The Cigna Group · NYSE:CI
The Cigna — Investor Day (September 2026)
119 slides from The Cigna's investor day presentation, Sep 30, 2026
Slide 1: Ralph Giacobbe, Senior Vice President, Investor Relations
RALPH GIACOBBE Senior Vice President, Investor Relations The Cigna Group 1 © 2026 The Cigna Group
Slide 2: Today's program
Today’s Building the health care company Brian Evanko of the future President and Chief Executive Officer program Specialty and Care Services: built to win in the fastest growing health care market Matt Perlberg President, Evernorth Pharmacy and Care Delivery and EVP, Customer Innovation Three scale
Slide 3: 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 presentation, the Investor Day webcast of The Cigna Group (the “Company”) and oral statements made with respect to information contained in this p
Slide 4: Non-GAAP measures and other key financial information
Non-GAAP measures and other key financial information Adjusted Earnings and Adjusted EPS 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 dilu
Slide 5: Building the health care company of the future
Building the health care company of the future BRIAN EVANKO President and Chief Executive Officer The Cigna Group 5 © 2026 The Cigna Group
Slide 6: What I'll cover
What Strong track record of growth I’ll cover Delivering profitable growth today and building for sustainable growth tomorrow with a deliberately shaped portfolio Leveraging a distinct combination of capabilities Executing with discipline and rigor across every aspect of our business 6 THE CIGNA GRO
Slide 7: A strong track record of strategically evolving over a decade
The Cigna Group has a strong track record of strategically evolving over a decade of environmental headwinds 2016 2018 2020 2022 2024 2025 2026 Continued strong Combined with Divested Divested Global Announced Expanded Announced decision momentum in Express Scripts®, Group Life Supplemental divestit
Slide 8: We have deliberately shaped our portfolio to strengthen our competitive position
We have deliberately shaped our portfolio to strengthen our competitive position and fuel growth... Pharmacy U.S. Benefit Employer Group Life U.S. Services & Disability Employer Global Supplemental Express 2019 2026 U.S. Government 2016 BUSINESS BUSINESS Scripts MIX BY BUSINESS International MIX BY
Slide 9: A proven track record of consistent returns and differentiated growth
And we have a proven track record of delivering consistent returns and differentiated growth Decade of Decade of resilient, consistent adjusted differentiated growth in EPS growth a dynamic environment +14% ADJ. EPS CAGR Peer 1 & 2 Peer 3 Peer 4 Peer 5 2016 2017 2018 2019 2020 2021 2022 2023 2024 20
Slide 10: Strong execution since our 2024 Investor Day
Strong execution in a disrupted environment since our 2024 Investor Day BY THE NUMBERS KEY ACCOMPLISHMENTS FOCUS AREAS AS CEO On track to grow Specialty Navigated dynamic environment Deepen focus on customer and Care Services to including policy and regulatory changes, personalization and expanding
Slide 11: Our foundation is strong and built for the future
Our foundation is strong and built for the future CI ~$75B ~2M+ ~$280B At least $30.45 Ticker (NYSE) Market cap Customer touchpoints Adjusted revenue* Adjusted EPS* Specialty and Care Services ~37% of adj. earnings** • Pharmacy and care management for ~40% of adj. earnings * clinically complex speci
Slide 12: Health care is at an inflection point and needs to change
Health care Affordability and cost pressures is at an Health care costs are rising faster than wages and inflation. inflection Since 2000, the cost of a hospital In 2025, the median price of a stay has increased 280%+ new prescription drug was $216K point and Rising consumer expectations needs to Co
Slide 13: Our Lead to One vision positions us for success
STRATEGIC GROWTH FRAMEWORK How we deliver on Lead to One every day across our business and functional teams Our Lead to One vision positions ONE TEAM How our colleagues work us for success together to serve individuals Focused on transforming health care ACCELERATE TO ONE through improving affordabi
Slide 14: We deliver on Lead to One across the care continuum
We deliver on the vision Our expertise in of Lead to One across complex care drives differentiated value the care continuum when serving these individuals Detrice: Mark: Sammie: Kellie: Living with Alpha-1 Using an onsite wellness hub Using our health coaching Living with diabetes Antitrypsin Defici
Slide 15: Complex conditions are shaping the future of health care
Complex conditions are shaping the future of health care Costs are increasingly Pharmacy is becoming Complex drug innovation concentrated in a greater percentage of and utilization is complex conditions health care spending growing rapidly Specialty and complex care costs are Rise of new and more ef
Slide 16: Built to deliver value with differentiated complex care capabilities
