Cigna Group Stock Price, News & Analysis

Cigna Corporation (NYSE: CI) has entered a definitive agreement with Chubb (NYSE: CB) to divest its life, accident, and supplemental benefits businesses in seven countries for $5.75 billion. The transaction, expected to close in 2022, will allow Cigna to focus on its global health services portfolio. After the sale, Cigna anticipates approximately $5.4 billion in net after-tax proceeds, primarily for share repurchases. The sale will slightly dilute Cigna's earnings per share in 2022.

Cigna has announced a third consecutive year of expansion in its Medicare Advantage (MA) offerings, increasing its reach by adding 108 new counties in Connecticut, Oregon, and Washington. The company's presence now spans 477 counties across 26 states and the District of Columbia, marking an 80% increase since 2019. Cigna will offer affordable plans with features like $0 copays for various services and unique benefits tailored for seniors, including diabetes care and social connection programs. The Medicare Annual Election Period begins on October 15, 2021, and ends on December 7, 2021.

Cigna Corporation (NYSE:CI) announced key leadership changes aimed at driving growth across its diversified business sectors. Eric Palmer is appointed as CEO of Evernorth, effective January 1, 2022, following significant service expansion and strategic partnerships. Paul Sanford becomes Executive VP of Operations, overseeing critical customer service initiatives. Noelle Eder's role expands to include global data and analytics oversight. Meanwhile, notable executives Tim Wentworth, Matt Manders, and Steve Miller will retire by the end of 2021, marking a significant transition in leadership as Cigna continues its growth trajectory.

Oscar Health (NYSE: OSCR) has partnered with Cigna to launch affordable health insurance products specifically for small businesses in Chicago and surrounding counties. Starting with plans that offer $0 copay for virtual doctor visits and low-cost prescription coverage, this initiative aims to support small businesses struggling post-pandemic. The partnership will allow businesses to choose from various plan options while ensuring access to quality healthcare providers. Both companies will share risk under a reinsurance agreement, with plans for future expansion.

Cigna and Oscar Health have announced a partnership to provide affordable health insurance products to small businesses in Kansas City and St. Louis, pending regulatory approval. Covered employees will enjoy $0 copays, 24/7 virtual doctor visits, and low-cost prescription coverage. A recent survey revealed that 88% of small business owners prioritize employee health, with 66% considering insurance more crucial than before the pandemic. The partnership aims to support small businesses amidst ongoing COVID-19 challenges by offering tailored health plans and dedicated care teams.

Tenet Healthcare Corporation (NYSE: THC) and Cigna Corporation (NYSE: CI) announced a new multi-year contract, ensuring Cigna customers have continued in-network access to Tenet’s healthcare facilities through 2025. This agreement, finalized four months ahead of the previous contract's expiration, emphasizes the importance of uninterrupted access to quality care amidst the ongoing pandemic. The collaboration will also expand access to lower-cost ambulatory surgery centers.

The contract takes effect on January 1, 2022.

Cigna (NYSE: CI) and Hartford HealthCare have announced a multi-year agreement to ensure continued access for Cigna customers to Hartford HealthCare's facilities and providers, effective November 1, 2021. This partnership promotes quality care at predictable rates, having been finalized two months ahead of the existing contract's expiration. Both organizations emphasize a shared commitment to affordable healthcare, benefiting patients across Connecticut without disruption to services.

Cigna (NYSE: CI) is expanding its health coverage offerings through the Affordable Care Act marketplace, targeting new customers in Georgia, Mississippi, and Pennsylvania, alongside additional counties in Arizona, Florida, and Virginia. This initiative, pending regulatory approvals, aims to reach approximately 1.5 million new customers across 313 counties in 13 states. Key benefits include virtual wellness screenings, condition-specific coverage, affordable medications, and holistic services. The Open Enrollment Period starts on Nov. 1, 2021, allowing individuals and families to enroll in plans effective Jan. 1, 2022.

Cigna Corporation (NYSE: CI) will present at the Morgan Stanley 19th Annual Global Healthcare Conference on September 14, 2021. The presentation, led by CEO David Cordani, is set to start around 10:15 a.m. ET and can be accessed via a live webcast on Cigna's investor relations page. This event highlights Cigna's commitment to engaging with investors and enhancing transparency in its operations. The company continues to provide integrated health services globally, maintaining over 190 million customer relationships.