[May 05, 2017] |
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Cigna Reports Strong First Quarter 2017 Results, Raises Outlook
Cigna Corporation (NYSE: CI) today reported strong first quarter 2017
results driven by continued execution of its proven strategy, and
highlighted by earnings growth in each of Cigna's business segments over
first quarter 2016.
"Cigna's strong first quarter performance reflects the value we are
delivering to our customers and clients through affordable, high-quality
and personalized solutions," said David M. Cordani, President and Chief
Executive Officer. "We expect continued positive momentum and growth
across targeted customer segments, fueled by ongoing investments in
innovative products and services."
Total revenues in the quarter were $10.4 billion, an increase of 5% over
first quarter 2016, driven by continued strong business growth in
Cigna's Commercial Healthcare and Global Supplemental Benefits segments,
partially offset by contraction, as expected, in our Seniors business.
For the first quarter of 2017, shareholders' net income was $598
million, or $2.30 per share, compared with $519 million, or $2.00 per
share, for the first quarter of 2016.
Cigna's adjusted income from operations1 for first quarter of
2017 was $719 million, or $2.77 per share, compared with $601 million,
or $2.32 per share, for the first quarter of 2016. This represents per
share growth of 19% and reflects continued strong contributions from
each of our business segments.
Reconciliations of shareholders' net income to adjusted income from
operations1 are provided on the following page, and on
Exhibit 2 of this earnings release.
CONSOLIDATED HIGHLIGHTS
The following table includes highlights of results and reconciliations
of total revenues to consolidated operating revenues5 and
shareholders' net income to adjusted income from operations1:
Consolidated Financial Results (dollars in millions):
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Three Months Ended
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March 31,
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December 31,
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2017
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2016
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2016
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Total Revenues
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$
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10,385
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$
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9,884
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$
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9,944
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Net Realized Investment (Gains) Losses
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(46)
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32
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(59)
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Consolidated Operating Revenues5
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$
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10,339
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$
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9,916
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$
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9,885
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Consolidated Earnings, Net of Taxes
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Shareholders' Net Income
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$
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598
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$
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519
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$
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382
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Net Realized Investment (Gains) Losses
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(31)
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21
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(38)
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Amortization of Other Acquired Intangible Assets1
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20
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25
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22
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Special Items1
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132
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36
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119
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Adjusted Income from Operations1
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$
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719
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$
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601
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$
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485
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Shareholders' Net Income, per share
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$
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2.30
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$
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2.00
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$
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1.47
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Adjusted Income from Operations1, per share
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$
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2.77
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$
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2.32
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$
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1.87
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-
First quarter 2017 shareholders' net income included special item1
charges of $132 million after-tax, or $0.51 per share, for a long-term
care guaranty fund assessment6 and transaction costs
related to Cigna's proposed combination with Anthem, while first
quarter 2016 shareholders' net income included special item1
charges of $36 million after-tax, or $0.14 per share, for transaction
costs related to Cigna's proposed combination with Anthem.
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Cash and marketable investments at the parent company were $2.7
billion at March 31, 2017 and $2.8 billion at December 31, 2016.
-
Year to date, as of May 4, 2017, the Company repurchased 2.3 million
shares of common stock for approximately $340 million.
HIGHLIGHTS OF SEGMENT RESULTS
See Exhibit 2 for a reconciliation of shareholders' net income to
adjusted income (loss) from operations1.
Global Health Care
This segment includes Cigna's Commercial and Government businesses that
deliver medical and specialty health care products and services to
domestic and multi-national clients and customers using guaranteed cost,
retrospectively experience-rated and administrative services only
("ASO") funding arrangements. Specialty health care includes behavioral,
dental, disease and medical management, stop loss and pharmacy-related
products and services.