Our business is built to deliver value with differentiated complex care capabilities The Cigna Group business mix results in a strong COMPLEX CARE emphasis on complex health care needs Serving individuals with specialized health needs that drive disproportionate utilization, spending, and care coord
Slide 17: We are well-positioned for growth across all businesses
We are well-positioned for growth across all businesses Specialty and Care Services Managing the most clinically complex Comprehensive and areas of health care coordinated health benefits 8–12% ~$480B ~$1.2T projected adjusted earnings CAGR for total addressable market total addressable market 2026–
Slide 18: Our strategic growth framework enables durable value creation
Our strategic growth framework enables durable value creation DELIVER CORE LEVERAGE DISTINCT EXECUTE WITH GROWTH CAPABILITIES DISCIPLINE Build on strong foundation Industry-leading complex Clear vision, consistent of deliberately shaped care capabilities, delivering execution, operational portfolio
Slide 19: We are delivering core growth in a number of ways
We are delivering core growth in a number of ways Deepening Transforming Expanding Expanding services to meet to meet evolving our distribution to new buyer consumer needs market needs channels groups My Personal Champion Evernorth SignatureSM CuraScript SD® Specialty Rx care advocates Pharmacy Bene
Slide 20: Differentiated expertise in complex care
Differentiated expertise in complex care Best-in-class specialty pharmacy model Robust specialty distribution and clinical footprint, including network of clean rooms Industry-leading access to limited distribution drugs Pharmacy network and drug purchasing power Stop loss underwriting leader 20 THE
Slide 21: Most organizations manage what's visible; we manage the drivers of complexity
Most organizations Diagnosis Coexisting conditions manage what’s visible Hospitalizations High-cost claims We manage and connect the drivers Specialty and traditional medications of complexity Medical needs Behavioral health Our strategy involves earlier identification Preventive care and clinical s
Slide 22: Health intelligence engine turning individual context into personalized interactions
Our differentiated capabilities are powered by a health intelligence engine capable of turning individual context into personalized interactions at scale Differentiated Health intelligence Personalization capabilities engine at scale • Proprietary data at scale across medical, pharmacy, and behavior
Slide 23: Our innovation ecosystem can build, buy, or partner
Our innovation WE BUILD OR BUY where the advantage has to be owned ecosystem can build, buy, or Evernorth SignatureSM Pharmacy Clinical Pharmacy Benefit Services Forward models partner to generate capabilities and accelerate value WE PARTNER creation where others have capabilities that can augment o
Slide 24: Continuing to execute with discipline to fuel sustainable growth
Continuing to execute with discipline to fuel sustainable growth Operational excellence Drive multi-year $3B modernization and productivity initiative Financial strength and consistent cash generation allow us strategic flexibility Balanced, disciplined framework to capital deployment Capital-light
Slide 25: A culture built for long-term value creation
A culture built for long-term value creation and adapting for the future OUR CULTURE IS BUILT TO DELIVER AS ONE TEAM: • Purpose AND performance • Curiosity AND innovation mindset • Customers, clients, AND communities • Enterprise thinking AND business expertise AND WE ARE WORKING ON: • Improving eff
Slide 26: Well-positioned to deliver durable, long-term adjusted EPS growth
Well-positioned to deliver durable, long-term adjusted EPS growth THE TRENDS Cost concentrating Shift from medical-centric Data, clinical, and AI enabling reshaping health care in complex conditions to pharmacy-centric care proactive, personalized care OUR Specialty and Care Services Cigna Healthcar
Slide 27: A team built for the journey: today's presenters
A team built for Brian Evanko President and Chief Executive Officer 1998 the journey: President, Evernorth Pharmacy and Care Matt Perlberg Delivery and EVP, Customer Innovation 2013 today’s Bryan Holgerson President, Cigna Healthcare U.S. and EVP, Customer Health Outcomes 2001 presenters Adam Kautzn
Slide 28: A clear and compelling investment thesis
A clear and compelling investment thesis Well-positioned where health care is growing, 01 with a clear competitive advantage in complex care Focus on delivering the most personalized and 02 affordable health care experience in the industry through Lead to One vision A deliberately shaped portfolio p
Slide 29: Built to win in the fastest growing health care market
SPECIALTY AND CARE SERVICES Built to win in the fastest growing health care market MATT PERLBERG President, Evernorth Pharmacy and Care Delivery and EVP, Customer Innovation, The Cigna Group 29 © 2026 The Cigna Group
Slide 30: What I'll cover
What Specialty is a large, fast-growing market where we deliver I’ll cover personalized care to patients with complex conditions Specialty and Care Services is an increasing contributor to the earnings of The Cigna Group We are a leader in the specialty market with end-to-end capabilities that are c
