BLOOMFIELD, Conn., Aug. 3, 2023 /PRNewswire/ -- Global health company The Cigna Group (NYSE: CI) today reported strong second quarter 2023 results reflecting growth and focused execution across our diversified portfolio of businesses.
"We're pleased with our performance and growth across the breadth of our business in the second quarter as our co-workers continued to drive innovation and deliver effective and affordable solutions supporting the health and vitality of our customers, patients and clients," said David M. Cordani, chairman and chief executive officer.
Shareholders' net income for second quarter 2023 was $1.5 billion, or $4.92 per share, compared with $1.6 billion, or $4.89 per share, for second quarter 20223.
The Cigna Group's adjusted income from operations1 for second quarter 2023 was $1.8 billion, or $6.13 per share, compared with $2.0 billion, or $6.20 per share, for second quarter 20223, primarily reflecting the absence of income from divested businesses4.
A reconciliation of shareholders' net income to adjusted income from operations1 is provided on the following page and on Exhibit 1 of this earnings release.
CONSOLIDATED HIGHLIGHTS
The following table includes highlights of results and reconciliations of total revenues to adjusted revenues5 and shareholders' net income to adjusted income from operations1:
Consolidated Financial Results (dollars in millions): | ||||
Three Months Ended | Six Months Ended | |||
June 30, | March 31, | June 30, | ||
2023 | 20223 | 2023 | 2023 | |
Total Revenues | $ 48,586 | $ 45,478 | $ 46,517 | $ 95,103 |
Net Realized Investment Losses (Gains) from Equity Method Investments5 | 30 | (49) | (38) | (8) |
Adjusted Revenues5 | $ 48,616 | $ 45,429 | $ 46,479 | $ 95,095 |
Consolidated Earnings, net of taxes | ||||
Shareholders' Net Income | $ 1,460 | $ 1,557 | $ 1,267 | $ 2,727 |
Net Realized Investment Losses (Gains)1 | 9 | 10 | 6 | 15 |
Amortization of Acquired Intangible Assets1 | 346 | 383 | 344 | 690 |
Special Items1 | 5 | 23 | 1 | 6 |
Adjusted Income from Operations1 | $ 1,820 | $ 1,973 | $ 1,618 | $ 3,438 |
Shareholders' Net Income, per share | $ 4.92 | $ 4.89 | $ 4.24 | $ 9.15 |
Adjusted Income from Operations1, per share | $ 6.13 | $ 6.20 | $ 5.41 | $ 11.54 |
CUSTOMER RELATIONSHIPS
The following table summarizes The Cigna Group's medical customers and overall customer relationships:
Customer Relationships (in thousands):
As of the Periods Ended | ||||
June 30, | March 31, | December 31, | ||
2023 | 2022 | 2023 | 2022 | |
Total Pharmacy Customers8 | 98,638 | 94,731 | 98,749 | 93,905 |
U.S. Commercial | 15,999 | 14,652 | 16,026 | 14,852 |
U.S. Government | 1,883 | 1,379 | 1,843 | 1,354 |
International Health | 1,624 | 1,775 | 1,604 | 1,798 |
Total Medical Customers8 | 19,506 | 17,806 | 19,473 | 18,004 |
Behavioral Care | 26,383 | 44,145 | 26,890 | 44,841 |
Dental | 18,634 | 18,209 | 18,731 | 18,397 |
Medicare Part D | 2,542 | 2,884 | 2,541 | 2,874 |
Total Customer Relationships8 | 165,703 | 177,775 | 166,384 | 178,021 |
HIGHLIGHTS OF SEGMENT RESULTS
See Exhibit 1 for a reconciliation of adjusted income (loss) from operations1 to shareholders' net income.
Evernorth Health Services
This segment offers a broad range of coordinated and point solution health services and capabilities, as well as those from partners across the health care system, in Pharmacy Benefits, Home Delivery Pharmacy, Specialty Pharmacy, Distribution and Care Delivery and Management Solutions to health plans, employers, government organizations and health care providers.
