What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-04-30 compared with 2025-10-30 · 183 added, 423 removed, 743 unchanged (45% of the section changed)

2 unchanged sentences

Consolidated Statements of Income

Unaudited Unaudited

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

(In millions, except per share amounts) 2026 2025

11 unchanged sentences

Income from operations

2,578 2,576 6,855 7,244

Interest expense and other ( 357 ) ( 362 )

Gain (loss) on sale of businesses

38 ( 87 ) 79 ( 106 )

Gain on sale of businesses

Net investment gains (losses)

26 ( 921 ) 76 ( 2,805 )

Income before income taxes

2,295 1,192 5,964 3,260

TOTAL INCOME TAXES 409 239

1,973 825 5,014 2,242

Net income attributable to noncontrolling interests

105 86 291 232

SHAREHOLDERS' NET INCOME $ 1,654 $ 1,323

5 unchanged sentences

Consolidated Statements of Comprehensive Income

Unaudited Unaudited

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

(In millions) 2026

1 unchanged sentence

Other comprehensive income (loss), net of tax

Net unrealized (depreciation) appreciation on securities and derivatives

Net unrealized depreciation on securities and derivatives

( 129 ) ( 100 )

Net long-duration insurance and contractholder liabilities measurement adjustments ( 635 ) ( 168 )

Net translation (losses) gains on foreign currencies

( 10 ) 39 68 8

Net translation (depreciation) appreciation on foreign currencies

Postretirement benefits liability adjustment 7 6

Other comprehensive income (loss), net of tax

Other comprehensive loss, net of tax

( 792 ) ( 249 )

Total comprehensive income

1,990 1,104 4,556 1,943

Net income attributable to noncontrolling interests 105 86 291 232

Net income attributable to other noncontrolling interests 207 86

SHAREHOLDERS' COMPREHENSIVE INCOME

3 unchanged sentences

Consolidated Balance Sheets

September 30, As of

March 31, As of

(In millions) 2026 2025

4 unchanged sentences

Other current assets 2,742 2,976

Assets of businesses held for sale — 7,004

Total current assets 43,032 47,814

12 unchanged sentences

Short-term debt 1,529 592

Liabilities of businesses held for sale — 2,410

Total current liabilities 52,606 56,342

17 unchanged sentences

(1) Par value per share, $ 0.01 ;

shares issued, 404 million as of September 30, 2025 and 403 million as of December 31, 2024;

shares issued, 406 million as of March 31, 2026 and 405 million as of December 31, 2025;

authorized shares, 600 million.

2 unchanged sentences

Consolidated Statements of Changes in Total Equity

Three Months Ended September 30, 2025

Three Months Ended March 31, 2026

(In millions) Common

7 unchanged sentences

Interests Total

Equity Redeemable

Noncontrolling

Balance at June 30, 2025 $ 4 $ 31,588 $ ( 2,816 ) $ 45,564 $ ( 34,126 ) $ 40,214 $ 216 $ 40,430 $ —

Balance at December 31, 2025 $ 4 $ 31,790 $ ( 2,806 ) $ 47,865 $ ( 35,140 ) $ 41,713 $ 161 $ 41,874

Effects of issuing stock for employee benefit plans 127 ( 76 ) 51 51

Other comprehensive income 17 17 17 —

Other comprehensive loss ( 792 ) ( 792 ) ( 792 )

1,654 1,654 207 1,861

3 unchanged sentences

Other transactions impacting noncontrolling interests ( 3 ) ( 3 ) ( 136 ) ( 139 )

Balance at September 30, 2025 $ 4 $ 31,698 $ ( 2,799 ) $ 47,028 $ ( 34,126 ) $ 41,805 $ 209 $ 42,014 $ —

Three Months Ended September 30, 2024

Balance at March 31, 2026 $ 4 $ 31,914 $ ( 3,598 ) $ 49,106 $ ( 35,216 ) $ 42,210 $ 232 $ 42,442

Three Months Ended March 31, 2025

(In millions) Common

7 unchanged sentences

Interests Total

Equity Redeemable

Noncontrolling

Balance at June 30, 2024

$ 4 $ 31,048 $ ( 2,442 ) $ 42,132 $ ( 29,410 ) $ 41,332 $ 195 $ 41,527 $ —

Effect of issuing stock for employee benefit plans 138 ( 2 ) 136 136

Other comprehensive income 279 279 279 —

Net income 739 739 86 825 —

Common dividends declared (per share:

( 391 ) ( 391 ) ( 391 )

Repurchase of common stock — — — —

Other transactions impacting noncontrolling interests — — ( 78 ) ( 78 ) —

Balance at September 30, 2024 $ 4 $ 31,186 $ ( 2,163 ) $ 42,480 $ ( 29,412 ) $ 42,095 $ 203 $ 42,298 $ —

The accompanying Notes to the Consolidated Financial Statements (unaudited) are an integral part of these statements.

The Cigna Group

Consolidated Statements of Changes in Total Equity

Nine Months Ended September 30, 2025

(In millions) Common Stock Additional Paid-in Capital Accumulated Other Comprehensive (Loss) Retained Earnings Treasury Stock Shareholders' Equity Other Non- controlling Interests Total Equity Redeemable Noncontrolling Interests

Balance at December 31, 2024

7 unchanged sentences

Other transactions impacting noncontrolling interests — — ( 108 ) ( 108 )

Balance at September 30, 2025 $ 4 $ 31,698 $ ( 2,799 ) $ 47,028 $ ( 34,126 ) $ 41,805 $ 209 $ 42,014 $ —

Nine Months Ended September 30, 2024

Balance at December 31, 2023

$ 4 $ 30,669 $ ( 1,864 ) $ 41,652 $ ( 24,238 ) $ 46,223 $ 21 $ 46,244 $ 107

Effect of issuing stock for employee benefit plans 517 ( 117 ) 400 400

Other comprehensive loss ( 299 ) ( 299 ) ( 299 ) —

Net income 2,010 2,010 232 2,242 —

Common dividends declared (per share:

( 1,182 ) ( 1,182 ) ( 1,182 )

Repurchase of common stock — ( 5,057 ) ( 5,057 ) ( 5,057 )

Other transactions impacting noncontrolling interests — — ( 50 ) ( 50 ) ( 107 )

Balance at September 30, 2024 $ 4 $ 31,186 $ ( 2,163 ) $ 42,480 $ ( 29,412 ) $ 42,095 $ 203 $ 42,298 $ —

Balance at March 31, 2025 $ 4 $ 31,443 $ ( 2,590 ) $ 44,434 $ ( 33,065 ) $ 40,226 $ 188 $ 40,414

The accompanying Notes to the Consolidated Financial Statements (unaudited) are an integral part of these statements.

