Annual Reports
The Cigna Group's annual reports contain management's most considered account of the business. These are the sections, passages and visual pages worth opening in the originals preserved in Sources.
The Cigna Group — FY2025 Annual Report (Form 10-K) — FY2025
The latest 10-K: a pharmacy-services-plus-health-benefits company reshaped by the 2025 exit of Medicare Advantage. · Open the full document →
Item 1. Business — p. 5 · Read the full section →
Management's own framing of the two-segment model — Evernorth pharmacy services and Cigna Healthcare benefits.
How Cigna defines its two segments and the scale behind them.
At The Cigna Group our global workforce of approximately 67,700 colleagues strives to fulfill our mission to improve the health and vitality of more than 185 million customer relationships in more than 30 markets and jurisdictions (as of December 31, 2025). […] Evernorth Health Services includes our Pharmacy Benefit Services and Specialty and Care Services operating segments, which provide independent and coordinated health solutions and capabilities to enable the health care system to work better and help people live healthier lives. […] Cigna Healthcare includes our U.S. Healthcare and International Health operating segments, which provide comprehensive medical and coordinated solutions to clients and customers.
p. 5 · Read in context →
Item 1A. Risk Factors — p. 37 · Read the full section →
The risks specific to a PBM-led health company — drug-pricing benchmarks and the new front of AI/ML use.
Item 7. Management's Discussion and Analysis — p. 72 · Read the full section →
Where management explains what actually moved 2025 results — chiefly the HCSC (Medicare Advantage) divestiture.
Line-by-line drivers of the 2025-versus-2024 change, in management's words.
Shareholders' net income increased 73%, primarily reflecting the absence of the impairment of VillageMD equity securities that was recorded in 2024. […] Pharmacy revenues increased 17%, primarily reflecting higher utilization of prescription drugs from customer growth in Evernorth Health Services. […] Premiums decreased 12%, primarily driven by the impact of the HCSC transaction (-18%), partially offset by higher premium rate within our ongoing U.S. Healthcare businesses (+4%). […] Medical costs and other benefit expenses decreased 11%, primarily driven by the impact of the HCSC transaction (-18%), partially offset by higher medical costs within our ongoing U.S. Healthcare businesses (+7%).
p. 77 · Read in context →
Segment Reporting — p. 77 · Read the full section →
How each segment actually earns — the utilization, claims-mix and affordability-rebate levers behind Evernorth.
The levers that drive Evernorth revenue and income: utilization, claims mix, affordability.
The key factors that impact the segment's revenues and income from operations are claims utilization, claims composition and contract affordability services. […] Our client contract pricing is impacted by our ongoing ability to negotiate favorable contracts for pharmacy network, pharmaceutical and wholesaler purchasing, and manufacturer rebates (also referred to as affordability improvements or affordability services).
p. 79 · Read in context →
Critical Accounting Estimates — p. 90 · Read the full section →
The unpaid-claims reserve is the estimate that defines a managed-care income statement — small assumption shifts move net income.
Medical-cost reserves and the sensitivity of net income to trend and completion-factor assumptions.
Unpaid claims and claim expenses reflect estimates of the ultimate cost of claims that have been incurred but not reported, expected development on reported claims, claims that have been reported but not yet paid (reported claims in process) and other medical care expenses and services payable […] Unpaid claims and claim expenses in Cigna Healthcare are primarily impacted by assumptions related to completion factors and medical cost trend. […] A 100 basis point increase in the medical cost trend rate would increase this liability by approximately $115 million, resulting in a decrease in net income of approximately $90 million after-tax
p. 94 · Read in context →
Cigna Corporation — FY2021 Annual Report (Form 10-K) — FY2021
Featured for one section: the 2021 restructuring that created today's Evernorth / Cigna Healthcare segment map. · Open the full document →
Item 1. Business — p. 6 · Read the full section →
Captures the segment redefinition — International Markets folded in, Chubb divestiture pending — that reshaped reporting.
The 2021 segment realignment and the then-current Cigna Healthcare composition (U.S. Commercial, U.S. Government, International Health).
In connection with the pending Chubb Transaction, we revised our business reporting structure. […] we adjusted our segment reporting effective in the fourth quarter of 2021 so that the results previously reported in the International Markets segment are now reported as follows: […] Cigna Healthcare includes Cigna's U.S. Commercial, U.S. Government and International Health operating segments that provide comprehensive medical and coordinated solutions to clients and customers.
p. 8 · Read in context →
More annual reports
The Cigna Group — FY2024 Annual Report (Form 10-K) — FY2024 · 214 pages · The year before the Medicare Advantage exit; carries the VillageMD impairment that depressed 2024 net income. · Open →
The Cigna Group — FY2023 Annual Report (Form 10-K) — FY2023 · 269 pages · Baseline for the two-segment era before recent divestitures reshaped the top line. · Open →
The Cigna Group — FY2022 Annual Report (Form 10-K) — FY2022 · 257 pages · First full year under The Cigna Group name and the Evernorth / Cigna Healthcare structure. · Open →