Financial Results (dollars in millions): | ||||
Three Months Ended | Six Months Ended | |||
June 30, | March 31, | June 30, | ||
2023 | 2022 | 2023 | 2023 | |
Adjusted Revenues5 | $ 38,205 | $ 34,863 | $ 36,179 | $ 74,384 |
Adjusted Income from Operations, Pre-Tax1 | $ 1,516 | $ 1,475 | $ 1,320 | $ 2,836 |
Adjusted Margin, Pre-Tax9 | 4.0 % | 4.2 % | 3.6 % | 3.8 % |
Cigna Healthcare
This segment includes U.S. Commercial, U.S. Government and International Health businesses, which provide comprehensive medical benefits and coordinated solutions to clients and customers. U.S. Commercial products and services include medical, pharmacy, behavioral health, dental, and other products and services for insured and self-insured clients. U.S. Government solutions include Medicare Advantage, Medicare Supplement and Medicare Part D plans for seniors, and individual health insurance plans. International Health solutions include health care coverage in our international markets, as well as health care benefits for globally mobile individuals and employees of multinational organizations.
Financial Results (dollars in millions): | ||||
Three Months Ended | Six Months Ended | |||
June 30, | March 31, | June 30, | ||
2023 | 20223 | 2023 | 2023 | |
Adjusted Revenues5,10 | $ 12,714 | $ 11,335 | $ 12,718 | $ 25,432 |
Adjusted Income from Operations, Pre-Tax1 | $ 1,172 | $ 1,235 | $ 1,115 | $ 2,287 |
Adjusted Margin, Pre-Tax9 | 9.2 % | 10.9 % | 8.8 % | 9.0 % |
Corporate and Other Operations
Corporate reflects interest expense, amounts not allocated to operating segments and includes intersegment eliminations. Additionally, this discussion includes items reported in Other Operations, which is comprised of Corporate Owned Life Insurance ("COLI") and the Company's run-off operations.
Financial Results (dollars in millions): | ||||
Three Months Ended | Six Months Ended | |||
June 30, | March 31, | June 30, | ||
2023 | 20223 | 2023 | 2023 | |
Adjusted (Loss) from Operations, Pre-Tax1 | $ (394) | $ (173) | $ (399) | $ (793) |
2023 OUTLOOK2
The Cigna Group's outlook2 for full year 2023 adjusted revenues2,5 increased to at least $190.0 billion. The Cigna Group's outlook2 for full year 2023 consolidated adjusted income from operations1,2 is at least $7.36 billion, or at least $24.70 per share2. Additionally, this outlook includes the impact of expected future share repurchases and anticipated 2023 dividends.
(dollars in millions, except where noted and per share amounts) | ||
2023 Consolidated Metrics | Projection for Full Year Ending December 31, 2023 | Change from Prior Projection |
Adjusted Revenues2,5 | at least $190,000 | +$2,000 |
Adjusted Income from Operations1,2 | at least $7,360 | |
Adjusted Income from Operations, per share1,2 | at least $24.70 | |
Adjusted SG&A Expense Ratio2,6 | ~7.3% | |
Adjusted Effective Tax Rate2,7 | 21.0% to 21.5% | |
Cash Flow from Operations2 | at least $9,500 | +$500 |
Weighted Average Shares Outstanding (millions)2 | 296 to 300 | |
2023 Evernorth Metrics | ||
Adjusted Income from Operations, Pre-Tax1,2 | at least $6,400 | |
2023 Cigna Healthcare Metrics | ||
Adjusted Income from Operations, Pre-Tax1,2 | at least $4,425 | |
Medical Care Ratio2,6 | 81.5% to 82.3% | |
Total Medical Customer Growth2,8 | at least 1,400,000 | +100,000 |
The foregoing statements represent the Company's current estimates of The Cigna Group's 2023 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 The Cigna Group's website in the Investor Relations section (https://investors.thecignagroup.com/overview/default.aspx). Management will be hosting a conference call to review second quarter 2023 results and discuss full year 2023 outlook beginning today at 8:30 a.m. ET. A link to the conference call is available in the Investor Relations section of The Cigna Group's website located at https://investors.thecignagroup.com/events-and-presentations/default.aspx.
