
|
6. |
The measure “consolidated operating revenues” is not determined in accordance with GAAP and should not be viewed as a substitute for the most directly comparable GAAP measure, “total revenues.” We define consolidated operating revenues as total revenues excluding realized investment results. We exclude realized investment results from this measure because our portfolio managers may sell investments based on factors largely unrelated to the underlying business purposes of each segment. As a result, gains or losses created in this process may not be indicative of past or future underlying performance of the business. See Exhibit 1 for a reconciliation of consolidated operating revenues to total revenues.
|
7. |
Adjusted margin, after-tax, is calculated by dividing adjusted income (loss) from operations by operating revenues for each segment.
|
8. |
Operating ratios are defined as follows:
|
· |
Total Commercial medical care ratio represents medical costs as a percentage of premiums for all commercial risk products, including medical, pharmacy, dental, stop loss and behavioral products provided through guaranteed cost or experience-rated funding arrangements in both the United States and internationally.
|
· |
Total Government medical care ratio represents medical costs as a percentage of premiums for Medicare Advantage, Medicare Part D, and Medicaid products.
|
· |
Global Health Care operating expense ratio represents operating expenses excluding acquisition related amortization expense as a percentage of operating revenue in the Global Health Care segment.
|
9. |
Global Health Care medical costs payable are presented net of reinsurance and other recoverables. The gross Global Health Care medical costs payable balance was $2.93 billion as of March 31, 2017 and $2.72 billion as of December 31, 2017.
|
10. |
Cigna owns a 50% noncontrolling interest in its China joint venture. Cigna's 50% share of the joint venture’s earnings is reported in Other Revenues using the equity method of accounting under GAAP. As such, the premiums and fees and policy counts for the Global Supplemental Benefits segment do not include the China joint venture.
|
11. |
The measure “consolidated adjusted tax rate” is not determined in accordance with GAAP and should not be viewed as a substitute for the most directly comparable GAAP measure, “consolidated effective tax rate.” We define consolidated adjusted tax rate as the income tax rate applicable to the Company’s pre-tax income excluding net realized investment results, net amortization of other acquired intangible assets and special items. Management is not able to provide a reconciliation to the consolidated effective tax rate on a forward-looking basis because we are unable to predict, without unreasonable effort, certain components thereof including (i) future net realized investment results and (ii) future special items.
|
CIGNA CORPORATION
|
|||||||
COMPARATIVE SUMMARY OF FINANCIAL RESULTS (unaudited)
|
Exhibit 1
|
||||||
(Dollars in millions, except per share amounts)
|
|||||||
Three Months Ended
|
||||||||
March 31,
|
||||||||
2018
|
2017
|
|||||||
REVENUES
|
||||||||
Premiums
|
$
|
8,999
|
$
|
8,151
|
||||
Fees
|
1,353
|
1,248
|
||||||
Net investment income
|
329
|
303
|
||||||
Mail order pharmacy revenues
|
717
|
710
|
||||||
Other revenues
|
15
|
16
|
||||||
Net realized investment gains (losses)
|
(33
|
)
|
46
|
|||||
Total revenues
|
11,380
|
10,474
|
||||||
Less: Net realized investment gains (losses)
|
(33
|
)
|
46
|
|||||
Less: Net realized investment (losses) from equity method subsidiaries(1)
|
(2 | ) | - | |||||
Consolidated operating revenues
|
$
|
11,415
|
$
|
10,428
|
||||
SHAREHOLDERS' NET INCOME (LOSS)
|
||||||||
Shareholders' net income (loss)
|
$
|
915
|
$
|
598
|
||||
After-tax adjustments to reconcile to adjusted income from operations:
|
||||||||
Net realized investment (gains) losses(1)
|
25
|
(31
|
)
|
|||||
