[July 29, 2016] |
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Cigna Reports Second Quarter 2016 Results, Solid Performance in Global Health Care Offset by Pressure in Group Disability and Life
Cigna Corporation (NYSE: CI) today reported second quarter 2016 results
with solid performance in the Global Health Care segment and lower than
expected results in the Group Disability & Life segment.
Total revenues in the quarter were $10.0 billion, an increase of 5% over
second quarter 2015, driven by continued growth in Cigna's targeted
customer segments.
For the second quarter of 2016, shareholders' net income was $510
million, or $1.97 per share, compared with $588 million, or $2.26 per
share, for the second quarter of 2015. Second quarter 2016 shareholders'
net income included a special item2 charge of $26 million
after-tax, or $0.10 per share, for transaction costs related to Cigna's
proposed combination with Anthem, while second quarter 2015
shareholders' net income included a special item2 charge of
$65 million after-tax, or $0.25 per share, related to costs associated
with the early redemption of long term debt.
Cigna's adjusted income from operations1 for second quarter
of 2016 was $515 million, or $1.98 per share, compared with $664
million, or $2.55 per share, for second quarter of 2015.
"Cigna's second quarter financial results reflect solid performance in
Global Health Care and Global Supplemental Benefits, with a current
headwind in Group Disability and Life that pressured overall results,"
said David M. Cordani, President and Chief Executive Officer. "We are
taking a series of corrective actions to stabilize and improve Group
Disability and Life results while we continue to focus on driving
innovation and enhancing value for our customers and clients around the
globe, and remain fully committed to our long-term growth objective."
CONSOLIDATED HIGHLIGHTS
The following table includes highlights of results and reconciliations
of consolidated operating revenues4 to total revenues and
adjusted income from operations1 to shareholders' net income:
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Consolidated Financial Results (dollars in millions, customers in
thousands):
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Six Months
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Three Months Ended
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Ended
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June 30,
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March 31,
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June 30,
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2016
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2015
|
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2016
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2016
|
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Consolidated Operating Revenues4
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$
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9,893
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$
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9,471
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$
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9,916
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$
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19,809
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Net realized investment gains (losses)
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67
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21
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(32)
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35
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Total Revenues
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$
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9,960
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$
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9,492
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$
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9,884
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$
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19,844
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Consolidated Earnings, net of taxes
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Adjusted income from operations1
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$
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515
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$
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664
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$
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601
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$
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1,116
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Net realized investment gains
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44
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13
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(21)
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23
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Amortization of other acquired intangible assets
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(23)
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(24)
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(25)
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(48)
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Special items1
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(26)
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(65)
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(36)
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(62)
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Shareholders' net income
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$
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510
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$
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588
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$
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519
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$
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1,029
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Adjusted income from operations1, per share
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$
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1.98
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$
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2.55
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$
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2.32
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$
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4.30
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Shareholders' net income, per share
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$
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1.97
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$
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2.26
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$
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2.00
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$
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3.97
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As of the Periods Ended
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June 30,
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March 31,
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December 31,
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2016
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2015
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2016
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2015
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Global Medical Customers
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15,141
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14,771
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15,129
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14,999
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-
Cash and marketable investments at the parent company were
approximately $2 billion at June 30, 2016 and $1.4 billion at December
31, 2015.
-
Year to date, as of July 28, 2016, the Company repurchased 785,000
shares of common stock for approximately $110 million.3
HIGHLIGHTS OF SEGMENT RESULTS
See Exhibit 2 for a reconciliation of adjusted income (loss) from
operations1 to shareholders' net income.
Global Health Care
This segment includes Cigna's Commercial and Government businesses that
deliver medical and specialty health care products and services to
domestic and multi-national clients and customers using guaranteed cost,
retrospectively experience-rated and administrative services only
("ASO") funding arrangements. Specialty health care includes behavioral,
dental, disease and medical management, stop loss and pharmacy-related
products and services.