1 unchanged sentence

Consolidated Statements of Cash Flows

Nine Months Ended September 30,

Three Months Ended March 31,

(In millions) 2026

6 unchanged sentences

( 60 ) ( 216 )

(Gain) loss on sale of businesses

Gain on sale of businesses

( 11 ) ( 41 )

Net changes in assets and liabilities, net of non-operating effects:

20 unchanged sentences

Property and equipment purchases, net ( 267 ) ( 327 )

Acquisitions, net of cash acquired ( 597 ) ( 132 )

Divestitures, net of cash sold 20 2,346

1 unchanged sentence

Other, net ( 5 ) ( 1 )

NET CASH USED IN INVESTING ACTIVITIES ( 3,987 ) ( 1,911 )

NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES ( 637 ) 1,197

Cash Flows from Financing Activities

1 unchanged sentence

Withdrawals and benefit payments from contractholder deposit funds ( 99 ) ( 64 )

Net change in short-term debt, excluding term loan ( 915 ) 366

Net proceeds on issuance of term loan 1,999 —

Repayment of term loan ( 2,000 ) —

Net change in short-term debt ( 13 ) ( 891 )

Repayment of long-term debt ( 550 ) ( 700 )

Net proceeds on issuance of long-term debt 4,461 4,462

Repurchase of common stock — ( 1,508 )

6 unchanged sentences

Cash, cash equivalents and restricted cash January 1, (1)

Cash, cash equivalents and restricted cash September 30, (1)

Cash and cash equivalents reclassified to assets of businesses held for sale

Cash, cash equivalents and restricted cash September 30, per Consolidated Balance Sheets (1)

Cash, cash equivalents and restricted cash March 31, (1)

$ 7,080 $ 8,376

Supplemental Disclosure of Cash Information:

Income taxes paid, net of refunds $ 356 $ 839

Interest paid $ 1,043 $ 1,037

(1) Restricted cash and cash equivalents were reported in other long-term investments and Other assets.

8 unchanged sentences

4 Supplier Finance Program

5 Divestiture

5 Earnings Per Share

8 Common and Preferred Stock

I NSURANCE I NFORMATION

13 unchanged sentences

The Cigna Group ® , together with its subsidiaries (either individually or collectively referred to as the "Company," "we," "us" or "our"), is a global health company committed to creating a better future for every individual and every community.

We relentlessly challenge ourselves to partner and innovate solutions for better health.

Powered by our dedicated people and valued brands, we advance our mission to improve the health and vitality of those we serve.

Our subsidiaries offer a differentiated set of pharmacy, medical, behavioral, dental, and related products and services.

The majority of these products and services are offered through employers and other entities, such as governmental and nongovernmental organizations, unions and associations.

Cigna Healthcare ® also offers health and dental insurance products to individuals in the United States and select international markets.

Certain subsidiaries also offer health and dental insurance products to individuals in the United States and select international markets.

In addition to these operations, The Cigna Group also has certain run-off operations.

5 unchanged sentences

Healthcare and International Health operating segments, which provide comprehensive medical and coordinated solutions to clients and customers.

Healthcare provides medical plans and other benefits and solutions for insured and self-insured clients as well as individual health plans.

International Health provides health care solutions in our international markets, as well as health care benefits for globally mobile individuals and employees of multinational organizations.

Healthcare also included the Medicare Advantage and related businesses until the divestiture of such businesses to Health Care Services Corporation ("HCSC") on March 19, 2025 (see Note 5 to the Consolidated Financial Statements for further information).

Other Operations comprises the remainder of our business operations, which includes certain continuing (corporate-owned life insurance ("COLI")), run-off and other non-strategic businesses.

Our run-off businesses include the (i) variable annuity reinsurance business that was effectively exited through reinsurance with Berkshire Hathaway Life Insurance Company of Nebraska ("Berkshire") in 2013, (ii) settlement annuity business, and (iii) individual life insurance and annuity and retirement benefits businesses, which were sold through reinsurance agreements.

Healthcare provides medical plans and other benefits and solutions for insured and self-insured clients as well as for individual and family plan customers.

International Health provides health care solutions in our international markets, as well as health solutions for globally mobile individuals and employees of multinational organizations.

Healthcare also included the Medicare Advantage and related businesses until the divestiture of such businesses to Health Care Services Corporation ("HCSC") on March 19, 2025 ("HCSC transaction").

Other Operations comprises the remainder of our business operations, which includes certain continuing business (corporate-owned life insurance ("COLI")), as well as run-off and other non-strategic businesses.

(ii) settlement annuity business;

and (iii) individual life insurance and annuity and retirement benefits businesses, which were sold through reinsurance agreements.

Corporate reflects amounts not allocated to operating segments, including net interest expense (defined as interest on corporate financing less net investment income on investments not supporting segment and other operations), certain litigation matters, expense associated with our frozen pension plans, charitable contributions, operating severance, certain overhead and enterprise-wide project costs, and eliminations for products and services sold between segments.

4 unchanged sentences

These Consolidated Financial Statements were prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP").

Certain amounts in the Consolidated Statements of Cash Flows have been reclassified to conform to current year presentation and did not have a significant impact on our Consolidated Financial Statements.

Certain goodwill and other intangible assets amounts in the Consolidated Balance Sheet have been reclassified as of March 31, 2026.

Amounts recorded in the Consolidated Financial Statements necessarily reflect management's estimates and assumptions about medical costs, investment, tax and receivable valuations, interest rates, and other factors.

3 unchanged sentences

These interim Consolidated Financial Statements are unaudited but include all adjustments (including normal recurring adjustments) necessary, in the opinion of management, for a fair statement of financial position and results of operations for the periods reported.

The interim Consolidated Financial Statements and Notes should be read in conjunction with the Consolidated Financial Statements and Notes included in the 2024 Annual Report on Form 10-K ("2024 Form 10-K").

The Company has not included certain footnote disclosures that would substantially duplicate the disclosures contained in its 2024 Form 10-K, unless the information in those disclosures materially changed or is required by GAAP.

The interim Consolidated Financial Statements and Notes should be read in conjunction with the Consolidated Financial Statements and Notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 ("2025 Form 10-K").

The Company has not included certain footnote disclosures that would substantially duplicate the disclosures contained in its 2025 Form

10-K, unless the information in those disclosures materially changed or is required by GAAP.

The preparation of interim Consolidated Financial Statements necessarily relies heavily on estimates.

2 unchanged sentences

The Company's 2025 Form 10-K includes discussion of significant recent accounting pronouncements that either have impacted or may impact our financial statements in the future.

There are no updates on significant accounting pronouncements recently adopted that have occurred since the Company filed its 2024 Form 10-K.

There are no significant accounting pronouncements recently issued and not yet adopted that are expected to impact our operations or financial statements, with the exception of Accounting Standards Update 2025-06, Targeted Improvements to the Accounting for Internal-Use Software .

In September 2025, the Financial Accounting Standards Board issued new guidance related to Targeted Improvements to the Accounting for Internal-Use Software (Subtopic 350-40), Accounting Standards Update ("ASU") 2025-06, which seeks to improve the operability of the recognition guidance considering different methods of software development, mainly more iterative methods.

The guidance is required to be adopted January 1, 2028 with early adoption permitted, and transition options include prospective from the date of adoption as well as retrospective adoption.

The Company is currently evaluating the impact of this guidance on our results of operations and financial position, as well as potential impacts to systems and controls.