The call-in numbers for the conference call are as follows:
Live Call
(888) 566-1889 (Domestic)
(773) 799-3989 (International)
Passcode: 8032023
Replay
(800) 839-1335 (Domestic)
(203) 369-3357 (International)
It is strongly suggested you dial in to the conference call by 8:15 a.m. ET.
About The Cigna Group
The Cigna Group (NYSE: CI) is a global health company committed to creating a better future built on the vitality of every individual and every community. We relentlessly challenge ourselves to partner and innovate solutions for better health. The Cigna Group includes products and services marketed under Evernorth Health Services, Cigna Healthcare, or its subsidiaries. The Cigna Group maintains sales capabilities in more than 30 countries and jurisdictions, and has more than 165 million customer relationships around the world. Learn more at thecignagroup.com.
Notes: | |
1. | Adjusted income (loss) from operations is a principal financial measure of profitability used by The Cigna Group's management because it presents the underlying results of operations of the Company's businesses and permits analysis of trends in underlying revenue, expenses and shareholders' net income. Adjusted income from operations is defined as shareholders' net income (or income before income taxes less pre-tax income (loss) attributable to noncontrolling interests for the segment metric) excluding net realized investment results, amortization of acquired intangible assets and special items. The Cigna Group's share of certain realized investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting are also excluded. Special items are matters that management believes are not representative of the underlying results of operations due to their nature or size. Adjusted income (loss) from operations is measured on an after-tax basis for consolidated results and on a pre-tax basis for segment results. Consolidated adjusted income (loss) from operations is not determined in accordance with GAAP and should not be viewed as a substitute for the most directly comparable GAAP measure, shareholders' net income. See Exhibit 1 for a reconciliation of consolidated adjusted income from operations to shareholders' net income. |
2. | Management is not able to provide a reconciliation of adjusted income from operations to shareholders' net income (loss) or adjusted revenues to total revenues on a forward-looking basis because it is unable to predict, without unreasonable effort, certain components thereof including (i) future net realized investment results (from equity method investments with respect to adjusted revenues) and (ii) future special items. These items are inherently uncertain and depend on various factors, many of which are beyond The Cigna Group's control. As such, any associated estimate and its impact on shareholders' net income and total revenues could vary materially. |
The Company's outlook excludes the potential effects of any other business combinations that may occur after the date of this earnings release. The Company's outlook includes the potential effects of expected future share repurchases and anticipated 2023 dividends. | |
As announced in January 2021, The Cigna Group currently intends to pay regular quarterly dividends, with future declarations subject to approval by its Board of Directors and the Board's determination that the declaration of dividends remains in the best interests of The Cigna Group and its shareholders. The decision of whether to pay future dividends and the amount of any such dividends will be based on the Company's financial position, results of operations, cash flows, capital requirements, the requirements of applicable law and any other factors the Board of Directors may deem relevant. | |
The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and alternate uses of capital. The share repurchase program may be effected through open market purchases in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, including through Rule 10b5-1 trading plans, or privately negotiated transactions. The program may be suspended or discontinued at any time. | |
3. | Effective January 1, 2023, The Cigna Group adopted ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts, and related amendments. Prior year results have been restated to reflect the adoption of the new accounting guidance. |
4. | On July 1, 2022, the Company completed the sale of its life, accident and supplemental benefits businesses in six countries (Hong Kong, Indonesia, New Zealand, South Korea, Taiwan and Thailand) to Chubb INA Holdings, Inc. ("Chubb") for approximately $5.4 billion in cash (the "Chubb transaction"). In December 2022, the Company divested its ownership interest in a joint venture in Türkiye. |
5. | Adjusted revenues is used by The Cigna Group's management because it permits analysis of trends in underlying revenue. The Company defines adjusted revenues as total revenues excluding the following adjustments: special items and The Cigna Group's share of certain realized investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting. Special items are matters that management believes are not representative of the underlying results of operations due to their nature or size. We exclude these items from this measure because management believes they are not indicative of past or future underlying performance of the business. Adjusted 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. See Exhibit 1 for a reconciliation of consolidated adjusted revenues to total revenues. |
6. | Operating ratios are defined as follows: |
| |
