CI Form 4: Director Elects $300.87‑Priced Phantom Stock Deferral

Rhea-AI Filing Summary

Kurian George, a director of The Cigna Group (CI), reported a compensation deferral into the company’s deferred compensation plan on 08/29/2025. The filing shows an acquisition of 99.7109 phantom stock units under the Deferral Plan at a recorded price of $300.87 per unit; each phantom unit is economically equivalent to one share of Cigna common stock and will be settled in cash. After the transaction the report shows 1,574.5491 shares (or phantom-equivalent units) beneficially owned by the reporting person, which includes 7.0495 units received via dividend reinvestment. The Form 4 was filed by one reporting person and signed by an attorney-in-fact on 09/02/2025.

Insights

Corporate Governance Expert

TL;DR: Routine director compensation deferral into a phantom stock plan; aligns director economics with shareholder performance but is not a cash-equity purchase.

The filing documents a voluntary election by Director Kurian George to defer cash retainer into the Deferral Plan via phantom stock units that are cash-settled. Such deferrals are common governance practices to align board interests with shareholder value without issuing actual shares or affecting share count. The transaction increases the director's economic exposure to Cigna's stock performance while preserving the company’s outstanding share count because settlement is in cash. The inclusion of 7.0495 units from dividend reinvestment is an administrative detail and does not indicate an additional cash outlay by the director.

Compensation & Benefits Analyst

TL;DR: Compensation deferral into phantom units recorded; impact on company finances is limited and primarily affects future cash settlement obligations.

From a pay-structure perspective, deferring cash into a hypothetical stock fund converts immediate cash compensation into a contingent cash liability tied to equity value. The filing reports 99.7109 units acquired at a unit value of $300.87, implying the deferral amount recorded. Because phantom units settle in cash, this creates a future cash obligation rather than immediate dilution. For investors assessing liquidity or long-term cash obligations, the filing signals a modest future cash settlement exposure tied to director pay but provides no material change to operations or capital structure.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Kurian George

(Last) (First) (Middle)

900 COTTAGE GROVE ROAD

(Street)

BLOOMFIELD CT 06002

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Cigna Group [ CI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/29/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Stock Units(1)	(1)	08/29/2025		A		99.7109		(1)	(1)	Common Stock, $.01 Par Value	99.7109	$300.87	1,574.5491(2)	D

Explanation of Responses:

1. Under the Deferred Compensation Plan of 2005 for Directors of Cigna Corporation ("Deferral Plan"), directors may elect to defer the payment of the cash and/or common stock portion of their retainers beyond the designated payment date. The phantom stock units described in Table II represent the voluntary deferral of a portion of the reporting person's cash retainer into the hypothetical stock fund under the Deferral Plan. Each phantom stock unit is the economic equivalent of one share of The Cigna Group's common stock and will be settled in cash.

2. Includes 7.0495 phantom stock units acquired pursuant to a dividend reinvestment feature of the Deferral Plan.

	Tyler Gratton, attorney-in-fact	09/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did Kurian George report on Form 4 for CI?

The Form 4 reports a voluntary deferral into the Deferral Plan: acquisition of 99.7109 phantom stock units on 08/29/2025.

How many phantom stock units does Kurian George beneficially own after this filing?

The filing shows 1,574.5491 shares or phantom-equivalent units beneficially owned following the reported transaction.

Will these phantom stock units dilute Cigna (CI) common shares?

No. The phantom stock units are cash-settled and represent a future cash obligation rather than issuance of new common shares.

What is the recorded unit value used in the Form 4?

The reported price per phantom unit is $300.87 as shown in the filing.

Does the filing show any dividend-related activity?

Yes. The total includes 7.0495 phantom stock units acquired via the Deferral Plan’s dividend reinvestment feature.

Who signed the Form 4 and when was it signed?

The Form 4 was signed by an attorney-in-fact, Tyler Gratton, on 09/02/2025.