There are no updates to significant accounting pronouncements recently adopted that have occurred since the Company filed its 2025 Form 10-K.

There are no incremental significant accounting pronouncements recently issued and not yet adopted that are expected to impact our operations or financial statements beyond those described in the Company's 2025 Form 10-K .

The Company continues to progress with its adoption plans, with no significant updates since the 2025 Form 10-K.

Note 3 – Accounts Receivable, Net

The following amounts were included within Accounts receivable, net:

(In millions) September 30, 2025 December 31, 2024

(In millions) March 31, 2026 December 31, 2025

Noninsurance customer receivables $ 13,797 $ 14,707

3 unchanged sentences

Total $ 26,607 $ 28,768

Accounts receivable, net classified as assets of businesses held for sale

Total $ 31,709 $ 24,227

These accounts receivable are reported net of our allowances of $ 7.0 billion and $ 5.0 billion as of September 30, 2025 and December 31, 2024, respectively.

These accounts receivable are reported net of our allowances of $ 7.7 billion and $ 6.8 billion as of March 31, 2026 and December 31, 2025, respectively.

These allowances include contractual allowances for certain rebates receivable with pharmaceutical manufacturers and certain accounts receivable from third-party payors, discounts and claims adjustments issued to customers in the form of client credits, an allowance for current expected credit losses, and other non-credit adjustments.

The Company's allowance for current expected credit losses was $ 160 million as of September 30, 2025 and $ 84 million as of December 31, 2024.

Accounts Receivable Factoring Facility

The Company maintains an uncommitted factoring facility (the "Facility") with a total capacity of $ 1.5 billion under which certain accounts receivable may be sold on a non-recourse basis to a financial institution.

The Facility automatically renewed in July 2025 and is subject to automatic one-year renewal terms unless terminated by either party.

We sold manufacturer accounts receivable under the Facility of $ 1.3 billion for both the three months ended September 30, 2025 and 2024, respectively, and $ 4.0 billion and $ 4.5 billion for the nine months ended September 30, 2025 and 2024, respectively.

For the three and nine months ended September 30, 2025 and 2024, factoring fees paid were not material.

As of September 30, 2025, there were $ 0.8 billion of sold accounts receivable that have not been collected from manufacturers and have been removed from the Company's Consolidated Balance Sheets.

As of December 31, 2024, all sold accounts receivable had been collected from manufacturers.

As of September 30, 2025, all collections from manufacturers have been remitted to the financial institution.

As of December 31, 2024, there were $ 1.0 billion of collections from manufacturers that have not been remitted to the financial institution.

The Company's allowance for current expected credit losses was $ 228 million and $ 199 million as of March 31, 2026 and December 31, 2025, respectively.

Accounts Receivable Factoring Facilities

The Company maintains uncommitted factoring facilities with a total capacity of $ 2.0 billion under which certain accounts receivable may be sold on a non-recourse basis to a financial institution.

In the first quarter of 2026, the Company entered into a new accounts receivable factoring facility with an initial two-year term, in addition to the previously established accounts receivable factoring facility outlined in Note 3 to the Consolidated Financial Statements included in the Company's 2025 Form 10-K (together, the "Facilities").

The Facilities automatically renew and are subject to automatic one-year renewal terms following the expiration of the initial term unless terminated by either party.

The transactions under the Facilities are accounted for as a sale and recorded as a reduction to accounts receivable in the Consolidated Balance Sheets because control of, and risk related to, the accounts receivable are transferred to the financial institution.

Although the sale is made without recourse, we provide collection services related to the transferred assets.

Amounts associated with the Facilities are reflected within Net cash provided by operating activities in the Consolidated Statements of Cash Flows.

Factoring fees paid under the Facilities are reflected in Interest expense and other in the Consolidated Statements of Income.

We sold receivables under the Facilities of $ 0.3 billion and $ 1.4 billion for the three months ended March 31, 2026 and 2025, respectively.

For the three months ended March 31, 2026 and 2025, factoring fees paid were not material.

As of March 31, 2026 and December 31, 2025, all sold accounts receivable had been collected.

As of March 31, 2026, all collections have been remitted to the financial institution.

As of December 31, 2025, there were $ 0.4 billion of collections that had not been remitted to the financial institution.

Such amounts are recorded within Accrued expenses and other liabilities in the Consolidated Balance Sheets.

1 unchanged sentence

The Company facilitates a voluntary supplier finance program (the "Program") that provides suppliers the opportunity to sell their accounts receivable due from us (i.e., our payment obligations to the suppliers) to a financial institution, on a non-recourse basis, in order to be paid earlier than our payment terms require.

As of both September 30, 2025 and December 31, 2024, $ 1.6 billion of the Company's outstanding payment obligations were confirmed as valid within the Program by the financial institution and are reflected in Accounts payable in the Consolidated Balance Sheets.

As of March 31, 2026 and December 31, 2025, $ 1.3 billion and $ 1.6 billion, respectively, of the Company's outstanding payment obligations were confirmed as valid within the Program by the financial institution and are reflected in Accounts payable in the Consolidated Balance Sheets.

The amounts confirmed as valid for both periods are predominately associated with one supplier.

As of September 30, 2025, we have been informed by the financial institution that $ 606 million of the Company's outstanding payment obligations were voluntarily elected by suppliers to be sold to the financial institution under the Program.

Note 5 – Divestiture

On March 19, 2025, the Company completed the sale of our Medicare Advantage, Medicare Individual Stand-Alone Prescription Drug Plans, Medicare and Other Supplemental Benefits, and CareAllies ® businesses (the "Disposal Group" or the "HCSC transaction").

The purchase price increased from $ 3.3 billion to $ 4.9 billion, reflecting higher statutory surplus for the legal entities when conveyed to HCSC and post-closing contractual adjustments.

During the three and nine months ended September 30, 2025, the Company recognized a gain of $ 38 million pre-tax ($ 241 million after-tax) and $ 75 million pre-tax ($ 353 million after-tax), respectively, within Gain (loss) on sale of businesses in the Consolidated Statements of Income.

See Note 15 to the Consolidated Financial Statements for discussion of tax matters resulting in an after-tax gain on sale of businesses.

The Company received approximately $ 4.2 billion cash proceeds at closing.

We expect receipt of the remaining approximately $ 0.6 billion in the fourth quarter of 2025 upon HCSC's collection of amounts due from the Centers for Medicare and Medicaid Services ("CMS") and completion of post-closing contractual adjustments.

The Company determined that the Disposal Group met the criteria to be classified as held for sale and aggregated and classified the assets and liabilities as held for sale in our Consolidated Balance Sheets as of December 31, 2024.

The assets and liabilities held for sale as of December 31, 2024 were as follows:

(In millions) December 31, 2024

Cash and cash equivalents $ 1,339

Investments 1,444

Accounts receivable, net 1,927

Other assets, including Goodwill (1)

Total assets of businesses held for sale 7,004

Insurance and contractholder liabilities 1,579

All other liabilities 831

Total liabilities of businesses held for sale $ 2,410

(1) Includes Goodwill of $ 94 million.