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Financial Results (dollars in millions, customers in thousands):
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Six Months
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Three Months Ended
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Ended
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June 30,
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March 31,
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June 30,
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2016
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2015
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2016
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2016
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Premiums and Fees
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$
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6,943
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$
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6,734
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$
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7,056
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$
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13,999
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Adjusted Income from Operations1
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$
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486
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$
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528
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$
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544
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$
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1,030
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Adjusted Margin, After-Tax5
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6.2%
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7.0%
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6.9%
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6.6%
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As of the Periods Ended
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June 30,
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March 31,
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December 31,
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Customers:
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2016
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2015
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2016
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2015
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Commercial
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14,543
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14,215
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14,514
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14,432
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Government
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598
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556
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615
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567
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Medical
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15,141
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14,771
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15,129
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14,999
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Behavioral Care
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25,776
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24,164
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26,081
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24,674
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Dental6
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14,880
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13,818
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14,836
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13,869
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Pharmacy
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8,302
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7,905
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8,358
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8,068
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Medicare Part D
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1,037
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1,458
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1,083
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1,476
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-
Second quarter 2016 premiums and fees increased 3% relative to second
quarter 2015, driven by customer growth, specialty contributions, and
rate actions in our Commercial employer group business, partially
offset by expected reductions in Medicare Part D and Individual
customers.
-
The second quarter medical customer base totaled 15.1 million,
including an increase of over 140,000 customers in 2016, driven by
organic growth in our Middle Market, Select, International and
Medicare Advantage segments.
-
Second quarter 2016 adjusted income from operations1 and
adjusted margin, after-tax5 reflect strong contributions
from our Commercial employer and specialty businesses, partially
offset by medical cost pressure in our Individual business and costs
related to our CMS audit response.
-
Adjusted income from operations1 for second quarter 2016
did not have a meaningful amount of net prior year reserve
development, while second quarter 2015 and first quarter 2016 included
favorable prior year reserve development on an after-tax basis of
approximately $19 million and $14 million respectively.
-
Second quarter 2016 also benefitted from $3 million after-tax in
updates to 2015 ACA risk mitigation program accruals while second
quarter 2015 benefitted from approximately $20 million after-tax in
updates to 2014 programs.
-
On a year to date basis, Cigna has recorded net receivables of $29
million, after-tax related to 2016 risk mitigation programs for our
Individual business.
-
The Total Commercial medical care ratio7 ("MCR") of 78.8%
for second quarter 2016 reflects the ongoing strong performance of our
Commercial employer group business, partially offset by higher medical
costs in our Individual business.
-
The Total Government MCR7 of 86.4% for second quarter 2016
reflects solid performance in our Medicare Advantage business and less
prior year reserve development.
-
Second quarter 2016 Global Health Care operating expense ratio7
of 20.9% reflects costs related to our CMS audit response as well as
continued investments in strategic initiatives, partially offset by
revenue growth.
-
Global Health Care net medical costs payable8 was
approximately $2.37 billion at June 30, 2016 and $2.11 billion at
December 31, 2015.
Global Supplemental Benefits
This segment includes Cigna's global individual supplemental health,
life and accident insurance business, primarily in Asia, and Medicare
supplement coverage in the United States.
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Financial Results (dollars in millions, policies in thousands):
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Six Months
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Three Months Ended
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Ended
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June 30,
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March 31,
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June 30,
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2016
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2015
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2016
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2016
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Premiums and Fees9
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$
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800
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$
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749
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$
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772
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$
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1,572
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Adjusted Income from Operations1
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$
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83
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$
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77
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$
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67
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$
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150
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Adjusted Margin, After-Tax5
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9.9%
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9.8%
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8.3%
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9.1%
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As of the Periods Ended
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June 30,
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March 31,
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December 31,
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2016
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2015
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2016
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2015
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Policies9
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11,965
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12,762
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11,855
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12,888
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-
Global Supplemental Benefits results continue to reflect the value
created by affordable and personalized solutions delivered to
individual consumers on a direct basis.
-
Excluding the impact of foreign currency movements, second quarter
2016 premiums and fees grew 12% over second quarter 2015, reflecting
continued business growth.
-
Second quarter 2016 adjusted income from operations1 and
adjusted margin, after-tax5 reflect business growth with
some offset from the unfavorable impact of foreign currency movements.
Group Disability and Life
This segment includes Cigna's group disability, life and accident
insurance operations.