Financial Results (dollars in millions, customers in thousands):
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Three Months Ended
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March 31,
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December 31,
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2017
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2016
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2016
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Premiums and Fees
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$
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7,339
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$
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7,056
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$
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6,857
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Adjusted Income from Operations1
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$
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610
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$
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544
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$
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406
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Adjusted Margin, After-Tax7
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7.4%
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6.9%
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5.2%
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As of the Periods Ended
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March 31,
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December 31,
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Customers:
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2017
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2016
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2016
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Commercial
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15,232
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14,514
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14,631
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Government
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502
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615
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566
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Medical2
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15,734
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15,129
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15,197
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Behavioral Care8
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26,006
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25,624
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25,790
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Dental
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15,788
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14,836
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14,981
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Pharmacy
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8,910
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8,358
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8,461
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Medicare Part D
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853
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1,083
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972
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Global Health Care delivered strong results in the first quarter,
reflecting consistent performance in well-positioned growth businesses.
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First quarter 2017 premiums and fees increased 4% relative to first
quarter 2016, driven by customer growth and specialty contributions in
our Commercial business, partially offset by, as expected, reductions
in Government customers.
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The medical customer base2 at the end of the first quarter
2017 totaled 15.7 million, including an increase of 537,000 customers
in the quarter driven by organic growth in all of our Commercial
market segments.
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First quarter 2017 adjusted income from operations1 and
adjusted margin, after-tax7 reflect medical and specialty
business growth, continued effective medical cost management, and
favorable prior-year reserve development.
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Adjusted income from operations1 for first quarter 2017 and
first quarter 2016 included favorable prior year reserve development
on an after-tax basis of $61 million and $14 million, respectively.
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The Total Commercial medical care ratio9 ("MCR") of 77.6%
for first quarter 2017 reflects the consistent strong performance of
our Commercial employer business and favorable prior year reserve
development. The increase over first quarter 2016 reflects the impact
of the health insurance tax moratorium.
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The Total Government MCR9 of 85.9% for first quarter 2017
reflects the seasonal impacts of Medicare Part D as well as favorable
prior year reserve development.
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First quarter 2017 Global Health Care operating expense ratio9
of 20.5% reflects the impact of the health insurance tax moratorium,
business mix changes, and continued effective expense management.
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Global Health Care net medical costs payable10 was
approximately $2.51 billion at March 31, 2017 and $2.26 billion at
December 31, 2016.
Global Supplemental Benefits
This segment includes Cigna's global individual supplemental health,
life and accident insurance business, primarily in Asia, and Medicare
supplement coverage in the United States.
Financial Results (dollars in millions, policies in thousands):
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Three Months Ended
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March 31,
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December 31,
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2017
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2016
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2016
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Premiums and Fees11
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$
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869
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$
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772
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$
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842
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Adjusted Income from Operations1
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$
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74
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$
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67
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$
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63
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Adjusted Margin, After-Tax7
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8.1%
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8.3%
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7.2%
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As of the Periods Ended
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March 31,
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December 31,
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2017
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2016
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2016
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Policies11
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12,611
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11,855
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12,151
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Global Supplemental Benefits delivered strong results again in first
quarter 2017, reflecting the benefits of our differentiated solutions
for individual consumers.
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First quarter 2017 premiums and fees11 grew 13% over first
quarter 2016, reflecting continued business growth.
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First quarter 2017 adjusted income from operations1 and
adjusted margin, after-tax7 reflect business growth and
strong operating expense management.
Group Disability and Life
This segment includes Cigna's group disability, life and accident
insurance operations.
Financial Results (dollars in millions):
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Three Months Ended
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March 31,
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December 31,
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2017
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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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1,031
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$
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1,027
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$
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1,035
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Adjusted Income from Operations1
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$
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68
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$
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15
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$
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69
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Adjusted Margin, After-Tax7
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6.1%
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1.4%
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6.1%
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Group Disability and Life results reflect the value created for our
customers and clients through our differentiated productivity and
return to work programs.
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First quarter 2017 premiums and fees are generally in-line with first
quarter 2016.
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First quarter 2017 adjusted income from operations1 and
adjusted margin, after-tax7 reflect continued stable life
results as well as further improvement in disability performance.
Corporate & Other Operations
Adjusted loss from operations1 for Cigna's remaining
operations is presented below:
Financial Results (dollars in millions):
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Three Months Ended
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March 31,
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December 31,
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2017
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2016
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2016
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Corporate & Other Operations
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$
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(33)
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$
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(25)
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$
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(53)
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-
First quarter 2017 adjusted loss from operations1 improved
sequentially primarily driven by favorable impacts on corporate income
taxes from stock-based compensation programs.