Integration and Transaction-Related Costs

In 2025 and 2024, the Company incurred transaction-related costs associated with the HCSC transaction.

These costs incurred consisted primarily of certain projects to separate the Company's systems, products and services;

fees for legal, advisory and other professional services;

and certain employment-related costs.

These costs were $ 7 million pre-tax ($ 6 million after-tax) for the three months ended and $ 297 million pre-tax ($ 226 million after-tax) for the nine months ended September 30, 2025, compared with $ 77 million pre-tax ($ 59 million after-tax) for the three months ended and $ 177 million pre-tax ($ 135 million after-tax) for the nine months ended September 30, 2024.

Note 5 – Earnings Per Share

1 unchanged sentence

Three Months Ended

September 30, 2025 September 30, 2024

(Shares in thousands, dollars in millions, except per share amounts) Basic Effect of

Dilution Diluted Basic Effect of

Dilution Diluted

Shareholders' net income $ 1,868 $ 1,868 $ 739 $ 739

Weighted average 265,913 265,913 278,457 278,457

Common stock equivalents 1,617 1,617 2,939 2,939

Total shares 265,913 1,617 267,530 278,457 2,939 281,396

Earnings per share $ 7.02 $ ( 0.04 ) $ 6.98 $ 2.65 $ ( 0.02 ) $ 2.63

Nine Months Ended

September 30, 2025 September 30, 2024

March 31, 2026 March 31, 2025

(Shares in thousands, dollars in millions, except per share amounts) Basic Effect of

8 unchanged sentences

The following outstanding employee stock options were not included in the computation of diluted earnings per share because their effect was anti-dilutive:

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

(In millions) 2026 2025

Anti-dilutive options 2.3 2.3

The Company held approximately 137.4 million shares of common stock in treasury as of September 30, 2025, 128.7 million shares as of December 31, 2024 and 122.5 million shares as of September 30, 2024.

On April 22, 2026 , the Board of Directors of The Cigna Group (the "Board") declared the second quarter cash dividend of $ 1.56 per share of The Cigna Group common stock to be paid on June 18, 2026 to shareholders of record on June 4, 2026 .

The Company currently intends to pay regular quarterly dividends, with future declarations subject to approval by the Board and the Board's determination that the declaration of dividends remains in the best interests of The Cigna Group and its shareholders.

The decision of whether to pay future dividends and the amount of any such dividends will be based on the Company's financial position, results of operations, cash flows, capital requirements, the requirements of applicable law and any other factors the Board may deem relevant.

The Company held approximately 141.4 million shares of common stock in treasury as of March 31, 2026, 141.1 million shares as of December 31, 2025 and 134.1 million shares as of March 31, 2025.

Note 6 – Debt

Short-Term and Long-Term Debt.

During the nine months ended September 30, 2025, the Company redeemed at par its $ 700 million 5.685 % senior notes that were due March 2026 and repaid $ 900 million 3.250 % senior notes that matured in April 2025.

For more information regarding our short-term and long-term debt, see Note 7 of the Company's 2024 Form 10-K.

Debt Issuance.

In September 2025, we issued $ 4.5 billion of new senior notes, as detailed in the table below.

The proceeds from this debt issuance were used to repay the $ 2.0 billion of loans outstanding under the Term Loan Facility as described below.

We used the remaining net proceeds for general corporate purposes, including investments and repayment of indebtedness.

Interest on this debt is paid semiannually.

Principal Maturity Date Interest Rate Net Proceeds Redeemable Date (1)

"Make Whole" Premium (2)

$ 1,000 million

September 15, 2030 4.500 % $ 994 million August 15, 2030 15

$ 1,250 million

September 15, 2032 4.875 % $ 1,245 million July 15, 2032 15

$ 1,500 million

January 15, 2036 5.250 % $ 1,490 million October 15, 2035 15

$ 750 million

January 15, 2056 6.000 % $ 736 million July 15, 2055 20

(1) Redeemable at any time prior to this date at a "make whole" premium, defined below.

Redeemable at par on or after this date.

(2) "Make whole" premium calculated using a comparable U.S.

Treasury rate plus the amount of basis points set forth in this column.

In August 2025, the Company entered into a new 364 -day term loan facility (the "Term Loan Facility") and borrowed $ 2.0 billion to fund an investment in Shields Health Solutions ("Shields"), a leading specialty pharmacy management company.

The full outstanding balance was repaid and the Term Loan Facility was terminated in September 2025, using proceeds from the debt issuance described above.

During the three months ended March 31, 2026, the Company repaid $ 550 million 1.250 % senior notes that matured in March 2026.

For more information regarding our short-term and long-term debt, see Note 7 to the Consolidated Financial Statements in the Company's 2025 Form 10-K.

Revolving Credit Agreement.

Our Credit Agreement (defined below) provides us with the ability to borrow amounts for general corporate purposes, including providing liquidity support if necessary under our commercial paper program discussed below.

As of September 30, 2025, there was no outstanding balance under the Credit Agreement.

In April 2025, the Company replaced its previous revolving credit agreements and entered into a $ 6.5 billion, five-year revolving credit and letter of credit agreement that will mature in April 2030, with an option to extend the maturity date for additional one-year periods, subject to consent of the banks (the "Credit Agreement").

The Company can borrow up to $ 6.5 billion under the Credit Agreement for general corporate purposes, with up to $ 500 million available for issuance of letters of credit.

The Credit Agreement includes an option to increase commitments up to $ 1.5 billion for a maximum total commitment of $ 8.0 billion.

The Credit Agreement allows for borrowings at either a base rate, term Secured Overnight Financing Rate ("SOFR") or daily simple SOFR plus, in each case, an applicable margin based on the Company's senior unsecured credit ratings.

The Credit Agreement also contains customary covenants and restrictions, including a financial covenant that the Company's leverage ratio, as defined in the Credit Agreement, may not exceed 60 %, subject to certain exceptions upon the consummation of an acquisition.

The Company maintains a $ 6.5 billion, five-year revolving credit and letter of credit agreement that will mature in April 2030, with an option to extend the maturity date for additional one-year periods, subject to consent of the banks (the "Credit Agreement").

Our Credit Agreement provides us with the ability to borrow amounts for general corporate purposes, including providing liquidity support if necessary under our commercial paper program discussed below.

As of March 31, 2026, there was no outstanding balance under the Credit Agreement.

Commercial Paper.

2 unchanged sentences

The net proceeds of issuances have been and are expected to be used for general corporate purposes.

There was no commercial paper balance as of September 30, 2025.

Debt Covenants.

The Company was in compliance with its debt covenants as of September 30, 2025.

There was no commercial paper balance as of March 31, 2026.

Interest Expense.

Interest expense on long-term and short-term debt was $ 363 million for the three months ended and $ 1.1 billion for the nine months ended September 30, 2025, compared with $ 380 million for the three months ended and $ 1.1 billion for the nine months ended September 30, 2024.