Slide 31: Competitively positioned across the entire specialty ecosystem
We are competitively positioned across the entire specialty ecosystem OUR STAKEHOLDERS AND BY THE NUMBERS KEY BUSINESS DRIVERS BUSINESS PORTFOLIO ~$105B Specialty and Care Services Revenue* We serve Adjusted revenue* Accredo >1M • Powerful secular ~$4.3B CuraScript SD by Evernorth** patients living
Slide 32: Key accomplishments over the past 2+ years
KEY ACCOMPLISHMENTS Delivered 12%+ adjusted earnings CAGR at the high end of our range Over the Continued to drive biosimilar adoption by offering $0 out-of-pocket biosimilars for Humira® and Stelara®, achieving over 75% biosimilar penetration for both drugs past 2+ years, Expanded access to new lim
Slide 33: How we Lead to One in Specialty and Care Services
How we Lead to One in Specialty and Care Services All specialty patients experience clinically complex conditions and require personalized treatment journeys Example conditions SPECIALTY PATIENTS • Hereditary angioedema (HAE)* • Pulmonary arterial hypertension 100% Complex care • Common variable imm
Slide 34: Specialty is a sizable market with strong secular tailwinds
Specialty is a sizable market with strong secular tailwinds SPECIALTY GROWTH DRIVERS Complex drug innovation More than $100B in annual pipeline sales from new specialty drugs expected by year end 2030 ~$480B More conditions treated Addressable specialty market by specialty medications Specialty drug
Slide 35: Strong and growing positions across both segments of specialty
We have strong and growing positions across both segments of the specialty market PHARMACY MEDICAL ~60% BENEFIT BENEFIT ~40% ~$300B Typically direct Typically direct ~$180B to patient to provider ~$480B Addressable specialty market 35 EVERNORTH HEALTH SERVICES • SPECIALTY AND CARE SERVICES • DELIVER
Slide 36: We continue to lead in the specialty pharmacy benefit space
We continue to lead in the specialty pharmacy benefit space Clinically managed therapies typically self-infused in patients’ homes We serve this market through direct patient care • Pharmacy benefit market growing in high-single digits • ~25% market share PHARMACY BENEFIT ~60% • A market leader via
Slide 37: Growing our position in the specialty medical benefit space
We are actively growing our position in the specialty medical benefit space Clinically managed therapies typically infused in provider settings We serve this market by enabling providers to deliver patient care MEDICAL BENEFIT Direct to provider • Medical benefit market growing in low-double digits
Slide 38: Growth strategy built on three distinct end-to-end capabilities
Our growth strategy is built on three distinct end-to-end capabilities DELIVER LEADING MAXIMIZE SUPPLY GROW LEADING CLINICAL CARE AND CHAIN AND OPERATIONS ACCESS TO THERAPIES PATIENT EXPERIENCES ADVANTAGE 38 EVERNORTH HEALTH SERVICES • SPECIALTY AND CARE SERVICES • LEVERAGE DISTINCT CAPABILITIES © 2
Slide 39: A leading clinical model to power our next phase of growth
Kira Living with We have built a leading clinical Pulmonary Arterial Hypertension model that will power our next phase of growth DELIVER LEADING CLINICAL CARE AND PATIENT EXPERIENCES Kellie Living with Alpha-1 Antitrypsin Deficiency Accredo® Specialty Pharmacy clinical model is best-in-class 15 Ther
Slide 40: Distribution expertise and broad physical footprint set us apart
Our distribution expertise and broad physical footprint set us apart MAXIMIZE SUPPLY CHAIN AND OPERATIONS ADVANTAGE Leader in cost of goods through our capabilities and reach Rapidly growing specialty distributor: CuraScript SD by Evernorth® revenue has grown ~20% annually over the past 5 years Robu
Slide 41: Broad reach and clinical expertise deepen customer relationships
Our broad reach, clinical expertise, and personalized care deepen and expand customer relationships GROW LEADING ACCESS TO THERAPIES Partner of choice to manufacturers because of our unique and differentiated capabilities Accredo® Specialty Pharmacy has industry-leading access to 30+ exclusives and
Slide 42: End-to-end capabilities give us a strong competitive advantage
Our end-to-end capabilities work together to give us MAXIMIZE SUPPLY CHAIN AND OPERATIONS ADVANTAGE a strong competitive advantage DELIVER LEADING GROW CLINICAL CARE LEADING AND PATIENT ACCESS TO EXPERIENCES THERAPIES 42 EVERNORTH HEALTH SERVICES • SPECIALTY AND CARE SERVICES • LEVERAGE DISTINCT CAP
Slide 43: Innovating and executing for sustained future growth
We are innovating and executing for sustained future growth Leveraging the latest Bringing new solutions to market technology within our • Launching a new wholesale distribution channel that health intelligence engine opens access to more specialty drugs, deepens presence across provider settings, a
Slide 44: Specialty and Care Services key takeaways