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Financial Results (dollars in millions):
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Six Months
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Three Months Ended
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Ended
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June 30,
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March 31,
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June 30,
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2016
|
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2015
|
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2016
|
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2016
|
|
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|
|
|
|
|
|
|
|
|
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Premiums and Fees
|
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$
|
1,012
|
|
|
$
|
978
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|
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$
|
1,027
|
|
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$
|
2,039
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Adjusted Income (Loss) from Operations1
|
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$
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(12)
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$
|
106
|
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$
|
15
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$
|
3
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Adjusted Margin, After-Tax5
|
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(1.1%)
|
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10.0%
|
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1.4%
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0.1%
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-
The Group Disability and Life business significantly underperformed
our expectations in the second quarter.
-
Second quarter 2016 premiums and fees grew 3% relative to second
quarter 2015, primarily driven by new sales and continued strong
persistency.
-
Second quarter 2016 adjusted loss from operations1 and
adjusted margin, after-tax5 reflect the continued impact of
modifications to our disability claims management process implemented
in the first quarter and poor life claim experience.
-
Second quarter 2016 adjusted loss from operations1 also
includes an unfavorable after-tax impact related to life claim reserve
studies of $17 million while second quarter 2015 adjusted income from
operations1 includes a favorable after-tax impact related
to disability claim reserve studies of $37 million.
Corporate & Other Operations
Adjusted loss from operations1 for Cigna's remaining
operations is presented below:
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Financial Results (dollars in millions):
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|
|
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|
|
|
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Six Months
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Three Months Ended
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Ended
|
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June 30,
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March 31,
|
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June 30,
|
|
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|
2016
|
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|
2015
|
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|
2016
|
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2016
|
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|
|
|
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Corporate & Other Operations
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$
|
(42)
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$
|
(47)
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$
|
(25)
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$
|
(67)
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-
First quarter 2016 adjusted loss from operations1 included
a $23 million after-tax benefit from adoption of a new accounting
standard for corporate income taxes from stock-based compensation
programs.10
2016 OUTLOOK
Cigna's outlook for full year 2016 consolidated adjusted income from
operations1,2 is in the range of $2.02 billion to $2.11
billion, or $7.75 to $8.10 per share. Cigna's outlook excludes the
impact of additional prior year reserve development and potential
effects of any future capital deployment. 3
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(dollars in millions, except where noted and per share amounts)
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Full-Year Ending
|
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December 31, 2016
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Projected Adjusted Income (Loss) from Operations1,2
|
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Global Health Care
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$
|
1,900 to 1,930
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Global Supplemental Benefits
|
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$
|
255 to 275
|
Group Disability and Life
|
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$
|
40 to 80
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Ongoing Businesses
|
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$
|
2,195 to 2,285
|
|
|
|
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Corporate & Other Operations
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$
|
(175)
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Consolidated Projected Adjusted Income from Operations1,2
|
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|
$
|
2,020 to 2,110
|
|
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|
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Consolidated Projected Adjusted Income from Operations, per share1,2,3
|
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$
|
7.75 to 8.10
|
|
|
|
|
|
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2016 Projected Operating Metrics and
Ratios Outlook
|
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Total Revenue Growth
|
|
|
Mid single digit percentage range
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Full Year Total Commercial Medical Care Ratio7
|
|
|
78.5% to 79.5%
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Full Year Total Government Medical Care Ratio7
|
|
|
84% to 85%
|
|
|
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Full Year Global Health Care Operating Expense Ratio7
|
|
|
21% to 22%
|
|
|
|
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Global Medical Customer Growth11
|
|
|
Low single digit percentage range
|
|
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|
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Consolidated Projected Adjusted Income from Operations, per
share1,2,3 Outlook Roll-forward
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2016 Outlook (as of First Quarter 2016 Earnings Release dated
May 6, 2016)
|
|
|
$8.95 to $9.35
|
|
|
|
|
- Higher loss ratio in our Group Disability and Life business
|
|
|
~ ($0.90)
|
|
|
|
|
- Higher costs in our Global Health Care segment driven by our CMS
audit response and Individual business
|
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~ ($0.30)
|
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2016 Outlook (Current)
|
|
|
$7.75 to $8.10
|
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The foregoing statements represent the Company's current estimates of
Cigna's 2016 consolidated and segment adjusted income from operations1,2
and other key metrics 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 2016 results and discuss full year 2016 outlook, is
available in the Investor Relations section of Cigna's website located
at http://www.cigna.com/cignadotcom/aboutcigna/investors/events/index.page
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Notes:
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1.