Note 8 – Common and Preferred Stock

The following table provides details of the Company's dividend payments:

Record Date Payment Date Amount per Share Total Amount Paid (in millions)

March 5, 2025 March 20, 2025 $ 1.51 $ 412

June 3, 2025 June 18, 2025 $ 1.51 $ 401

September 4, 2025 September 18, 2025 $ 1.51 $ 402

March 6, 2024 March 21, 2024 $ 1.40 $ 401

June 4, 2024 June 20, 2024 $ 1.40 $ 392

September 4, 2024 September 19, 2024 $ 1.40 $ 390

On October 22, 2025, the Board of Directors of The Cigna Group (the "Board") declared the fourth quarter cash dividend of $ 1.51 per share of The Cigna Group common stock to be paid on December 18, 2025 to shareholders of record on December 4, 2025.

Interest expense on long-term and short-term debt was $ 357 million for the three months ended March 31, 2026 and $ 362 million for the three months ended March 31, 2025.

Note 7 – Insurance and Contractholder Liabilities

1 unchanged sentence

The Company's insurance and contractholder liabilities were comprised of the following:

September 30, 2025 December 31, 2024 September 30, 2024

March 31, 2026 December 31, 2025 March 31, 2025

(In millions) Current Non-current Total Current Non-current Total Total

8 unchanged sentences

Contractholder deposit funds 329 5,701 6,030 336 5,778 6,114 6,251

Cigna Healthcare

— — — 9 115 124 130

Other Operations 331 5,801 6,132 366 5,958 6,324 6,346

Market risk benefits 28 647 675 25 649 674 830

Unearned premiums 914 45 959 822 40 862 838

Total 6,480 10,741 17,221 17,618

Insurance and contractholder liabilities classified as liabilities of businesses held for sale (1)

( 1,092 ) ( 487 ) ( 1,579 ) ( 1,568 )

Total insurance and contractholder liabilities $ 6,455 $ 9,777 $ 16,232 $ 5,710 $ 9,938 $ 15,648 $ 16,293

(1) Amounts classified as liabilities of businesses held for sale include $ 983 million of Unpaid claims, $ 408 million of Future policy benefits, $ 85 million of Unearned premiums and $ 103 million of Contractholder deposit funds as of December 31, 2024 and $ 937 million of Unpaid claims, $ 422 million of Future policy benefits, $ 98 million of Unearned premiums and $ 111 million of Contractholder deposit funds as of September 30, 2024.

Insurance and contractholder liabilities expected to be paid within one year are classified as current.

1 unchanged sentence

This liability reflects 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 that are primarily comprised of accruals for incentives and other amounts payable to health care professionals and facilities.

The total of incurred but not reported liabilities plus expected development on reported claims and reported claims in process was $ 4.5 billion as of September 30, 2025 and $ 4.7 billion as of September 30, 2024.

The decrease was driven by the HCSC transaction, partially offset by an increase in stop loss reserves primarily due to seasonality.

The total of incurred but not reported liabilities plus expected development on reported claims and reported claims in process was $ 4.7 billion as of March 31, 2026 and $ 4.4 billion as of March 31, 2025.

Activity, net of intercompany transactions, in the unpaid claims liability for the Cigna Healthcare segment was as follows:

Nine Months Ended September 30,

Three Months Ended March 31,

(In millions) 2026

15 unchanged sentences

(1) Includes unpaid claims amounts classified as liabilities of businesses held for sale prior to the completion of the HCSC transaction.

As of December 31, 2024, September 30, 2024 and December 31, 2023, includes $ 983 million, $ 937 million and $ 823 million, respectively, classified as liabilities of businesses held for sale.

As of December 31, 2024, includes $ 983 million classified as liabilities of businesses held for sale.

Reinsurance and other amounts recoverable reflect amounts due from reinsurers and policyholders to cover incurred but not reported and pending claims of certain business for which the Company administers the plan benefits without any right of offset.

1 unchanged sentence

Variances in incurred costs related to prior years' unpaid claims and claim expenses that resulted from the differences between actual experience and the Company's key assumptions were as follows:

Nine Months Ended September 30,

Three Months Ended March 31,

(Dollars in millions) $ % (1)

7 unchanged sentences

Future Policy Benefits

Cigna Healthcare

Future policy benefits for the Cigna Healthcare segment were primarily related to the businesses divested to HCSC on March 19, 2025.

Excluding the divestiture, changes in the future policy benefits for the nine months ended September 30, 2025 and September 30, 2024 were not material.

Other Operations

The weighted average interest rates applied and duration for future policy benefits in Other Operations, consisting of annuity and life insurance products, were as follows:

September 30, 2025 September 30, 2024

March 31, 2026 March 31, 2025

Interest accretion rate 5.64 % 5.64 %

4 unchanged sentences

therefore, future policy benefit reserves represent the present value of expected future policy benefits, discounted using the current discount rate, and the remaining amortizable deferred profit liability.

Future policy benefits for Other Operations include deferred profit liability of $ 0.4 billion as of both September 30, 2025 and September 30, 2024.

Future policy benefits excluding deferred profit liability were $ 2.9 billion as of both September 30, 2025 and December 31, 2024, $ 3.1 billion as of September 30, 2024, and $ 3.2 billion as of December 31, 2023.

Undiscounted expected future policy benefits were $ 4.2 billion as of September 30, 2025 and $ 4.3 billion as of September 30, 2024.

As of both September 30, 2025 and September 30, 2024, $ 0.9 billion of the future policy benefit reserve was recoverable through treaties with external reinsurers.

Future policy benefits include deferred profit liability of $ 348 million as of March 31, 2026 and $ 359 million as of March 31, 2025.

Future policy benefits excluding deferred profit liability were $ 2.8 billion as of March 31, 2026, $ 2.9 billion as of December 31, 2025, $ 3.0 billion as of March 31, 2025, and $ 2.9 billion as of December 31, 2024.

Undiscounted expected future policy benefits were $ 4.1 billion as of March 31, 2026 and $ 4.3 billion as of March 31, 2025.

As of March 31, 2026 and March 31, 2025, $ 0.8 billion and $ 0.9 billion, respectively, of the future policy benefit reserve was recoverable through treaties with external reinsurers.

Contractholder Deposit Funds

Contractholder deposit fund liabilities within Other Operations were $ 6.1 billion as of September 30, 2025, $ 6.3 billion as of December 31, 2024, $ 6.3 billion as of September 30, 2024 and $ 6.5 billion as of December 31, 2023.

Contractholder deposit fund liabilities within Other Operations were $ 6.0 billion as of March 31, 2026, $ 6.1 billion as of December 31, 2025 and $ 6.3 billion as of both March 31, 2025 and December 31, 2024.

Approximately 37 % of the balance is reinsured externally.

Activity in these liabilities is presented net of reinsurance in the Consolidated Statements of Cash Flows.

Changes in contractholder deposit fund liabilities generally relates to withdrawals and benefit payments, partially offset by deposits and interest credited.

As of September 30, 2025, the weighted average crediting rate, net amount at risk and cash surrender value for contractholder deposit fund liabilities not effectively exited through reinsurance were 3.26 %, $ 2.6 billion and $ 2.8 billion, respectively.

The comparative amounts as of September 30, 2024 were 3.33 %, $ 2.9 billion and $ 2.8 billion, respectively.