2017 OUTLOOK
Cigna's outlook for full year 2017 consolidated adjusted income from
operations1,3 is in the range of $2.41 billion to $2.53
billion, or $9.25 to $9.75 per share. Cigna's outlook excludes the
impact of additional prior year reserve development and potential
effects of any future capital deployment.4
(dollars in millions, except where noted and per share amounts)
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Projection for Full-Year Ending
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December 31, 2017
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Adjusted Income (Loss) from Operations1,3
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Global Health Care
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$
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2,065 to 2,135
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Global Supplemental Benefits
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$
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295 to 315
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Group Disability and Life
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$
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230 to 260
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Ongoing Businesses
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$
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2,590 to 2,710
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Corporate & Other Operations
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$
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(180)
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Consolidated Adjusted Income from Operations1,3
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$
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2,410 to 2,530
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Consolidated Adjusted Income from Operations, per share1,3,4
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$
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9.25 to 9.75
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2017 Operating Metrics and Ratios Outlook
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Total Revenue Growth
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3% to 4%
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Full Year Total Commercial Medical Care Ratio9
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80.5% to 81.5%
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Full Year Total Government Medical Care Ratio9
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85% to 86%
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Full Year Global Health Care Operating Expense Ratio9
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20.5% to 21.5%
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Global Medical Customer Growth2
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500,000 - 600,000 customers
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The foregoing statements represent the Company's current estimates of
Cigna's 2017 consolidated and segment adjusted income from operations1,3
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).
Management will be hosting a conference call to review first quarter
2017 results and discuss full year 2017 outlook beginning at 8:30 a.m.
EDT. A link to the conference call is available in the Investor
Relations section of Cigna's website located at http://www.cigna.com/cignadotcom/aboutcigna/investors/events/index.page.
The call-in numbers for the conference call are as follows:
Live Call (888) 831-6084 (Domestic) (517) 308-9064
(International) Passcode: 5052017
Replay (866) 370-3634 (Domestic) (203) 369-0247 (International)
It is strongly suggested you dial in to the conference call by 8:15 a.m.
EDT.
Notes:
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. 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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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.
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3.
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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.
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4.
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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.
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5.
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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.
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6.
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The Company recorded a long-term care guaranty fund assessment
related to Penn Treaty Network America Insurance Company and its
subsidiary American Network Insurance Company in the first quarter
of 2017, for $83 million after tax. The Company is excluding this
guaranty fund assessment from adjusted income from operations as a
special item.
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7.
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Adjusted margin, after-tax, is calculated by dividing adjusted
income (loss) from operations by operating revenues for each
segment.
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8.
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Prior period behavioral care customers have been revised to
conform to current presentation.
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9.
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Operating ratios are defined as follows:
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•
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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.
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•
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Total Government medical care ratio represents medical costs as
a percentage of premiums for Medicare Advantage, Medicare Part D,
and Medicaid products.
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•
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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.
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10.
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Global Health Care medical costs payable are presented net of
reinsurance and other recoverables. The gross Global Health Care
medical costs payable balance was $2.77 billion as of March 31,
2017 and $2.53 billion as of December 31, 2016.
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11.
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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.