KEY TAKEAWAYS Specialty and Care Services OUR 2026-2030 COMMITMENTS Specialty is a large, fast-growing market where we deliver personalized care to patients with complex conditions 8–12% adjusted Specialty and Care Services is an increasing contributor earnings growth to the earnings of The Cigna Gr
Slide 45: A differentiated model, built to win in complex care
CIGNA HEALTHCARE A differentiated model, built to win in complex care BRYAN HOLGERSON President, Cigna Healthcare U.S. and EVP, Customer Health Outcomes, The Cigna Group 45 © 2026 The Cigna Group
Slide 46: What I'll cover
What Differentiating through a leading I’ll cover affordability position, a unique integrated model to manage complex care and risk transfer expertise Capturing additional share of the Select market through our integrated value proposition—springboard for broader upmarket momentum Executing with dis
Slide 47: Scaled employer relationships and integrated model position Cigna Healthcare
Scaled employer relationships and integrated model position Cigna Healthcare for durable share gain BY THE NUMBERS ROBUST BUSINESS PORTFOLIO KEY BUSINESS DRIVERS CUSTOMER BREAKDOWN BY BUYER GROUP Deep employer expertise ~$46.6B and relationships, an improved affordability position and leading Adjust
Slide 48: Key accomplishments over the past 2+ years
KEY ACCOMPLISHMENTS Over the U.S. Employer enrollment grew 3.9%, outpacing the overall market's 0.3% growth past 2+ years, 12% Select membership growth and grew share in Middle Market we have continued to grow our integrated membership Unit cost competitive in 70% of markets— and launched innovative
Slide 49: U.S. Employer: a large and growing market
U.S. Employer: A large and growing market A large market with Improved affordability Select is our secular growth positions us to grow share growth engine CURRENT MARKET SHARE (% LIVES) Select 8% ~$1.2T ~70% 51–499 eligible employees total addressable 2026 market* Middle Market** 14% 500–2,999 eligi
Slide 50: Driving personalization across the care continuum
Driving personalization across the care continuum ~45% Non-complex Complex ~55% How we personalize ~$1.2T How we personalize total MyCigna® mobile app addressable Clinical protocols market AI virtual assistant Personalized care advocates Provider matching AI-enabled experience (e.g., Health SenseSM)
Slide 51: Reducing fragmentation in complex care is key to affordability
Reducing fragmentation in complex care is key to improving affordability ~1/3 of health care spending is inefficient Spend increasingly spans medical and pharmacy • Poor coordination • Administrative complexity HALF • Low-value care of costs for complex COMPLEX patients are tied to Majority of ineff
Slide 52: Our integrated model continues to drive growth in the Select segment
Our integrated model continues to drive growth in the Select segment… VALUE COMPOUNDS VALUE CREATED Connected foundation More services delivered 100% of Select clients are fully integrated We have one connected view Navigation, clinical programs and of the patient across medical, connected support r
Slide 53: Upside opportunity in Middle Market and National Accounts
…and has upside opportunity in Middle Market and National Accounts, as integration becomes increasingly important THE UPSIDE OPPORTUNITY HOW WE WIN FROM HERE NATIONAL ACCOUNTS ~2.3M Medical-only lives ~7.4M Rx-only lives largest runway Complex care and affordability Integrated data, clinical depth,
Slide 54: Our distinct capabilities power our value creation
Our distinct capabilities power our value creation Integrated data Personalization Risk transfer foundation at scale expertise Continuous care experience Funding-agnostic Medical + pharmacy Customer and clinical support by design + behavioral model embedded across the Industry’s largest stop One con
Slide 55: Integrated data foundation creates one connected view of the patient
Integrated data foundation creates one connected view of the patient delivering lower total costs ~$241 ~$28K PMPY PMPY total medical cost savings Savings per member scale with complexity NON- INTEGRATED Through our integrated ~$8K PMPY CANCER approach, we can see what others can’t— ~$2K INTEGRATED
Slide 56: Personalization at scale fueled by integration and AI
Personalization at scale fueled by integration and AI Introducing Health SenseSM: Next-generation customer and clinical support model powered by our health intelligence engine ANTICIPATED COST SAVINGS Personalized, 10% proactive, and continuous health care reduction in inefficient care* experience e
Slide 57: Risk transfer expertise enables funding-agnostic design
Risk transfer expertise enables funding-agnostic design to meet clients where they are A leader in self-funded Continuing to enhance CIGNA H EALTH CA R E T O TAL SELECT our capabilities SELECT SEGMEN T MARKET Decades of stop Connected data at scale ~68% self-funded ~30% self-funded loss leadership,
Slide 58: Innovating and executing for sustained future growth
We are innovating and executing for sustained future growth Expanding our addressable market Improve unit cost position by 10% by year-end 2030 Bringing new products and experiences through personalization at scale Health SenseSM: one connected view of each patient enables a shared understanding of
