Summary
Cigna Group (CI) filed an 8-K on December 10, 2020, primarily to announce that all necessary regulatory approvals have been received for the sale of its U.S. Group Disability and Life business to New York Life Insurance Company. This transaction is now expected to close on December 31, 2020, a significant development for the company's strategic divestitures. In addition to the business sale update, Cigna reaffirmed its full-year 2020 financial outlook, projecting consolidated adjusted revenues of approximately $158 billion and adjusted income from operations per share in the range of $18.30 to $18.60. The company also reiterated its commitment to its 2021 target of achieving consolidated adjusted income from operations per share between $20.00 and $21.00, signaling continued confidence in its growth trajectory and operational performance.
Key Highlights
- 1All regulatory approvals received for the sale of Cigna's U.S. Group Disability and Life business to New York Life.
- 2The sale of the U.S. Group Disability and Life business is now expected to close on December 31, 2020.
- 3Cigna reaffirms its full-year 2020 consolidated adjusted revenue projection of approximately $158 billion.
- 4Full-year 2020 consolidated adjusted income from operations per share outlook is reaffirmed at $18.30 - $18.60.
- 5Company reiterates its 2021 target for consolidated adjusted income from operations per share of $20.00 - $21.00.
- 6The 8-K also mentions leadership changes, though details are provided in an attached press release (Exhibit 99.1).