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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 2017, on both a consolidated
and segment basis; projected total revenue growth and global medical
customer growth, each over year end 2016; 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) and the
litigation related thereto; statements regarding the timing of
resolution of the issues raised by CMS; and other statements regarding
Cigna'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, 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;
unfavorable industry, economic or political conditions including foreign
currency movements; acts of war, terrorism, natural disasters or
pandemics; any ongoing litigation with respect to the ruling of the
District Court enjoining the merger and the U.S. Court of Appeals'
decision affirming that ruling; potential adverse reactions or changes
to business or employee relationships, including those resulting from
the announcement of the ruling enjoining the merger; uncertainty as to
litigation with respect to the termination of the merger agreement, the
reverse termination fee, declaratory judgments with respect to the
foregoing and/or contract and non-contract damages for claims filed
against Anthem; the risk that a government entity or court of competent
jurisdiction, in any litigation, arbitration or other forum, finds in
any binding or non-binding decision that Cigna has not complied, in full
or in part, with its obligations under the merger agreement or that
Cigna is liable for any breach, willful or otherwise, of the merger
agreement; uncertainty as to whether and, if so, when Anthem will pay
the reverse termination fee; uncertainty as to litigation with respect
to the suit initiated by Anthem against Cigna, including for damages
with respect to the transactions contemplated in the merger agreement;
competitive responses to the ruling; the inability to retain key
personnel; 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; if the merger is completed, 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; if
the merger is completed, 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
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COMPARATIVE SUMMARY OF FINANCIAL RESULTS (unaudited)
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|
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Exhibit 1
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(Dollars in millions, except per share amounts)
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Three Months Ended
|
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|
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March 31,
|
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2017
|
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2016
|
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REVENUES
|
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|
|
|
|
|
|
|
|
|
|
|
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Premiums
|
|
|
|
$
|
8,103
|
|
$
|
7,746
|
Fees
|
|
|
|
|
1,156
|
|
|
1,133
|
Net investment income
|
|
|
|
|
303
|
|
|
272
|
Mail order pharmacy revenues
|
|
|
|
|
710
|
|
|
697
|
Other revenues
|
|
|
|
|
67
|
|
|
68
|
Consolidated operating revenues
|
|
|
|
|
10,339
|
|
|
9,916
|
Net realized investment gains (losses)
|
|
|
|
|
46
|
|
|
(32)
|
|
|
|
|
|
|
|
Total revenues
|
|
|
|
$
|
10,385
|
|
$
|
9,884
|
|
|
|
|
|
|
|
SHAREHOLDERS' NET INCOME (LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' net income
|
|
|
|
$
|
598
|
|
$
|
519
|
After-tax adjustments to reconcile to adjusted income from
operations:
|
|
|
|
|
|
|
Realized investment (gains) losses
|
|
|
|
|
(31)
|
|
|
21
|
Amortization of other acquired intangible assets, net
|
|
|
|
|
20
|
|
|
25
|
Special items
|
|
|
|
|
132
|
|
|
36
|
|
|
|
|
|
|
|
Adjusted income from operations (1)
|
|
|
|
$
|
719
|
|
$
|
601
|
|
|
|
|
|
|
|
Adjusted income (loss) from operations by
segment
|
|
|
|
|
|
|
Global Health Care
|
|
|
|
$
|
610
|
|
$
|
544
|
Global Supplemental Benefits
|
|
|
|
|
74
|
|
|
67
|
Group Disability and Life
|