7. | The measure "adjusted effective tax rate" is not determined in accordance with GAAP and should not be viewed as a substitute for the most directly comparable GAAP measure, "consolidated effective tax rate". We define adjusted effective tax rate as the consolidated income tax rate applicable to the Company's pre-tax income excluding pre-tax income (loss) attributable to noncontrolling interests, net realized investment results, amortization of acquired intangible assets, and special items. The Cigna Group's share of certain realized investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting are also excluded. Management is not able to provide a reconciliation to the consolidated effective tax rate on a forward-looking basis because we are unable to predict, without unreasonable effort, certain components thereof include (i) future net realized investment results and (ii) future special items. |
8. | Customer relationships are defined as follows: |
| |
9. | Adjusted margin, pre-tax, is calculated by dividing adjusted income (loss) from operations, pre-tax by adjusted revenues for each segment. |
10. | The Cigna Group owns a 50% noncontrolling interest in its China joint venture. As such, the adjusted revenues for the Cigna Healthcare segment only include the Company's 50% share of the joint venture's earnings reported in Fees and Other Revenues using the equity method of accounting under GAAP. |
11. | Medical costs payable within the Cigna Healthcare segment are presented net of reinsurance and other recoverables. The gross medical costs payable balance was $5.34 billion as of June 30, 2023, $4.18 billion as of December 31, 2022, and $4.49 billion as of June 30, 2022. |
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release, and oral statements made in connection with 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 The Cigna Group'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 from operations outlook for 2023 on a consolidated, per share, and segment basis; projected adjusted revenue outlook for 2023; projected total medical customer growth over year end 2022; projected medical care and adjusted SG&A expense ratios; projected consolidated adjusted effective tax rate; projected cash flow from operations; future dividends; projected weighted average shares outstanding; future financial or operating performance, including our ability to deliver affordable, predictable and simple solutions for our customers and clients; future growth, business strategy and strategic or operational initiatives; economic, regulatory or competitive environments, particularly with respect to the pace and extent of change in these areas and the impact of the developing inflationary and interest rate pressures; capital deployment plans and amounts available for future deployment; our prospects for growth in the coming years; the impact of revised accounting rules related to accounting for long-duration contracts; and other statements regarding The Cigna Group's future beliefs, expectations, plans, intentions, liquidity, cash flows, financial condition or performance. You may identify forward-looking statements by the use of words such as "believe," "expect," "project," "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 strategic and operational initiatives; our ability to adapt to changes in an evolving and rapidly changing industry; our ability to compete effectively, differentiate our products and services from those of our competitors and maintain or increase market share; price competition, inflation and other pressures that could compress our margins or result in premiums that are insufficient to cover the cost of services delivered to our customers; the potential for actual claims to exceed our estimates related to expected medical claims; our ability to develop and maintain satisfactory relationships with physicians, hospitals, other health service providers and with producers and consultants; our ability to maintain relationships with one or more key pharmaceutical manufacturers or if payments made or discounts provided decline; changes in the pharmacy provider marketplace or pharmacy networks; changes in drug pricing or industry pricing benchmarks; our ability to invest in and properly maintain our information technology and other business systems; our ability to prevent or contain effects of potential cyberattack or other privacy or data security incidents; political, legal, operational, regulatory, economic and other risks that could affect our multinational operations, including currency exchange rates; risks related to strategic transactions and realization of the expected benefits of such transactions, as well as integration or separation difficulties or underperformance relative to expectations; dependence on success of relationships with third parties; risk of significant disruption within our operations or among key suppliers or third parties; potential liability in connection with managing medical practices and operating pharmacies, onsite clinics and other types of medical facilities; 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; uncertainties surrounding participation in government-sponsored programs such as Medicare; the outcome of litigation, regulatory audits and investigations; compliance with applicable privacy, security and data laws, regulations and standards; potential failure of our prevention, detection and control systems; unfavorable economic and market conditions, including recent events affecting the financial services industry, the risk of a recession or other economic downturn and resulting impact on employment metrics, stock market or changes in interest rates and risks related to a downgrade in financial strength ratings of our insurance subsidiaries; the impact of our significant indebtedness and the potential for further indebtedness in the future; credit risk related to our reinsurers; 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 through the Investor Relations section of www.thecignagroup.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. The Cigna Group 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.