Slide 59: Cigna Healthcare key takeaways
KEY TAKEAWAYS Cigna Healthcare OUR 2026–2030 COMMITMENTS Differentiating through a leading affordability position, a unique integrated model to manage complex care and risk transfer expertise 6–9% adjusted Capturing additional share of the Select market earnings growth through our integrated value p
Slide 60: Defining the next generation of pharmacy benefits
PHARMACY BENEFIT SERVICES Defining the next generation of pharmacy benefits ADAM KAUTZNER, PharmD President, Evernorth Care Management and Express Scripts and EVP, Customer Personalization, The Cigna Group 60 © 2026 The Cigna Group
Slide 61: What I'll cover
What I’ll cover Valued and trusted partner in managing growing drug spend— delivering superior affordability and improved outcomes Boldly transforming the industry and redefining pharmacy benefits in a dynamic environment with the Evernorth SignatureSM Pharmacy Benefits Services model Delivering dur
Slide 62: Industry-leading pharmacy benefits driving superior cost and outcomes
Industry-leading pharmacy benefits driving superior cost and outcomes BY THE NUMBERS DIVERSE BUYER GROUPS KEY BUSINESS DRIVERS ~$140B 31% Government health plans and programs • Size and scale to deliver superior Adjusted revenue* 22% Commercial health plans and partners unit cost economics ~$2.6B 15
Slide 63: Key accomplishments over the past 2+ years
KEY ACCOMPLISHMENTS Over the Delivered 30%+ revenue CAGR, reflecting new business wins and strong client retention past 2+ years, Achieved client retention in the mid-to-high-90s, we have furthered our demonstrating our strong value proposition and leadership position in the client relationships pha
Slide 64: Pharmacy Benefit Services is a significant and steadily growing market
Pharmacy Benefit Services is a significant and steadily growing market As the most used health care benefit, pharmacy is growing as the drug pipeline moves care for complex patients to prescription medicines of total pharmacy ~70% benefit spend is driven by people with complex conditions* Personaliz
Slide 65: Specialty drug spend continues to grow
As specialty drug spend continues to grow, our expertise becomes increasingly critical Rx is an increasing % Specialty Rx is a top of health care spending driver of drug spending % O F T O TA L C O S T O F C A R E % O F T O TA L C O S T O F C A R E ~40–45% ~28–32% Pharmacy SRx ~12–13% ~30% Non-SRx P
Slide 66: We have a track record of driving affordability
We have a track record of driving affordability Improved affordability through increased use of generics Over the last two decades, Generic prescriptions generic adoption across the typically cost 90%+ market has increased from less than brand-name roughly 1 in 2 prescriptions alternatives to 9 in 1
Slide 67: A new drug pricing landscape is taking shape
At the same time, a new drug pricing landscape is taking shape INDUSTRY AVERAGE REBATES PMPM Inflation Reduction Act, Most Favored Nation and biosimilars are compressing rebates and driving pricing We are boldly volatility for clients 2021 2022 2023 2024 2025 2026 2027 leading our Estimated clients
Slide 68: Flexible solutions that drive affordability and clinical rigor
Our durable and sustainable growth today is powered by flexible solutions that drive greater affordability and clinical rigor Ensuring clinical Innovating solutions that Driving affordability for appropriateness and meet clients where they are clients and patients curated access EXPRESS SCRIPTS Indu
Slide 69: Proven capabilities to deliver superior client value
Proven capabilities to deliver superior client value ACTUAL CLIENT EXAMPLE 65K+ life Clinical program savings employer client $45 PMPM Industry-leading scale Scale and purchasing power to drive to the lowest net cost Formulary + UM savings UNMANAGED $43 PMPM Client service excellence CLIENT Rx Integ
Slide 70: Driving the future of pharmacy benefits: Evernorth Signature
Evernorth SignatureSM Pharmacy Benefit Services Driving the future of pharmacy benefits Better for consumers, simpler for clients, and more durable for shareholders Consumers benefit from rebate-free model Direct access to our negotiated upfront discounts and technology Passage of PBM to ensure the
Slide 71: Signature transforms the supply chain to deliver more value
Signature transforms the supply chain to deliver more value for customers and clients More upside for consumers, without downside for clients Lower out-of-pocket Cost neutral for clients with costs for members minimal benefit design changes Members save up to 30% per month “The emerging Net Price mo
Slide 72: Delivering durable and sustainable financial contribution
Delivering durable and sustainable financial contribution The SignatureSM model aligns incentives across all stakeholders and maintains consistent margins as the market continues to evolve ACTUAL CLIENT EXAMPLE 65K+ life TRADITIONAL MODEL 54% employer client SIGNATURE MODEL fees for services perform