More than 99 % of the $ 3.9 billion liability as of September 30, 2025 and the $ 4.0 billion liability as of September 30, 2024 not reinsured externally is for contracts with guaranteed interest rates of 3 % - 4 %, and approximately $ 1.2 billion and $ 1.1 billion, respectively, represented contracts with policies at the guarantee.

At these same period ends, $ 1.1 billion and $ 1.2 billion was 50 - 150 basis points ("bps") above the guarantee, and the remaining $ 1.6 billion as of September 30, 2025 and $ 1.7 billion as of September 30, 2024 represented contracts above the guarantee that pay the policyholder based on the greater of a guaranteed minimum cash value or the actual cash value.

As of both September 30, 2025 and September 30, 2024, more than 90 % of these contracts have actual cash values of at least 110% of the guaranteed cash value.

As of March 31, 2026, the weighted average crediting rate, net amount at risk and cash surrender value for contractholder deposit fund liabilities not effectively exited through reinsurance were 3.19 %, $ 2.4 billion and $ 2.8 billion, respectively.

The comparative amounts as of March 31, 2025 were 3.20 %, $ 2.8 billion and $ 2.8 billion, respectively.

More than 99 % of the $ 3.8 billion liability as of March 31, 2026 and the $ 4.0 billion liability as of March 31, 2025 not reinsured externally is for contracts with guaranteed interest rates of 3 % - 4 %, and approximately $ 1.2 billion as of both period ends represented contracts with policies at the guarantee.

At these same period ends, $ 1.0 billion and $ 1.2 billion was 50 - 150 basis points ("bps") above the guarantee, and the remaining $ 1.6 billion as of both March 31, 2026 and March 31, 2025 represented contracts above the guarantee that pay the policyholder based on the greater of a guaranteed minimum cash value or the actual cash value.

As of both March 31, 2026 and March 31, 2025, more than 90 % of these contracts have actual cash values of at least 110% of the guaranteed cash value.

Market Risk Benefits

4 unchanged sentences

Market risk benefits activity was as follows:

Nine Months Ended September 30,

Three Months Ended March 31,

(In millions) 2026 2025

4 unchanged sentences

Changes due to policyholder behavior versus expected ( 5 ) —

Assumption changes ( 17 ) 37

Balance, end of period, before the effect of changes in nonperformance risk (own credit risk) 716 878

5 unchanged sentences

The Company should be reimbursed in full for these payments unless the Berkshire reinsurance limit is exceeded, as discussed further in Note 8 to the Consolidated Financial Statements.

(Dollars in millions, excludes impact of reinsurance ceded) September 30, 2025 September 30, 2024

(Dollars in millions, excludes impact of reinsurance ceded) March 31, 2026 March 31, 2025

Net amount at risk $ 1,194 $ 1,412

9 unchanged sentences

The Company reviews its reinsurance arrangements and establishes reserves against the recoverables primarily for expected credit losses.

The Company's reinsurance recoverables as of September 30, 2025 are presented at amount due by range of external credit rating and collateral level in the following table, with reinsurance recoverables that are market risk benefits separately presented at fair value:

The Company's reinsurance recoverables as of March 31, 2026 are presented at amount due by range of external credit rating and collateral level in the following table, with reinsurance recoverables that are market risk benefits separately presented at fair value:

(In millions) Fair Value of Collateral Contractually Required to Meet or Exceed Carrying Value of Recoverable

21 unchanged sentences

Berkshire reinsured 100 % of the Company's future cash flows in this business, net of other reinsurance arrangements existing at that time.

The reinsurance agreement is subject to an overall limit, with approximately $ 3.0 billion remaining as of September 30, 2025.

The reinsurance agreement is subject to an overall limit, with approximately $ 3.0 billion remaining as of March 31, 2026.

As a result of the reinsurance transaction, amounts payable are offset by a corresponding reinsurance recoverable, provided the increased recoverable remains within the overall Berkshire limit.

As of both September 30, 2025 and 2024, market risk benefits (shown in the table net of nonperformance risk as of September 30, 2025) were predominantly reinsured by Berkshire, which is rated AA+ by an NRSRO.

As of September 30, 2025, approximately 100 % of the Berkshire recoverable is secured by assets in a trust.

As of both March 31, 2026 and 2025, market risk benefits (shown in the table net of nonperformance risk as of March 31, 2026) were predominantly reinsured by Berkshire, which is rated AA+ by an NRSRO.

As of March 31, 2026, approximately 100 % of the Berkshire recoverable is secured by assets in a trust.

Note 9 – Investments

The following table summarizes the Company's investments by category and current or long-term classification:

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

(In millions) Current Long-Term Total Current Long-Term Total

6 unchanged sentences

Total $ 812 $ 18,902 $ 19,714 $ 1,056 $ 18,471 $ 19,527

Investments classified as assets of businesses held for sale (1)

( 83 ) ( 1,361 ) ( 1,444 )

Investments per Consolidated Balance Sheets $ 883 $ 18,483 $ 19,366 $ 665 $ 15,128 $ 15,793

(1) Investments related to the HCSC transaction that were held for sale as of December 31, 2024.

These investments were primarily comprised of debt securities.

Investment Portfolio

Debt Securities

The amortized cost and fair value by contractual maturity periods for debt securities were as follows as of September 30, 2025:

The amortized cost and fair value by contractual maturity periods for debt securities were as follows as of March 31, 2026:

(In millions) Amortized

11 unchanged sentences

Depreciation Fair

September 30, 2025

March 31, 2026

Federal government and agency $ 220 $ — $ 13 $ ( 3 ) $ 230

17 unchanged sentences

Unrealized depreciation on these debt securities is primarily due to declines in fair value resulting from increasing interest rates since these securities were purchased.

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

(Dollars in millions) Fair

15 unchanged sentences

The following table provides the values of the Company's equity security investments:

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

(In millions) Cost Carrying Value Cost Carrying Value

2 unchanged sentences

Total $ 6,994 $ 3,669 $ 6,870 $ 3,556

In the third quarter of 2025, the Company invested $ 3.5 billion in preferred stock of Shields and a compounding dividend is recorded in Fees and other revenues within the Consolidated Statements of Income.

The investment is included in equity securities with no readily determinable fair value in the table above.

Commercial Mortgage Loans

3 unchanged sentences

The annual portfolio review performed in the second quarter of 2025 confirmed ongoing strong overall credit quality in line with the previous year's results.

For more information on the Company's accounting policies and methodologies regarding these investments, see Note 11 in the Company's 2024 Form 10-K.

For more information on the Company's accounting policies and methodologies regarding these investments, see Note 11 to the Consolidated Financial Statements in the Company's 2025 Form 10-K.

The following table summarizes the credit risk profile of the Company's commercial mortgage loan portfolio:

(Dollars in millions) September 30, 2025 December 31, 2024

(Dollars in millions) March 31, 2026 December 31, 2025

Loan-to-Value Ratio Carrying Value Average Debt Service Coverage Ratio Average Loan-to-Value Ratio Carrying Value Average Debt Service Coverage Ratio Average Loan-to-Value Ratio

11 unchanged sentences

Carrying Value as of

(In millions) September 30, 2025 December 31, 2024

(In millions) March 31, 2026 December 31, 2025

Real estate investments $ 1,993 $ 1,895

6 unchanged sentences

The Company also has derivative instruments associated with certain equity securities;

see Note 12 to the Consolidated Financial Statements for further discussion.