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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. Net
amortization of other acquired intangible assets in 2015 included
the one-time benefit of an acquisition in which the fair value of
acquired net assets exceeded the purchase price. Special items are
identified in Exhibit 2 of this earnings release.
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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.
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2.
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Management is unable to provide a forward-looking
reconciliation of adjusted income (loss) from operations to
shareholders' net income for full year 2016 because future net
realized investment results, net amortization of other acquired
intangible assets and additional special items cannot be
identified or reasonably estimated at this time.
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3.
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|
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.
|
|
|
|
|
|
|
|
|
4.
|
|
|
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.
|
|
|
|
|
|
|
|
|
5.
|
|
|
Adjusted margin, after-tax, is calculated by dividing adjusted
income (loss) from operations by operating revenues for each
segment.
|
|
|
|
|
|
|
|
|
6.
|
|
|
Prior period dental customers have been revised to conform to
current presentation.
|
|
|
|
|
|
|
|
|
7.
|
|
|
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.
|
|
|
|
|
|
|
|
|
8.
|
|
|
Global Health Care medical costs payable are presented net of
reinsurance and other recoverables. The gross Global Health
Care medical costs payable balance was $2.58 billion as of June
30, 2016 and $2.36 billion as of December 31, 2015.
|
|
|
|
|
|
|
|
|
9.
|
|
|
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.
|
|
|
|
|
|
|
|
|
10.
|
|
|
Effective January 1, 2016, the Company adopted ASU 2016-09. Under
this new guidance, companies recognize all income tax effects of
stock-based compensation in shareholders' net income when awards
vest or are exercised. Adopting this new guidance resulted
in the Company recording $23 million of tax benefits in adjusted
income from operations in the first quarter of 2016 that
previously would have been reported in the Balance Sheet as
additional paid-in capital.
|
|
|
|
|
|
|
|
|
11.
|
|
|
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.
|
|
|
|
|
|
|
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 2016, on both a consolidated
and segment basis; projected total revenue growth and global medical
customer growth, each over year end 2015; projected medical care and
operating expense ratios and medical cost trends; future financial or
operating performance, including our ability to deliver personalized and
innovative solutions 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; financing or capital
deployment plans and amounts available for future deployment; our
prospects for growth in the coming years; statements regarding the
proposed merger between Cigna and Anthem, Inc. (Anthem); statements
regarding the timing of resolution of the issues raised by CMS; and
other statements regarding Cigna's and Anthem's future beliefs,
expectations, plans intentions, financial condition or performance. 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; the impact of modifications to our
operations and processes, including those in our disability business;
our ability to identify potential strategic acquisitions or transactions
and realize the expected benefits of such transactions; 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, including the
CMS review and sanctions, investigations and actions and/or guaranty
fund assessments; uncertainties surrounding participation in
government-sponsored programs such as Medicare; the effectiveness and
security of our information technology and other business systems; and
unfavorable industry, economic or political conditions, including
foreign currency movements; the timing and likelihood of completion of
the proposed merger, including the timing, receipt and terms and
conditions of any required governmental and regulatory approvals for the
proposed merger that could reduce anticipated benefits or cause the
parties to abandon the transaction; the possibility that the expected
