The Cigna Group · NYSE:CI
The Cigna — Q4 2024 Earnings Presentation
25 slides from The Cigna's earnings presentation, Jan 30, 2025
Slide 1: The Cigna Group Investor Presentation
The Cigna Group Investor Presentation January 30, 2025 © 2025 The Cigna Group Confidential, unpublished property of The Cigna Group. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2025 The Cigna Group
Slide 2: Forward-looking statements
Forward-looking statements CAUTIONARY STATEMENT FOR PURPOSES OF THE “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This press release, and oral statements made in connection with this release, may contain forward-looking statements within the meaning of the Private
Slide 3: Non-GAAP measures and other key financial information
Non-GAAP measures and other key financial information Throughout this presentation, the term “adjusted earnings” means adjusted income (loss) from operations, and “adjusted earnings per share” or “adjusted EPS” means adjusted income (loss) from operations on a diluted per share basis. Adjusted incom
Slide 4: Our purpose and mission
To improve the Our purpose health and vitality and mission of those we serve 4 © 2025 The Cigna Group
Slide 5: Two high-performing growth platforms
Two high-performing growth platforms ~60% O F E A R N I N G S ~40% O F E A R N I N G S Cross-enterprise leverage is mutually beneficial. 5 © 2025 The Cigna Group
Slide 6: A decade of growth exceeding expectations
A decade of growth exceeding expectations 13%+ annual Adj. $27.33 EPS growth Adj. EPS $7.87 Adj. EPS 2014 2024 6 © 2025 The Cigna Group
Slide 7: Long-term average annual adjusted earnings growth outlook
Long-term average annual adjusted earnings growth outlook S P E C I A LT Y A N D C A R E S E R V I C E S ~30% OF EARNI NGS C I G N A H E A LT H C A RE 8–12% GROWTH ~40% OF EARNI NGS 7–10% GROWTH P H A R M A C Y B E N E F IT S E R V I C E S 6–9% GROWTH ~30% OF EARNI NGS 2–4% GROWTH 7 © 2025 The Cigna
Slide 8: Capital deployment: ~$60B
~20–25% CAPITAL E X PE N DIT URE S AN D SUR PL US TO F UN D G R OW T H Capital deployment: ~$60B ~15% 4–5% expected cash flow DIVIDE N D EPS growth over the next five years ~60–65% ST R AT E G IC M& A, SH AR E R E PUR C HASE , R E PAY DE BT 8 © 2025 The Cigna Group
Slide 9: Strong long-term shareholder value
Strong long-term shareholder value LONG-TERM AVERAGE LONG-TERM AVERAGE ANNUAL ANNUAL CONTRIBUTI ON ADJUSTED INCOME GROWTH 6–9% + FROM CAPITAL DEPLOYMENT 4–5% ENTERPRI SE 10–14% long-term average annual adjusted EPS growth outlook PLUS AN ATTRACTI VE DIVIDEND 1–2% 9 © 2025 The Cigna Group
Slide 10: 4Q24 results – Consolidated
4Q24 results – Consolidated (Dollars in millions, except where noted and per-share amounts) 4Q24 4Q23 Change Adjusted revenues Adjusted revenues (1) $65,683 $51,149 28% Adjusted income (loss) from operations Evernorth Health Services, pre-tax $2,146 $1,890 14% Cigna Healthcare, pre-tax $511 $969 (47
Slide 11: FY24 results – Consolidated
FY24 results – Consolidated (Dollars in millions, except where noted and per-share amounts) FY24 FY23 Change Adjusted revenues Adjusted revenues (1) $247,099 $195,322 27% Adjusted income (loss) from operations Evernorth Health Services, pre-tax $7,001 $6,442 9% Cigna Healthcare, pre-tax $4,229 $4,47
Slide 12: 4Q24 results – Evernorth Health Services
4Q24 results – Evernorth Health Services (Dollars in millions, except where noted) 4Q24 4Q23 Change Adjusted revenues Pharmacy Benefit Services $30,273 $20,553 47% Specialty and Care Services $23,471 $19,966 18% Total adjusted revenues $53,744 $40,519 33% Adjusted income from operations, pre-tax Pha
Slide 13: FY24 results – Evernorth Health Services
FY24 results – Evernorth Health Services (Dollars in millions, except where noted) FY24 FY23 Change Adjusted revenues Pharmacy Benefit Services $111,822 $76,792 46% Specialty and Care Services $90,333 $76,707 18% Total adjusted revenues $202,155 $153,499 32% Adjusted income from operations, pre-tax
Slide 14: 4Q24 results – Cigna Healthcare