As of September 30, 2025, the notional value of interest rate swap contracts increased to $ 2.8 billion compared with $ 2.7 billion as of December 31, 2024.

There were no other material changes to the Company's individual derivative hedging strategies during the three and nine months ended September 30, 2025.

see Note 12A to the Consolidated Financial Statements in the Company’s 2025 Form 10-K for further information.

As of March 31, 2026, the notional value of interest rate swap contracts increased to $ 3.5 billion compared with $ 3.2 billion as of December 31, 2025.

There were no other material changes to the Company's individual derivative hedging strategies during the three months ended March 31, 2026.

Please refer to the Company's 2025 Form 10-K for further discussion of the types of derivative financial instruments and associated accounting policies.

The effects of derivative financial instruments used in our individual hedging strategies were not material to the Consolidated Financial Statements as of September 30, 2025 and December 31, 2024.

The effects of derivative financial instruments used in our individual hedging strategies were not material to the Consolidated Financial Statements as of March 31, 2026 and December 31, 2025.

The gross fair values of our derivative financial instruments are presented in Note 10 to the Consolidated Financial Statements.

Investment Gains and Losses

Net investment gains (losses), before income taxes were $ 26 million and $ 76 million, respectively, for the three and nine months ended September 30, 2025, versus $( 921 ) million and $( 2,805 ) million, respectively, for the three and nine months ended September 30, 2024.

Net investment results for the three and nine months ended September 30, 2025 increased, reflecting the absence of the impairment of equity securities recorded in 2024.

Net investment gains (losses) before income taxes were $ 258 million for the three months ended March 31, 2026 versus $( 2 ) million for the three months ended March 31, 2025.

Investment results increased primarily due to fair value changes of derivative instruments associated with certain equity securities.

These amounts exclude investment gains and losses attributed to the Company's separate accounts because those gains and losses generally accrue directly to separate account policyholders.

Note 10 – Fair Value Measurements

For a description of the policies, methods and assumptions that are used to estimate fair value and determine the fair value hierarchy for each class of financial instruments, see Note 12 in the Company's 2024 Form 10-K.

Financial Assets and Financial Liabilities Carried at Fair Value

6 unchanged sentences

(Level 3) Total

September 30,

2025 December 31, 2024 September 30,

2026 December 31, 2025 March 31,

2026 December 31, 2025

17 unchanged sentences

Unobservable inputs reflect the Company's best estimate of what hypothetical market participants would use to determine a transaction price for the asset or liability at the reporting date.

Additionally, as discussed in Note 9E in the Company's 2024 Form 10-K, the Company classifies variable annuity assets and liabilities in Level 3 of the fair value hierarchy.

Additionally, as discussed in Note 9E to the Consolidated Financial Statements in the Company's 2025 Form 10-K, the Company classifies variable annuity assets and liabilities in Level 3 of the fair value hierarchy.

Information about Debt Securities.

5 unchanged sentences

Fair Value as of Unobservable Adjustment Range (Weighted Average by Quantity) as of

(Fair value in millions) September 30,

(Fair value in millions) March 31,

2026 December 31,

2025 Unobservable Input

September 30, 2025

September 30,

March 31, 2026

2026 December 31,

7 unchanged sentences

Information about Derivative Instruments.

Derivative Instruments associated with certain equity securities are valued each reporting period using a Monte Carlo simulation and estimated business enterprise value and are recorded in Other assets and Other non-current liabilities in the Consolidated Balance Sheets.

The significant unobservable Level 3 measurement inputs used are forecasted earnings measures and equity as well as adjustments to reflect estimated volatility and credit spreads.

See Note 11A to the Consolidated Financial Statements for further information.

See Note 12A to the Consolidated Financial Statements in the Company’s 2025 Form 10-K for further information regarding our Level 3 derivative instruments.

Changes in Level 3 Financial Assets and Financial Liabilities Carried at Fair Value

2 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

(In millions) 2026 2025

Beginning balance $ 896 $ 417

Losses included in Shareholders' net income

( 9 ) ( 10 ) ( 23 ) ( 71 )

Gains included in Other comprehensive income (loss)

Gains (losses) included in Shareholders' net income

(Losses) gains included in Other comprehensive loss

Purchases, sales and settlements

8 unchanged sentences

Ending balance $ 1,146 $ 373

Total losses included in Shareholders' net income attributable to instruments held at the reporting date

$ ( 6 ) $ ( 9 ) $ ( 23 ) $ ( 71 )

Change in unrealized gain or (loss) included in Other comprehensive income (loss) for assets held at the end of the reporting period

Total gains (losses) included in Shareholders' net income attributable to instruments held at the reporting date

$ 258 $ ( 13 )

Total gains and losses included in Shareholders' net income in the tables above are reflected in the Consolidated Statements of Income as Net investment gains (losses) and Net investment income.

Gains and losses included in Other comprehensive income (loss), net of tax, in the tables above are reflected in Net unrealized (depreciation) appreciation on securities and derivatives in the Consolidated Statements of Comprehensive Income.

Change in unrealized gain or (loss) included in Other comprehensive loss for assets held at the end of the reporting period

Total gains and losses included in Shareholders' net income in the table above are reflected in the Consolidated Statements of Income as Net investment gains/losses and as Net investment income/losses .

Gains and losses included in Other comprehensive loss, net of tax, in the table above are reflected in Net unrealized depreciation on securities and derivatives in the Consolidated Statements of Comprehensive Income.

Transfers into or out of the Level 3 category occur when unobservable inputs, such as the Company's best estimate of what a market participant would use to determine a current transaction price, become more or less significant to the fair value measurement.

5 unchanged sentences

The investment income and fair value gains and losses of Separate account assets generally accrue directly to the contractholders and, together with their deposits and withdrawals, are excluded from the Company's Consolidated Statements of Income and Cash Flows.

The separate account activity for the nine months ended September 30, 2025 and 2024 was primarily driven by changes in the market values of the underlying separate account investments.

The separate account activity for the three months ended March 31, 2026 and 2025 was primarily driven by changes in the market values of the underlying separate account investments.

Fair values of Separate account assets were as follows:

3 unchanged sentences

(Level 3) Total

(In millions) September 30,

(In millions) March 31,

2026 December 31,

2024 September 30,

2025 March 31,

2026 December 31,

2024 September 30,

2025 March 31,

2026 December 31,

2024 September 30,

2025 March 31,

2026 December 31,

6 unchanged sentences

Total $ 7,427 $ 7,487

(1) Non-guaranteed separate accounts include $ 3.8 billion as of both September 30, 2025 and December 31, 2024 in assets supporting the Company's pension plans, including $ 0.2 billion classified in Level 3 as of both September 30, 2025 and December 31, 2024.