synergies and value creation from the proposed merger will not be
realized or will not be realized within the expected time period; the
risk that the businesses of Cigna and Anthem will not be integrated
successfully; disruption from the proposed merger making it more
difficult to maintain business and operational relationships; the risk
that unexpected costs will be incurred; the possibility that the
proposed merger does not close, including due to the failure to satisfy
the closing conditions; the risk that financing for the proposed merger
may not be available on favorable terms, 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
as well as on Anthem's 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.antheminc.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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CIGNA CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPARATIVE SUMMARY OF FINANCIAL RESULTS (unaudited)
|
|
|
|
|
|
|
Exhibit 1
|
(Dollars in millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premiums
|
|
|
$
|
7,654
|
|
|
$
|
7,432
|
|
|
$
|
15,400
|
|
|
$
|
14,834
|
Fees
|
|
|
|
1,127
|
|
|
|
1,057
|
|
|
|
2,260
|
|
|
|
2,123
|
Net investment income
|
|
|
|
294
|
|
|
|
297
|
|
|
|
566
|
|
|
|
573
|
Mail order pharmacy revenues
|
|
|
|
748
|
|
|
|
625
|
|
|
|
1,445
|
|
|
|
1,203
|
Other revenues
|
|
|
|
70
|
|
|
|
60
|
|
|
|
138
|
|
|
|
132
|
Consolidated operating revenues
|
|
|
|
9,893
|
|
|
|
9,471
|
|
|
|
19,809
|
|
|
|
18,865
|
Net realized investment gains
|
|
|
|
67
|
|
|
|
21
|
|
|
|
35
|
|
|
|
94
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
$
|
9,960
|
|
|
$
|
9,492
|
|
|
$
|
19,844
|
|
|
$
|
18,959
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED INCOME (LOSS) FROM OPERATIONS (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Health Care
|
|
|
$
|
486
|
|
|
$
|
528
|
|
|
$
|
1,030
|
|
|
$
|
972
|
Global Supplemental Benefits
|
|
|
|
83
|
|
|
|
77
|
|
|
|
150
|
|
|
|
146
|
Group Disability and Life
|
|
|
|
(12)
|
|
|
|
106
|
|
|
|
3
|
|
|
|
157
|
Ongoing Operations
|
|
|
|
557
|
|
|
|
711
|
|
|
|
1,183
|
|
|
|
1,275
|
Corporate and Other
|
|
|
|
(42)
|
|
|
|
(47)
|
|
|
|
(67)
|
|
|
|
(98)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
$
|
515
|
|
|
$
|
664
|
|
|
$
|
1,116
|
|
|
$
|
1,177
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
After-tax adjustments to reconcile to shareholders' net income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized investment gains
|
|
|
|
44
|
|
|
|
13
|
|
|
|
23
|
|
|
|
61
|
Amortization of other acquired intangible assets, net
|
|
|
|
(23)
|
|
|
|
(24)
|
|
|
|
(48)
|
|
|
|
(52)
|
Special items
|
|
|
|
(26)
|
|
|
|
(65)
|
|
|
|
(62)
|
|
|
|
(65)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' net income
|
|
|
$
|
510
|
|
|
$
|
588
|
|
|
$
|
1,029
|
|
|
$
|
1,121
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED EARNINGS PER SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted income from operations (1)
|
|
|
$
|
1.98
|
|
|
$
|
2.55
|
|
|
$
|
4.30
|
|
|
$
|
4.52
|
After-tax adjustments to reconcile to shareholders' net income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized investment gains
|
|
|
|
0.18
|
|
|
|
0.05
|
|
|
|
0.09
|
|
|
|
0.23
|
Amortization of other acquired intangible assets, net
|
|
|
|
(0.09)
|
|
|
|
(0.09)
|
|
|
|
(0.18)
|
|
|
|
(0.20)
|
Special items
|
|
|
|
(0.10)
|
|
|
|
(0.25)
|
|
|
|
(0.24)
|
|
|
|
(0.25)
|
Shareholders' net income
|
|
|
$
|
1.97
|
|
|
$
|
2.26
|
|
|
$
|
3.97
|
|
|
$
|
4.30
|
Weighted average shares (in thousands)
|
|
|
|
259,500
|
|
|
|
260,097
|
|
|
|
259,473
|
|
|
|
260,668
|
Common shares outstanding (in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
256,558
|
|
|
|
257,451
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY at June 30,
|
|
|
|
|
|
|
|
|
|
|
$
|
13,356
|
|
|
$
|
11,290
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY PER SHARE at June 30,
|
|
|
|
|
|
|
|
|
|
|
$
|
52.06
|
|
|
$
|
43.85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Adjusted income (loss) from operations is defined as
shareholders' net income (loss) excluding the following after-tax
adjustments: realized investment results; net amortization of
other acquired intangible assets; and special items (identified
and quantified on Exhibit 2).