Slide 73: Marketplace perspectives
Marketplace perspectives A conversation with leaders consulting clients on which PBM to choose Adam Kautzner, AJ Ally, Alysha Fluno, PharmD RPh PharmD President, Evernorth Care Management Principal and Pharmacy National Pharmacy and Express Scripts and EVP, Customer Management Consultant, Practice L
Slide 74: Pharmacy Benefit Services key takeaways
KEY TAKEAWAYS Pharmacy Benefit Services OUR 2026–2030 COMMITMENTS Valued and trusted partner, best positioned to manage growing drug spend Driving industry change through a dynamic environment Flat to 4% with new models like Evernorth Signature Pharmacy Benefit Services SM adjusted earnings growth D
Slide 75: Driving personalization at scale through data and AI
DATA AND AI Driving personalization at scale through data and AI KATYA ANDRESEN EVP and Chief Data, Digital, and AI Officer, The Cigna Group 75 © 2026 The Cigna Group
Slide 76: What I'll cover
What Accelerating AI adoption to I’ll cover drive efficiency today and broader enterprise value tomorrow Using a scalable, predictive health intelligence engine designed to deliver better outcomes and affordability Capitalizing on our distinctive capabilities by investing where we can differentiate
Slide 77: Creating value today and building for the future
Creating value today and building for the future AI is creating measurable Our health intelligence engine value now compounds value Better productivity, experiences, Every result sharpens predictions outcomes, and affordability and actions, improving performance and economics over time OUR APPROACH
Slide 78: AI is already delivering measurable value across our businesses
AI is already delivering measurable value across our businesses SPECIALTY AND PHARMACY CIGNA HEALTHCARE CARE SERVICES BENEFIT SERVICES 20% UP TO 90% 43x reduction in reduction in clinician faster specialty call volume notetaking time with benefit reviews MD Live by Evernorth® 78 THE CIGNA GROUP • DR
Slide 79: What makes our health intelligence engine work
What makes our health intelligence engine work Distinct assets, applied through a single engine, that produce differentiated outcomes, experience, and cost Health intelligence engine Predicts what is likely to happen Defines the optimal interaction Personalizes engagement at scale 79 THE CIGNA GROUP
Slide 80: What makes our health intelligence engine work
What makes our health intelligence engine work Distinct assets, applied through a single engine, that produce differentiated outcomes, experience, and cost Built over decades of innovation: 700+ active and pending patents across the enterprise INPUTS: Differentiated capabilities Proprietary data at
Slide 81: What makes our health intelligence engine work
What makes our health intelligence engine work Distinct assets, applied through a single engine, that produce differentiated outcomes, experience, and cost Built over decades of innovation: 700+ active and pending patents across the enterprise INPUTS: Differentiated capabilities OUTPUTS: Enhancing c
Slide 82: What makes our health intelligence engine work
What makes our health intelligence engine work Distinct assets, applied through a single engine, that produce differentiated outcomes, experience, and cost Built over decades of innovation: 700+ active and pending patents across the enterprise INPUTS: Differentiated capabilities OUTPUTS: Enhancing c
Slide 83: We partner for capabilities. We build for advantage.
We partner for capabilities. We build for advantage. WHAT MUST BE OURS WHERE PARTNERS ACCELERATE US Where differentiation depends on our Where best-of-breed capabilities health care context and ability to act help us move faster We own the health care context, clinical We use leading foundation mode
Slide 84: Partnership perspectives
Partnership perspectives A conversation with Sierra Bret Taylor Katya Andresen Co-founder and CEO, EVP and Chief Data, Sierra Digital, and AI Officer, The Cigna Group 84 THE CIGNA GROUP • DRIVING PERSONALIZATION AT SCALE © 2026 The Cigna Group
Slide 85: Key takeaways
Key takeaways Accelerating AI adoption to drive efficiency today and broader enterprise value tomorrow Using a scalable, predictive health intelligence engine designed to deliver better outcomes and affordability Capitalizing on our distinctive capabilities by investing where we can differentiate an
Slide 86: Personalized health care in action
CLINICAL Personalized health care in action DR. AMY FLASTER EVP and Chief Medical Officer, The Cigna Group 86 © 2026 The Cigna Group
Slide 87: What I'll cover
What I’ll cover The scale, expertise, and capabilities to support complex conditions across the care continuum The power of integration to translate data and insights into measurable outcomes and value AI creates a paradigm shift in how we identify and support patients with complex needs earlier and
Slide 88: A broad clinical ecosystem supporting patients with complex needs