THE CIGNA GROUP | Exhibit 1 | |||||||||||||
COMPARATIVE SUMMARY OF FINANCIAL RESULTS (unaudited) | ||||||||||||||
Three Months Ended | Six Months Ended | Three Months Ended | ||||||||||||
June 30, | June 30, | March 31, | ||||||||||||
(Dollars in millions, except per share amounts) | 2023 | 2022 (1) | 2023 | 2022 (1) | 2023 | |||||||||
REVENUES | ||||||||||||||
Pharmacy revenues | $ 33,964 | $ 31,972 | $ 66,108 | $ 62,669 | $ 32,144 | |||||||||
Premiums | 11,039 | 10,426 | 22,064 | 20,782 | 11,025 | |||||||||
Fees and other revenues | 3,305 | 2,755 | 6,376 | 5,294 | 3,071 | |||||||||
Net investment income | 278 | 325 | 555 | 739 | 277 | |||||||||
Total Revenues | 48,586 | 45,478 | 95,103 | 89,484 | 46,517 | |||||||||
Net realized investment results from certain equity method investments | 30 | (49) | (8) | 54 | (38) | |||||||||
Adjusted revenues (2) | $ 48,616 | $ 45,429 | $ 95,095 | $ 89,538 | $ 46,479 | |||||||||
Shareholders' net income | $ 1,460 | $ 1,557 | $ 2,727 | $ 2,754 | $ 1,267 | |||||||||
Pre-tax adjusted income (loss) from operations by segment | ||||||||||||||
Evernorth Health Services | $ 1,516 | $ 1,475 | $ 2,836 | $ 2,777 | $ 1,320 | |||||||||
Cigna Healthcare | 1,172 | 1,235 | 2,287 | 2,532 | 1,115 | |||||||||
Corporate and Other Operations | (394) | (173) | (793) | (287) | (399) | |||||||||
Consolidated pre-tax adjusted income from operations | 2,294 | 2,537 | 4,330 | 5,022 | 2,036 | |||||||||
Adjusted income tax expense | (474) | (564) | (892) | (1,101) | (418) | |||||||||
Consolidated after-tax adjusted income from operations | $ 1,820 | $ 1,973 | $ 3,438 | $ 3,921 | $ 1,618 | |||||||||
Weighted average shares (in thousands) | 296,879 | 318,304 | 297,936 | 319,784 | 298,999 | |||||||||
Common shares outstanding (in thousands) | 295,830 | 315,364 | 296,249 | |||||||||||
SHAREHOLDERS' EQUITY at June 30, | $ 45,445 | $ 45,671 | ||||||||||||
SHAREHOLDERS' EQUITY PER SHARE at June 30, | $ 153.62 | $ 144.82 | ||||||||||||
Three Months Ended | Six Months Ended | Three Months Ended | ||||||||||||
June 30, | June 30, | March 31, | ||||||||||||
2023 | 2022 (1) | 2023 | 2022 (1) | 2023 | ||||||||||
(Dollars in millions, except per share amounts) | Pre-tax | After-tax | Pre-tax | After-tax | Pre-tax | After-tax | Pre-tax | After-tax | Pre-tax | After-tax | ||||
SHAREHOLDERS' NET INCOME | ||||||||||||||
Shareholders' net income | $ 1,460 | $ 1,557 | $ 2,727 | $ 2,754 | $ 1,267 | |||||||||
Adjustments to reconcile adjusted income from operations | ||||||||||||||
Net realized investment losses (3) | 4 | 9 | 40 | 10 | 22 | 15 | 465 | 368 | 18 | 6 | ||||
Amortization of acquired intangible assets | 455 | 346 | 501 | 383 | 914 | 690 | 959 | 739 | 459 | 344 | ||||
Special Items | ||||||||||||||