|
|
|
|
68
|
|
|
15
|
Ongoing Operations
|
|
|
|
|
752
|
|
|
626
|
Corporate and Other
|
|
|
|
|
(33)
|
|
|
(25)
|
|
|
|
|
|
|
|
Total adjusted income from operations
|
|
|
|
$
|
719
|
|
$
|
601
|
|
|
|
|
|
|
|
DILUTED EARNINGS PER SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' net income
|
|
|
|
$
|
2.30
|
|
$
|
2.00
|
After-tax adjustments to reconcile to adjusted income from
operations:
|
|
|
|
|
|
|
Realized investment (gains) losses
|
|
|
|
|
(0.12)
|
|
|
0.08
|
Amortization of other acquired intangible assets, net
|
|
|
|
|
0.08
|
|
|
0.10
|
Special items
|
|
|
|
|
0.51
|
|
|
0.14
|
Adjusted income from operations (1)
|
|
|
|
$
|
2.77
|
|
$
|
2.32
|
Weighted average shares (in thousands)
|
|
|
|
|
259,774
|
|
|
259,447
|
Common shares outstanding (in thousands)
|
|
|
|
|
256,217
|
|
|
256,507
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY at March 31,
|
|
|
|
$
|
14,226
|
|
$
|
12,675
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY PER SHARE at March 31,
|
|
|
|
$
|
55.52
|
|
$
|
49.41
|
|
|
|
|
|
|
|
|
(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 SHAREHOLDERS' NET INCOME (LOSS) TO ADJUSTED
INCOME FROM OPERATIONS
|
|
|
|
|
|
|
|
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
|
|
1Q17
|
|
1Q16
|
|
4Q16
|
|
1Q17
|
|
1Q16
|
|
4Q16
|
|
1Q17
|
|
1Q16
|
|
4Q16
|
|
1Q17
|
|
1Q16
|
|
4Q16
|
|
1Q17
|
|
1Q16
|
|
4Q16
|
|
1Q17
|
|
1Q16
|
|
4Q16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' net income (loss)
|
|
$
|
2.30
|
|
$
|
2.00
|
|
$
|
1.47
|
|
$
|
598
|
|
$
|
519
|
|
$
|
382
|
|
$
|
544
|
|
$
|
514
|
|
$
|
337
|
|
$
|
77
|
|
$
|
59
|
|
$
|
54
|
|
$
|
59
|
|
$
|
13
|
|
$
|
83
|
|
$
|
(82)
|
|
$
|
(67)
|
|
$
|
(92)
|
After-tax adjustments to reconcile to adjusted income (loss) from
operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized investment (gains) losses
|
|
|
(0.12)
|
|
|
0.08
|
|
|
(0.14)
|
|
|
(31)
|
|
|
21
|
|
|
(38)
|
|
|
(16)
|
|
|
12
|
|
|
(29)
|
|
|
(9)
|
|
|
1
|
|
|
5
|
|
|
(6)
|
|
|
2
|
|
|
(14)
|
|
|
-
|
|
|
6
|
|
|
-
|
Amortization of other acquired intangible assets, net
|
|
|
0.08
|
|
|
0.10
|
|
|
0.08
|
|
|
20
|
|
|
25
|
|
|
22
|
|
|
14
|
|
|
18
|
|
|
18
|
|
|
6
|
|
|
7
|
|
|
4
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
Special items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term care guaranty fund assessment
|
|
|
0.32
|
|
|
-
|
|
|
-
|
|
|
83
|
|
|
-
|
|
|
-
|
|
|
68
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
15
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
Merger-related transaction costs
|
|
|
0.19
|
|
|
0.14
|
|
|
0.15
|
|
|
49
|
|
|
36
|
|
|
39
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
49
|
|
|
36
|
|
|
39
|
Risk corridor allowance
|
|
|
-
|
|
|
-
|
|
|
0.31
|
|
|
-
|
|
|
-
|
|
|
80
|
|
|
-
|
|
|
-
|
|
|
80
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
Adjusted income (loss) from operations
|
|
$
|
2.77
|
|
$
|
2.32
|
|
$
|
1.87
|
|
$
|
719
|
|
$
|
601
|
|
$
|
485
|
|
$
|
610
|
|
$
|
544
|
|
$
|
406
|
|
$
|
74
|
|
$
|
67
|
|
$
|
63
|
|
$
|
68
|
|
$
|
15
|
|
$
|
69
|
|
$
|
(33)
|
|
$
|
(25)
|
|
$
|
(53)
|
Weighted average shares (in thousands)
|
|
|
259,774
|
|
|
259,447
|
|
|
259,882
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Items, pre-tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term care guaranty fund assessment
|
|
|
|
|
|
|
|
$
|
129
|
|
$
|
-
|
|
$
|
-
|
|
$
|
106
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
23
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
Merger-related transaction costs
|
|
|
|
|
|
|
|
|
63
|
|
|
40
|
|
|
43
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
63
|
|
|
40
|
|
|
43
|
Risk corridor allowance
|
|
|
|
|
|
|
|
|
-
|
|
|
-
|
|
|
124
|
|
|
-
|
|
|
-
|
|
|
124
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
Total
|
|
|
|
|
|
|
|
$
|
192
|
|
$
|
40
|
|
$
|
167
|
|
$
|
106
|
|
$
|
-
|
|
$
|
124
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
23
|
|
$
|
-
|
|
$
|
-
|
|
$
|
63
|
|
$
|
40
|
|
$
|
43
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170505005089/en/
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