Amortization of other acquired intangible assets
|
20
|
20
|
||||||
Special items
|
50
|
132
|
||||||
Adjusted income from operations(2)
|
$
|
1,010
|
$
|
719
|
||||
Adjusted income (loss) from operations by segment
|
||||||||
Global Health Care
|
$
|
871
|
$
|
610
|
||||
Global Supplemental Benefits
|
112
|
74
|
||||||
Group Disability and Life
|
67
|
68
|
||||||
Ongoing Operations
|
1,050
|
752
|
||||||
Corporate and Other
|
(40
|
)
|
(33
|
)
|
||||
Total adjusted income from operations(2)
|
$
|
1,010
|
$
|
719
|
||||
DILUTED EARNINGS PER SHARE
|
||||||||
Shareholders' net income (loss)
|
$
|
3.72
|
$
|
2.30
|
||||
After-tax adjustments to reconcile to adjusted income from operations:
|
||||||||
Net realized investment (gains) losses(1)
|
0.10
|
(0.12
|
)
|
|||||
Amortization of other acquired intangible assets
|
0.08
|
0.08
|
||||||
Special items
|
0.21
|
0.51
|
||||||
Adjusted income from operations(2)
|
$
|
4.11
|
$
|
2.77
|
||||
Weighted average shares (in thousands)
|
245,788
|
259,774
|
||||||
Common shares outstanding (in thousands)
|
243,250
|
256,217
|
||||||
SHAREHOLDERS' EQUITY at March 31,
|
$
|
14,195
|
$
|
14,202
|
||||
SHAREHOLDERS' EQUITY PER SHARE at March 31,
|
$
|
58.36
|
$
|
55.43
|
||||
(1) Beginning in 2018, Cigna's share of the realized investment results of its joint ventures in China and India that is reported in other revenues is excluded from operating revenues and adjusted income from operations.
|
||||||||
(2) Adjusted income (loss) from operations is defined as shareholders' net income (loss) excluding the following after-tax adjustments: realized investment results; amortization of other acquired intangible assets; and special items (identified and quantified on Exhibit 2).
|
||||||||
CIGNA CORPORATION
|
Exhibit 2
|
||||||||
RECONCILIATION OF SHAREHOLDERS' NET INCOME (LOSS) TO ADJUSTED INCOME FROM OPERATIONS
|
|||||||||
(Dollars in millions, except per share amounts)
|
||||||||||||||||||||||||||||||||||||
Diluted
Earnings
Per Share
|
Consolidated
|
Global
Health Care |
||||||||||||||||||||||||||||||||||
Three Months Ended,
|
1Q18
|
1Q17
|
4Q17
|
1Q18
|
1Q17
|
4Q17
|
1Q18
|
1Q17
|
4Q17
|
|||||||||||||||||||||||||||
Shareholders' net income (loss)
|
$
|
3.72
|
$
|
2.30
|
$
|
1.07
|
$
|
915
|
$
|
598
|
$
|
266
|
$
|
842
|
$
|
544
|
$
|
529
|
||||||||||||||||||
After-tax adjustments to reconcile to adjusted income (loss) from operations:
|
||||||||||||||||||||||||||||||||||||
Realized investment (gains) losses(1)
|
0.10
|
(0.12
|
)
|
(0.06
|
)
|
25
|
(31
|
)
|
(16
|
)
|
15
|
(16
|
)
|
(3
|
)
|
|||||||||||||||||||||
Amortization of other acquired intangible assets
|
0.08
|
0.08
|
0.05
|
20
|
20
|
12
|
14
|
14
|
8
|
|||||||||||||||||||||||||||
Special items:
|
||||||||||||||||||||||||||||||||||||
Transaction-related costs
|
0.21
|
0.19
|
0.10
|
50
|
49
|
25
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Long-term care guaranty fund assessment
|
-
|
0.32
|
-
|
-
|
83
|
-
|
-
|
68
|
-
|
|||||||||||||||||||||||||||
U.S. tax reform
|
-
|
-
|
0.78
|
-
|
-
|
196
|
-
|
-
|
(137
|
)
|
||||||||||||||||||||||||||
Adjusted income (loss) from operations
|
$
|
4.11
|
$
|
2.77
|
$
|
1.94
|
$
|
1,010
|
$
|
719
|
$
|
483
|
$
|
871
|
$
|
610
|
$
|
397
|
||||||||||||||||||
Weighted average shares (in thousands)
|
245,788
|
259,774
|
249,181
|
|||||||||||||||||||||||||||||||||
Special items, pre-tax:
|
||||||||||||||||||||||||||||||||||||
Transaction-related costs
|
$
|
60
|
$
|
63
|
$
|
38
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||||||||||||||
Long-term care guaranty fund assessment
|
-
|
129
|
-
|
-
|
106
|
-
|
||||||||||||||||||||||||||||||
U.S. tax reform
|
-
|
-
|
(56
|
)
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||
Total
|
$
|
60
|
$
|
192
|
$
|
(18
|
)
|
$
|
-
|
$
|
106
|
$
|
-
|
|||||||||||||||||||||||
(1) Beginning in 2018, includes Cigna's share of the realized investment results of its joint ventures in China and India.