Integration and transaction-related costs | 6 | 5 | 36 | 26 | 7 | 6 | 88 | 63 | 1 | 1 | ||||
Charge for organizational efficiency plan | — | — | 22 | 17 | — | — | 22 | 17 | — | — | ||||
(Benefits) associated with litigation matters | — | — | (28) | (20) | — | — | (28) | (20) | — | — | ||||
Adjusted income from operations (4) | $ 1,820 | $ 1,973 | $ 3,438 | $ 3,921 | $ 1,618 | |||||||||
DILUTED EARNINGS PER SHARE | ||||||||||||||
Shareholders' net income | $ 4.92 | $ 4.89 | $ 9.15 | $ 8.61 | $ 4.24 | |||||||||
Adjustments to reconcile to adjusted income from operations | ||||||||||||||
Net realized investment losses (3) | 0.01 | 0.03 | 0.13 | 0.04 | 0.07 | 0.05 | 1.45 | 1.15 | 0.06 | 0.02 | ||||
Amortization of acquired intangible assets | 1.53 | 1.17 | 1.57 | 1.20 | 3.07 | 2.32 | 3.00 | 2.31 | 1.54 | 1.15 | ||||
Special Items | ||||||||||||||
Integration and transaction-related costs | 0.02 | 0.01 | 0.11 | 0.08 | 0.02 | 0.02 | 0.28 | 0.20 | — | — | ||||
Charge for organizational efficiency plan | — | — | 0.07 | 0.05 | — | — | 0.07 | 0.05 | — | — | ||||
(Benefits) associated with litigation matters | — | — | (0.09) | (0.06) | — | — | (0.09) | (0.06) | — | — | ||||
Adjusted income from operations (4) | $ 6.13 | $ 6.20 | $ 11.54 | $ 12.26 | $ 5.41 | |||||||||
(1) | Effective January 1, 2023, The Cigna Group adopted ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts, and related amendments. Prior year results have been restated to reflect the adoption of the new accounting guidance. Please refer to the Summary of Significant Accounting Policies footnote in The Cigna Group's Form 10-Q for the period ended June 30, 2023, expected to be filed on August 3, 2023, for additional details. |
(2) | Adjusted revenues is defined as total revenues excluding the following adjustments: special items and The Cigna Group's share of certain realized investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting. These items are excluded because they are not indicative of past or future underlying performance of our businesses. |
(3) | Includes The Cigna Group's share of certain realized investments results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting. |
(4) | Adjusted income (loss) from operations is defined as shareholders' net income (or income before income taxes less pre-tax income (loss) attributable to noncontrolling interests for the segment metric) excluding the following adjustments: net realized investment results, amortization of acquired intangible assets and special items. The Cigna Group's share of certain realized investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting are also excluded. |
INVESTOR RELATIONS CONTACT:
Ralph Giacobbe
860-787-7968
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