4Q24 results – Cigna Healthcare (Dollars in millions, except where noted) 4Q24 4Q23 Change Adjusted revenues Total adjusted revenues $13,331 $13,005 3% Adjusted income from operations, pre-tax Total adjusted income from operations, pre-tax $511 $969 (47)% Key ratios Total margin, pre-tax 3.8% 7.5% (
Slide 15: FY24 results – Cigna Healthcare
FY24 results – Cigna Healthcare (Dollars in millions, except where noted) FY24 FY23 Change Adjusted revenues Total adjusted revenues $52,914 $51,205 3% Adjusted income from operations, pre-tax Total adjusted income from operations, pre-tax $4,229 $4,478 (6)% Key ratios Total margin, pre-tax 8.0% 8.7
Slide 16: FY2025 guidance
FY2025 guidance (Dollars in millions, except where noted and per-share amounts) 2025 Guidance Adjusted revenue Adjusted revenues at least $252,000 Adjusted income from operations Consolidated, after-tax at least $7,900 Evernorth Health Services, pre-tax at least $7,200 Cigna Healthcare, pre-tax at l
Slide 17: Appendix
Appendix © 2025 The Cigna Group Confidential, unpublished property of The Cigna Group. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2025 The Cigna Group
Slide 18: Definitions of key financial and business terms
Definitions of key financial and business terms Medical care ratio represents medical costs as a percentage of premiums for all Cigna Healthcare risk products provided through guaranteed cost or experience-rated funding arrangements. SG&A expense ratio on a GAAP basis for the fourth quarter 2024 rep
Slide 19: Reconciliation of GAAP to non-GAAP financial measures
Reconciliation of GAAP to non-GAAP financial measures Shareholders’ net income and diluted earnings per share Three Months Ended December 31, 2024 Dollars in millions Diluted earnings per share Pre-Tax After-Tax Pre-Tax After-Tax Shareholders’ net income $1,424 $5.13 Adjustments to reconcile to adju
Slide 20: Reconciliation of GAAP to non-GAAP financial measures
Reconciliation of GAAP to non-GAAP financial measures Shareholders’ net income and diluted earnings per share Year Ended December 31, 2024 Dollars in millions Diluted earnings per share Pre-Tax After-Tax Pre-Tax After-Tax Shareholders’ net income $3,434 $12.12 Adjustments to reconcile to adjusted in
Slide 21: Reconciliation of GAAP to non-GAAP financial measures
Reconciliation of GAAP to non-GAAP financial measures Shareholders’ net income and diluted earnings per share Three Months Ended December 31, 2023 Dollars in millions Diluted earnings per share Pre-Tax After-Tax Pre-Tax After-Tax Shareholders’ net income $1,029 $3.49 Adjustments to reconcile to adju
Slide 22: Reconciliation of GAAP to non-GAAP financial measures
Reconciliation of GAAP to non-GAAP financial measures Shareholders’ net income and diluted earnings per share Year Ended December 31, 2023 Dollars in millions Diluted earnings per share Pre-Tax After-Tax Pre-Tax After-Tax Shareholders’ net income $5,164 $17.39 Adjustments to reconcile to adjusted in
Slide 23: Reconciliation of GAAP to non-GAAP financial measures
Reconciliation of GAAP to non-GAAP financial measures Adjusted Revenues Three Months Ended December 31 2024 2023 Total Revenues $65,649 $51,114 Net investment results from certain equity method investments $34 $35 Adjusted Revenues $65,683 $51,149 Three Months Ended December 31 2024 2023 Adjusted Re
Slide 24: Reconciliation of GAAP to non-GAAP financial measures
Reconciliation of GAAP to non-GAAP financial measures Adjusted Revenues Year Ended December 31 2024 2023 Total Revenues $247,121 $195,265 Net investment results from certain equity method investments ($204) $57 Special item related to impairment of dividend receivable $182 Adjusted Revenues $247,099
Slide 25: Reconciliation of GAAP to non-GAAP financial measures
Reconciliation of GAAP to non-GAAP financial measures Shareholders’ net income and diluted earnings per share Year Ended December 31 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Shareholders’ net income $12.12 $17.39 $21.41 $15.75 $22.96 $13.44 $10.54 $8.77 $7.19 $8.04 $7.83 Adjustments to