The Cigna Group has built a broad clinical ecosystem in support of patients with complex needs 5.5K+ ~850 24/7 2.2M clinicians across field-based specialized pharmacists visits to MD Live® the enterprise infusion nurses and nurses available completed annually Cigna Healthcare Specialty and Care Serv
Slide 89: Integrated assets and data translate to precision insights and outcomes
Integrated assets and data translate to precision insights and measurable outcomes EARLIER ENGAGEMENT WITH CANCER PATIENTS BREAST COLORECTAL LUNG 55 46 37 days days days THE VALUE OF ACTING SOONER The combination of deep clinical reduction lower total cost of care for expertise and distinct capabili
Slide 90: AI creates an opportunity for a paradigm shift
AI creates an opportunity for a paradigm shift Administrative AI-augmented Autonomous AI clinical support care AI Efficiency and Personalized care, AI-directed diagnosis back-office focused guidance and support and treatment (table stakes) for complex patients (early-stage) Health intelligence engin
Slide 91: Next chapter of AI-augmented clinical support
Next chapter of AI-augmented clinical support Combining the deep clinical expertise, care management capabilities, and integrated health insights from The Cigna Group with frontier model capability from OpenAI INITIAL USES Accredo Therapeutic Resource Centers® Cigna Healthcare Health Sense ℠ Clinici
Slide 92: Health Sense
Health Sense ℠ 92 THE CIGNA GROUP • PERSONALIZED HEALTH CARE IN ACTION © 2026 The Cigna Group
Slide 93: Meet Maya Jones
Meet Maya Jones • Age 59 • Mother of two and a caregiver for her aging father • Works in operations • Diagnosed with colon cancer; Just began CAPOX chemotherapy • Managing Type 2 diabetes 93 THE CIGNA GROUP • PERSONALIZED HEALTH CARE IN ACTION © 2026 The Cigna Group
Slide 94: Key takeaways
Key takeaways Our clinical enterprise provides the scale, expertise, and capabilities to support patients with complex conditions across the care continuum The power of integration enables us to turn connected capabilities, data, and insights into better outcomes, greater value, and lower total cost
Slide 95: Executing with operational and financial discipline
FINANCIAL OVERVIEW Executing with operational and financial discipline ANN DENNISON EVP and Chief Financial Officer, The Cigna Group 95 © 2026 The Cigna Group
Slide 96: What I'll cover
What Building on proven track record of delivering consistent and I’ll cover differentiated adjusted EPS growth through disciplined execution Driving our core growth opportunities and distinct capabilities to deliver sustainable long-term growth Launching a $3B multi-year modernization and productiv
Slide 97: Reaffirming 2026 guidance
Reaffirming 2026 guidance as of Sept. 30, 2026 Pre-tax adjusted income from operations At least $6,900M Pre-tax adjusted income from operations $4,550M Adjusted EPS At least At least $30.45 Medical care ratio 83.7% to 84.7% 97 THE CIGNA GROUP • EXECUTING WITH OPERATIONAL AND FINANCIAL DISCIPLINE © 2
Slide 98: A decade of consistent execution has fueled differentiated growth
A decade of consistent execution has fueled differentiated growth… Consistent Differentiated Lowest volatility growth growth during a period of significant industry disruption (2021–2026) THE CIGNA GROUP ADJUSTED EPS +14% CUMULATIVE ADJUSTED EPS GROWTH ADJUSTED EPS CAGR AVERAGE ADJUSTED EPS GROWTH C
Slide 99: Strong cash flow in support of growth and shareholder returns
…and strong cash flow in support of growth and shareholder returns 2021–2025 ~17% ~64% reinvested returned to to business shareholders, $56B through dividend cash generated (13%) and share through operating repurchase (51%) cash flow ($48B) and ~19% divestitures ($8B) debt repayment and bolt-on M&A*
Slide 100: Over nearly a decade, we have deliberately shaped our portfolio
Over nearly a decade, we have deliberately shaped our portfolio… Three scaled growth businesses well positioned to deliver sustainable long-term growth Specialty and Care Services ~37% of adj. ~60% earnings** of adj. earnings* Pharmacy ~40% Benefit Services ~23% of adj. of adj. earnings* earnings**
Slide 101: Positioned where cost is concentrating
…to be positioned where cost is concentrating Drug spending is growing as Specialty medications are a leading Costs are increasingly concentrated a % of health care spending driver of overall drug spending in complex conditions We are the market leader We have differentiated end-to-end Our integrate
Slide 102: We are confident in delivering 10–14% adjusted EPS CAGR
2026–2030 10–14% We are confident Average long-term annual adjusted EPS CAGR in delivering: 102 THE CIGNA GROUP • EXECUTING WITH OPERATIONAL AND FINANCIAL DISCIPLINE © 2026 The Cigna Group
Slide 103: 2026–2030 growth commitment: Evernorth
2026–2030 growth commitment DISTINCT LONG-TERM AVG. TOTAL % OF CORE CAPABILITIES ANNUAL ADJ. GROWTH DRIVERS ADDRESSABLE ENTERPRISE GROWTH GROWTH INCOME GROWTH MARKET ADJ. EARNINGS CAGR CAGR CAGR • Strong secular growth Specialty and Care Services with TAM expansion • Differentiated end-to- ~$480B ~3
Slide 104: 2026–2030 growth commitment: Cigna Healthcare
