[July 31, 2014]

Cigna Reports Strong Second Quarter 2014 Results, Raises Outlook

Cigna Corporation (NYSE: CI) today reported second quarter 2014 results with each of the Company's business segments posting strong revenue and earnings contributions.

Consolidated revenues in the quarter were $8.7 billion, an increase of 9% over second quarter 2013. Revenues reflect growth in premiums and fees of 8% in Global Health Care, 18% in Global Supplemental Benefits and 5% in Group Disability and Life, primarily driven by continued growth in Cigna's targeted customer segments.

Cigna's adjusted income from operations¹ for the second quarter of 2014 was $530 million, or $1.96 per share, compared to $512 million, or $1.78 per share, for the second quarter of 2013. Results in the second quarter of 2014 reflect solid revenue growth, disciplined expense management and continued effective medical cost management.

"Our sustained growth in a dynamic marketplace is driven by our commitment to innovation and our differentiated capabilities for the benefit of our customers and clients around the world," said David M. Cordani, President and Chief Executive Officer. "This customer focus and our diversified portfolio enable us to deliver attractive growth over the long-term."

Cigna reported shareholders' net income of $573 million, or $2.12 per share, for the second quarter of 2014, compared to $505 million, or $1.76 per share, for the second quarter of 2013.

CONSOLIDATED HIGHLIGHTS

The following table includes highlights of results and a reconciliation of adjusted income from operations¹ to shareholders' net income (dollars in millions, except per share amounts; customers in thousands):

• Cash and short term investments at the parent company were approximately $325 million at June 30, 2014 and approximately $760 million at December 31, 2013.
• During the period from May 1, 2014 through July 30, 2014, the Company repurchased approximately 5.5 million shares of stock for approximately $500 million.
• Year to date, as of July 30, 2014, the Company repurchased approximately 13.5 million shares of stock for approximately $1.15 billion.

HIGHLIGHTS OF SEGMENT RESULTS

See Exhibit 2 for a reconciliation of adjusted income (loss) from operations¹ to segment earnings (loss).

Global Health Care

This segment includes Cigna's Commercial and Government businesses that deliver medical and specialty health care products and services to domestic and multi-national clients and customers on guaranteed cost, retrospectively experience-rated and administrative services only ("ASO") funding arrangements. Specialty health care includes behavioral, dental, disease and medical management, stop loss, and pharmacy-related products and services.

• Global Health Care results reflect continued growth in the Company's targeted customer segments.
• Second quarter premiums and fees increased approximately 8% relative to second quarter 2013, driven by strong fundamentals in our Commercial business and customer growth, partially offset by the exit of the Limited Benefits business due to ACA regulation as well as rate pressure in our Seniors business.
• Adjusted income from operations¹ and adjusted margin, after-tax⁶ reflect medical and specialty business growth, effective medical cost management and ACA-related impacts.
• Adjusted income from operations¹ for second quarter 2014, second quarter 2013, and first quarter 2014 included favorable prior year reserve development on an after-tax basis of approximately $16 million, $20 million, and $30 million, respectively.
• Global Health Care net medical claims payable⁸ was approximately $2.03 billion at June 30, 2014 and $1.86 billion at December 31, 2013.

Global Supplemental Benefits

This segment includes Cigna's global individual supplemental health, life, and accident insurance business, primarily in Asia, and Medicare supplement coverage in the United States.

• Second quarter 2014 premiums and fees grew 18% relative to second quarter 2013, reflecting customer growth, increased sales of higher premium products, and favorable foreign currency movements.
• Adjusted income from operations¹ and adjusted margin, after-tax⁶ reflect the impact of strong customer retention, business growth and effective operating expense management.

Group Disability and Life

This segment includes Cigna's group disability, life, and accident insurance operations.

• Second quarter 2014 results benefited from premium and fee growth of 5% relative to second quarter 2013, driven by business growth and strong retention in both our disability and life businesses.
• Adjusted income from operations¹ and adjusted margin, after-tax⁶ for the second quarter 2014 reflect a $35 million after-tax favorable impact related to reserve studies, as well as strong operational performance in the disability business.
• Second quarter 2013 adjusted income from operations¹ includes a favorable after-tax impact related to reserve studies of $27 million and a $14 million after-tax favorable impact related to an updated discount rate assumption.

Corporate & Other Operations

Adjusted income (loss) from operations¹ for Cigna's remaining operations is presented below (dollars in millions):

• First quarter 2014 results reflected higher operating expenses and a less favorable effective tax rate.

OUTLOOK

• Cigna's outlook for full year 2014 consolidated adjusted income from operations^1,2 is in the range of $1.94 billion to $2.0 billion, or $7.20 to $7.40 per share⁴. Cigna's outlook excludes the potential effects of future capital deployment.³

The foregoing statements represent the Company's current estimates of Cigna's 2014 consolidated and segment adjusted income from operations^1,2 and global medical customer growth as of the date of this release. Actual results may differ materially depending on a number of factors. Investors are urged to read the Cautionary Note Regarding Forward-Looking Statements included in this release. Management does not assume any obligation to update these estimates.

This quarterly earnings release and the Quarterly Financial Supplement are available on Cigna's website in the Investor Relations section (http://www.cigna.com/aboutcigna/investors). A link to the conference call, during which management will review second quarter 2014 results and discuss full year 2014 outlook, is available in the Investor Relations section of Cigna's website located at http://www.cigna.com/cignadotcom/aboutcigna/investors/events/index.page.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release, and oral statements made with respect to information contained in this release, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on Cigna's current expectations and projections about future trends, events and uncertainties. These statements are not historical facts. Forward-looking statements may include, among others, statements concerning our projected adjusted income (loss) from operations outlook for 2014, on both a consolidated and segment basis; projected global medical customer growth (excluding limited benefits) over year end 2013; future financial or operating performance, including our ability to deliver improved health outcomes and productivity for our customers and clients and future growth, business strategy, strategic or operational initiatives; economic, regulatory or competitive environments, particularly with respect to the pace and extent of change in these areas; and financing or capital deployment plans, including whether and to what extent we may engage in share repurchases. You may identify forward-looking statements by the use of words such as "believe," "expect," "plan," "intend," "anticipate," "estimate," "predict," "potential," "may," "should," "will" or other words or expressions of similar meaning, although not all forward-looking statements contain such terms.

Forward-looking statements are subject to risks and uncertainties, both known and unknown, that could cause actual results to differ materially from those expressed or implied in forward-looking statements. Such risks and uncertainties include, but are not limited to: our ability to achieve our financial, strategic and operational plans or initiatives; our ability to predict and manage medical costs and price effectively and develop and maintain good relationships with physicians, hospitals and other health care providers; our ability to realize the expected benefits of strategic transactions and/or acquisitions; the substantial level of government regulation over our business and the potential effects of new laws or regulations, or changes in existing laws or regulations; the outcome of litigation, regulatory audits, investigations and actions and/or guaranty fund assessments; uncertainties surrounding participation in government-sponsored programs such as Medicare; and unfavorable industry, economic or political conditions, as well as more specific risks and uncertainties discussed in our most recent report on Form 10-K and subsequent reports on Forms 10-Q and 8-K available on the Investor Relations section of www.cigna.com. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made, are not guarantees of future performance or results, and are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Cigna undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by law.

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