|
|
|
CIGNA CORPORATION
|
RECONCILIATION OF ADJUSTED INCOME (LOSS) FROM OPERATIONS TO
SHAREHOLDERS' NET INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 2
|
(Dollars in millions, except per share amounts)
|
|
|
|
Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global
|
|
|
Group
|
|
|
Corporate
|
|
|
|
Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global
|
|
|
Supplemental
|
|
|
Disability
|
|
|
and
|
|
|
|
Per Share
|
|
|
Consolidated
|
|
|
Health Care
|
|
|
Benefits
|
|
|
and Life
|
|
|
Other
|
Three Months Ended June 30,
|
|
|
2Q16
|
|
|
2Q15
|
|
|
1Q16
|
|
|
2Q16
|
|
|
2Q15
|
|
|
1Q16
|
|
|
2Q16
|
|
|
2Q15
|
|
|
1Q16
|
|
|
2Q16
|
|
|
2Q15
|
|
|
1Q16
|
|
|
2Q16
|
|
|
2Q15
|
|
|
1Q16
|
|
|
2Q16
|
|
|
2Q15
|
|
|
1Q16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted income (loss) from operations
|
|
|
$
|
1.98
|
|
|
$
|
2.55
|
|
|
$
|
2.32
|
|
|
$
|
515
|
|
|
$
|
664
|
|
|
$
|
601
|
|
|
$
|
486
|
|
|
$
|
528
|
|
|
$
|
544
|
|
|
$
|
83
|
|
|
$
|
77
|
|
|
$
|
67
|
|
|
$
|
(12)
|
|
|
$
|
106
|
|
|
$
|
15
|
|
|
$
|
(42)
|
|
|
$
|
(47)
|
|
|
$
|
(25)
|
After-tax adjustments to reconcile to shareholders' net income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized investment gains (losses)
|
|
|
|
0.18
|
|
|
|
0.05
|
|
|
|
(0.08)
|
|
|
|
44
|
|
|
|
13
|
|
|
|
(21)
|
|
|
|
19
|
|
|
|
4
|
|
|
|
(12)
|
|
|
|
-
|
|
|
|
(3)
|
|
|
|
(1)
|
|
|
|
15
|
|
|
|
5
|
|
|
|
(2)
|
|
|
|
10
|
|
|
|
7
|
|
|
|
(6)
|
Amortization of other acquired intangible assets, net
|
|
|
|
(0.09)
|
|
|
|
(0.09)
|
|
|
|
(0.10)
|
|
|
|
(23)
|
|
|
|
(24)
|
|
|
|
(25)
|
|
|
|
(18)
|
|
|
|
(20)
|
|
|
|
(18)
|
|
|
|
(5)
|
|
|
|
(4)
|
|
|
|
(7)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
Special Items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt extinguishment costs
|
|
|
|
-
|
|
|
|
(0.25)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(65)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(65)
|
|
|
|
-
|
Merger-related transaction costs
|
|
|
|
(0.10)
|
|
|
|
-
|
|
|
|
(0.14)
|
|
|
|
(26)
|
|
|
|
-
|
|
|
|
(36)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(26)
|
|
|
|
-
|
|
|
|
(36)
|
Shareholders' net income
|
|
|
$
|
1.97
|
|
|
$
|
2.26
|
|
|
$
|
2.00
|
|
|
$
|
510
|
|
|
$
|
588
|
|
|
$
|
519
|
|
|
$
|
487
|
|
|
$
|
512
|
|
|
$
|
514
|
|
|
$
|
78
|
|
|
$
|
70
|
|
|
$
|
59
|
|
|
$
|
3
|
|
|
$
|
111
|
|
|
$
|
13
|
|
|
$
|
(58)
|
|
|
$
|
(105)
|
|
|
$
|
(67)
|
Weighted average shares (in thousands)
|
|
|
|
259,500
|
|
|
|
260,097
|
|
|
|
259,447
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Items, pre-tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt extinguishment costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
-
|
|
|
$
|
(100)
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
(100)
|
|
|
$
|
-
|
Merger-related transaction costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(34)
|
|
|
|
-
|
|
|
|
(40)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(34)
|
|
|
|
-
|
|
|
|
(40)
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(34)
|
|
|
$
|
(100)
|
|
|
$
|
(40)
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