2026–2030 growth commitment DISTINCT LONG-TERM AVG. TOTAL % OF CORE CAPABILITIES ANNUAL ADJ. GROWTH DRIVERS ADDRESSABLE ENTERPRISE GROWTH GROWTH INCOME GROWTH MARKET ADJ. EARNINGS CAGR CAGR CAGR • Growth opportunity ~$1.2T ~40% 4–6% 2–3% 6–9% within Select segment • Integrated data, personalized car
Slide 105: $3B multi-year modernization and productivity initiative
ACCELERATE TO ONE Our $3B multi-year modernization and productivity initiative will self-fund and fuel our performance We are on a journey to drive meaningful enterprise value 2026–2030 Automation and Talent Supplier, partner and process modernization effectiveness vendor management Digitizing front
Slide 106: Supported by a disciplined capital allocation strategy
Supported by GROWTH a disciplined Invest in organic growth; direct capital to higher-growth, higher-return opportunities capital RETURNS allocation Maintain a sustainable dividend; Return excess capital through strategy target a payout ratio range of share repurchases; $6B+ ~20% of earnings repurcha
Slide 107: Cash generation and capital deployment to support EPS growth
Continued cash generation and effective capital deployment will further support our adjusted EPS growth ~20–25% capital expenditures and surplus to fund growth ~$50B cash flow over the Capital deployment: next five years ~20% ~70% of 4–5% dividend the current adjusted EPS Growth market cap ~55–60% s
Slide 108: Confident in our ability to deliver attractive growth
Confident 6–9% 5–8% in our ability to deliver Long-term average annual adjusted earnings growth 6–9% attractive growth Long-term average annual contribution from capital deployment 4-5% 10–14% Adjusted EPS PLUS AN ATTRACTIVE CURRENT DIVIDEND YIELD ~2% 108 THE CIGNA GROUP • EXECUTING WITH OPERATIONAL
Slide 109: 2030 adjusted EPS floor of at least $45
Clear business drivers support 2030 adjusted EPS floor of at least $45 ADJUSTED EPS FLOOR BRIDGE At least 4% annual EPS At least $45.00 contribution $45.00 $40.00 At least 6% growth At least At least $35.00 8% growth flat Up to 1% At least impact $30.45 $30.00 $25.00 $20.00 2026 Evernorth Evernorth
Slide 110: Key takeaways
Key takeaways OUR 2026-2030 COMMITMENTS Building on proven track record of delivering consistent and 10–14% adjusted differentiated adjusted EPS growth through disciplined execution EPS growth CAGR Building on our core growth opportunities and distinct capabilities to deliver sustainable long-term g
Slide 111: Positioned to build the health care company of the future
Positioned to build the health care company of the future BRIAN EVANKO President and Chief Executive Officer The Cigna Group 111 © 2026 The Cigna Group
Slide 112: Our Lead to One vision positions us for success
STRATEGIC GROWTH FRAMEWORK How we deliver on Lead to One every day across our business and functional teams Our Lead to One vision positions ONE TEAM How our colleagues work us for success together to serve individuals Focused on transforming health care ACCELERATE TO ONE through improving affordabi
Slide 113: Built to deliver value with differentiated complex care capabilities
Our business is built to deliver value with differentiated complex care capabilities The Cigna Group business mix results in a strong COMPLEX CARE emphasis on complex health care needs Serving individuals with specialized health needs that drive disproportionate utilization, spending, and care coord
Slide 114: Built to deliver
Built to deliver Well-positioned where health care is growing, with a clear competitive advantage in complex care Focus on delivering the most personalized and affordable health care experience in the industry through Lead to One vision A deliberately shaped portfolio positioned for continued growth
Slide 115: Appendix
Appendix 115
Slide 116: Definitions of key financial and business terms
Long-term average target margins refer to the long-term average target for margin, pre-tax Definitions of for each segment (as defined below). key financial Margin, pre-tax is calculated by dividing adjusted income (loss) from operations, pre-tax by adjusted revenues for each segment. and business M
Slide 117: Reconciliation of GAAP to non-GAAP financial measures
Reconciliation of GAAP to non-GAAP financial measures Diluted earnings per share Year Ended December 31 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Shareholders’ net income $22.18 $12.12 $17.39 $21.41 $15.75 $22.96 $13.44 $10.54 $8.77 $7.19 Adjustments to reconcile to adjusted income from oper
Slide 118: Reconciliation of GAAP to non-GAAP financial measures
Reconciliation of GAAP to non-GAAP financial measures Adjusted Revenues Year Ended December 31 2019 2016 Total Revenues $153,566 $39,668 Revenue contributions from transitioning clients ($13,347) $- Net investment results from certain equity method investments ($44) $- Net investment (gains) losses
Slide 119: Reaffirming 2026 guidance
Reaffirming 2026 guidance as of Sept. 30, 2026 Pre-tax adjusted income from operations At least $6,900M ADJUSTED EPS Pre-tax adjusted income from operations At least $30.45 At least $4,550M Medical care ratio 83.7% to 84.7% 119 © 2026 The Cigna Group