|
CIGNA CORPORATION
|
Exhibit 2
|
||||||||
RECONCILIATION OF SHAREHOLDERS' NET INCOME (LOSS) TO ADJUSTED INCOME FROM OPERATIONS
|
|||||||||
(Dollars in millions, except per share amounts)
|
|
|
||||||||||||||||||||||||||||||||||
Global
SupplementalBenefits
|
Group
Disability |
Corporate
and |
||||||||||||||||||||||||||||||||||
Three Months Ended,
|
1Q18
|
1Q17
|
4Q17
|
1Q18
|
1Q17
|
4Q17
|
1Q18
|
1Q17
|
4Q17
|
|||||||||||||||||||||||||||
Shareholders' net income (loss)
|
$
|
105
|
$
|
77
|
$
|
19
|
$
|
54
|
$
|
59
|
$
|
105
|
$
|
(86
|
)
|
$
|
(82
|
)
|
$
|
(387
|
)
|
|||||||||||||||
After-tax adjustments to reconcile to adjusted income (loss) from operations:
|
||||||||||||||||||||||||||||||||||||
Realized investment (gains) losses(1)
|
1
|
(9
|
)
|
(15
|
)
|
13
|
(6
|
)
|
(5
|
)
|
(4
|
)
|
-
|
7
|
||||||||||||||||||||||
Amortization of other acquired intangible assets
|
6
|
6
|
4
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Special items:
|
||||||||||||||||||||||||||||||||||||
Transaction-related costs
|
-
|
-
|
-
|
-
|
-
|
-
|
50
|
49
|
25
|
|||||||||||||||||||||||||||
Long-term care guaranty fund assessment
|
-
|
-
|
-
|
-
|
15
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
U.S. tax reform
|
-
|
-
|
73
|
-
|
-
|
(39
|
)
|
-
|
-
|
299
|
||||||||||||||||||||||||||
Adjusted income (loss) from operations
|
$
|
112
|
$
|
74
|
$
|
81
|
$
|
67
|
$
|
68
|
$
|
61
|
$
|
(40
|
)
|
$
|
(33
|
)
|
$
|
(56
|
)
|
|||||||||||||||
Weighted average shares (in thousands)
|
||||||||||||||||||||||||||||||||||||
Special items, pre-tax:
|
||||||||||||||||||||||||||||||||||||
Transaction-related costs
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
60
|
$
|
63
|
$
|
38
|
||||||||||||||||||
Long-term care guaranty fund assessment
|
-
|
-
|
-
|
-
|
23
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
U.S. tax reform
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(56
|
)
|
||||||||||||||||||||||||||
Total
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
23
|
$
|
-
|
$
|
60
|
$
|
63
|
$
|
(18
|
)
|
|||||||||||||||||
(1) Beginning in 2018, includes Cigna's share of the realized investment results of its joint ventures in China and India.
|
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