(34)
|
|
|
$
|
(100)
|
|
|
$
|
(40)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global
|
|
|
Group
|
|
|
Corporate
|
|
|
|
Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global
|
|
|
Supplemental
|
|
|
Disability
|
|
|
and
|
|
|
|
Per Share
|
|
|
Consolidated
|
|
|
Health Care
|
|
|
Benefits
|
|
|
and Life
|
|
|
Other
|
Six Months Ended June 30,
|
|
|
2016
|
|
|
|
|
|
|
2015
|
|
|
2016
|
|
|
|
|
|
|
2015
|
|
|
2016
|
|
|
|
|
|
|
2015
|
|
|
2016
|
|
|
|
|
|
|
2015
|
|
|
2016
|
|
|
|
|
|
|
2015
|
|
|
2016
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted income (loss) from operations
|
|
|
$
|
4.30
|
|
|
|
|
|
|
$
|
4.52
|
|
|
$
|
1,116
|
|
|
|
|
|
|
$
|
1,177
|
|
|
$
|
1,030
|
|
|
|
|
|
|
$
|
972
|
|
|
$
|
150
|
|
|
|
|
|
|
$
|
146
|
|
|
$
|
3
|
|
|
|
|
|
|
$
|
157
|
|
|
$
|
(67)
|
|
|
|
|
|
|
$
|
(98)
|
After-tax adjustments to reconcile to shareholders' net income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized investment gains (losses)
|
|
|
|
0.09
|
|
|
|
|
|
|
|
0.23
|
|
|
|
23
|
|
|
|
|
|
|
|
61
|
|
|
|
7
|
|
|
|
|
|
|
|
36
|
|
|
|
(1)
|
|
|
|
|
|
|
|
-
|
|
|
|
13
|
|
|
|
|
|
|
|
19
|
|
|
|
4
|
|
|
|
|
|
|
|
6
|
Amortization of other acquired intangible assets, net
|
|
|
|
(0.18)
|
|
|
|
|
|
|
|
(0.20)
|
|
|
|
(48)
|
|
|
|
|
|
|
|
(52)
|
|
|
|
(36)
|
|
|
|
|
|
|
|
(43)
|
|
|
|
(12)
|
|
|
|
|
|
|
|
(9)
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
Special Items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt extinguishment costs
|
|
|
|
-
|
|
|
|
|
|
|
|
(0.25)
|
|
|
|
-
|
|
|
|
|
|
|
|
(65)
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
(65)
|
Merger-related transaction costs
|
|
|
|
(0.24)
|
|
|
|
|
|
|
|
-
|
|
|
|
(62)
|
|
|
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
$
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
(62)
|
|
|
|
|
|
|
|
-
|
Shareholders' net income
|
|
|
$
|
3.97
|
|
|
|
|
|
|
$
|
4.30
|
|
|
$
|
1,029
|
|
|
|
|
|
|
$
|
1,121
|
|
|
$
|
1,001
|
|
|
|
|
|
|
$
|
965
|
|
|
$
|
137
|
|
|
|
|
|
|
$
|
137
|
|
|
$
|
16
|
|
|
|
|
|
|
$
|
176
|
|
|
$
|
(125)
|
|
|
|
|
|
|
$
|
(157)
|
Weighted average shares (in thousands)
|
|
|
|
259,473
|
|
|
|
|
|
|
|
260,668
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding as of June 30, (in thousands)
|
|
|
|
256,558
|
|
|
|
|
|
|
|
257,451
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Items, pre-tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt extinguishment costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
-
|
|
|
|
|
|
|
$
|
(100)
|
|
|
$
|
-
|
|
|
|
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
|
|
|
$
|
(100)
|
Merger-related transaction costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(74)
|
|
|
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
(74)
|
|
|
|
|
|
|
|
-
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(74)
|
|
|
|
|
|
|
$
|
(100)
|
|
|
$
|
-
|
|
|
|
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
|
|
|
$
|
-
|
|
|
$
|
(74)
|
|
|
|
|
|
|
$
|
(100)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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