(1) Non-guaranteed separate accounts include $ 3.7 billion as of March 31, 2026 and $ 3.8 billion as of December 31, 2025 in assets supporting the Company's pension plans, including $ 0.1 billion classified in Level 3 as of March 31, 2026 and $ 0.2 billion as of December 31, 2025.

Non-guaranteed separate accounts are primarily comprised of securities partnerships, real estate and real estate funds.

Separate account assets classified in Level 3 primarily support the Company's pension plans and include certain newly issued, privately placed, complex or illiquid securities that are priced using methods discussed above, as well as commercial mortgage loans.

Activity, including transfers into and out of Level 3, was not material for the three and nine months ended September 30, 2025 or 2024.

Activity, including transfers into and out of Level 3, was not material for the three months ended March 31, 2026 or 2025.

Assets and Liabilities Measured at Fair Value under Certain Conditions

1 unchanged sentence

However, these financial assets and liabilities may be measured using fair value under certain conditions, such as when investments become impaired and are written down to their fair value, or when there are observable price changes from orderly market transactions of equity securities that otherwise had no readily determinable fair value.

For the nine months ended September 30, 2025, impairments recognized requiring the assets and liabilities described above to be measured at fair value were not material.

For the nine months ended September 30, 2024, we determined our investment in VillageMD was fully impaired and recorded a $ 2.7 billion loss in Net investment gains (losses) in the Company's Consolidated Statements of Income.

Observable price changes for equity securities with no readily determinable fair value were not material for the nine months ended September 30, 2025 or September 30, 2024.

For the three months ended March 31, 2026 and 2025, impairments recognized requiring the assets and liabilities described above to be measured at fair value were not material.

Observable price changes for equity securities with no readily determinable fair value were not material for the three months ended March 31, 2026 or March 31, 2025.

Fair Value Disclosures for Financial Instruments Not Carried at Fair Value

1 unchanged sentence

In addition to universal life products and finance leases, financial instruments that are carried in the Company's Consolidated Balance Sheets at amounts that approximate fair value are excluded from the following table.

Classification in Fair Value Hierarchy September 30, 2025 December 31, 2024

Classification in Fair Value Hierarchy March 31, 2026 December 31, 2025

(In millions) Fair Value Carrying Value Fair Value Carrying Value

2 unchanged sentences

Note 11 – Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss) ("AOCI") includes net unrealized (depreciation) appreciation on securities and derivatives, change in discount rate and instrument-specific credit risk for certain long-duration insurance contractholder liabilities (see Note 9 to the Consolidated Financial Statements), foreign currency translation, and the net postretirement benefits liability adjustment.

Accumulated Other Comprehensive Income (Loss) ("AOCI") includes net unrealized appreciation/depreciation on securities and derivatives, change in discount rate and instrument-specific credit risk for certain long-duration insurance contractholder liabilities (see Note 7 to the Consolidated Financial Statements), foreign currency translation, and the net postretirement benefits liability adjustment.

AOCI includes the Company's share from unconsolidated entities reported on the equity method.

Generally, tax effects in AOCI are established at the currently enacted tax rate and reclassified to Shareholders' net income in the same period that the related pre-tax AOCI reclassifications are recognized.

Shareholders' other comprehensive loss, net of tax, for the three and nine months ended September 30, 2025 and September 30, 2024 is primarily attributable to the change in discount rates for certain long-duration liabilities and unrealized changes in the market values of securities and derivatives, including the impacts from unconsolidated entities reported on the equity method.

Shareholders' other comprehensive loss, net of tax, for the three months ended March 31, 2026 and March 31, 2025 is primarily attributable to the change in discount rates for certain long-duration liabilities and unrealized changes in the market values of securities and derivatives, including the impacts from unconsolidated entities reported on the equity method.

Changes in the components of AOCI were as follows:

Three Months Ended

September 30,

Nine Months Ended

September 30,

(In millions) 2026 2025

1 unchanged sentence

Beginning balance $ 594 $ 832

Unrealized (depreciation) appreciation on securities and derivatives, before reclassification, net of tax benefit (expense) of $ 137 , $( 65 ), $ 93 and $( 133 ), respectively

Unrealized (depreciation) on securities and derivatives, before reclassification, net of tax benefit of $ 44 and $ 49 , respectively

( 133 ) ( 134 )

Amounts reclassified to Shareholders' net income, net of tax (benefit) of $( 1 ) and $( 9 ), respectively

Other comprehensive (loss) income, net of tax

Other comprehensive (loss), net of tax

( 129 ) ( 100 )

2 unchanged sentences

Beginning balance $ ( 2,329 ) $ ( 2,038 )

Net current period change in discount rate for certain long-duration liabilities, before reclassification, net of tax (expense) benefit of $( 146 ), $ 3 , $ 92 and $ 265 , respectively

Net current period change in discount rate for certain long-duration liabilities, before reclassification, net of tax benefit of $ 214 and $ 33 , respectively

( 636 ) ( 108 )

Amounts reclassified to Shareholders' net income, net of tax expense of $ — and $ 16 , respectively

Net current period change in discount rate for certain long-duration liabilities, net of tax (expense) benefit of $( 146 ), $ 3 , $ 108 and $ 265 , respectively

Net current period change in discount rate for certain long-duration liabilities, net of tax benefit of $ 214 and $ 49 , respectively

( 636 ) ( 164 )

Net current period change in instrument-specific credit risk for market risk benefits, net of tax benefit of $ — and $ 1 , respectively

( 6 ) 3 ( 4 ) ( 11 )

Other comprehensive income (loss), net of tax

Other comprehensive (loss), net of tax

( 635 ) ( 168 )

2 unchanged sentences

Beginning balance $ ( 127 ) $ ( 198 )

Net translation of foreign currencies, before reclassification, net of tax (expense) of $ — , $( 2 ), $( 8 ) and $( 5 ), respectively

( 10 ) 39 68 8

Net translation of foreign currencies, before reclassification, net of tax benefit (expense) of $ 2 and $( 6 ), respectively

Ending balance $ ( 162 ) $ ( 185 )

2 unchanged sentences

Amounts reclassified to Shareholders' net income, net of tax (benefit) of $( 2 ) and $( 2 ), respectively

Net change due to valuation update, before reclassification, net of tax benefit of $ 1 , $ 1 , $ 4 and $ 5 , respectively

— — ( 9 ) ( 16 )

Other comprehensive income, net of tax

Ending balance $ ( 937 ) $ ( 931 )

1 unchanged sentence

Beginning balance $ ( 2,806 ) $ ( 2,341 )

Shareholders' other comprehensive income (loss), net of tax (expense) benefit of $( 10 ), $( 70 ), $ 177 and $ 113 , respectively

Shareholders' other comprehensive (loss), net of tax benefit of $ 257 and $ 82 , respectively

( 792 ) ( 249 )

2 unchanged sentences

In the first quarter of 2025, the Company commenced an enterprise-wide initiative to evolve our business and deliver a more efficient and improved experience for our patients, providers and customers.

This program is expected to continue through December 2026 and includes severance and other employee costs, asset impairments and accelerated asset amortization, and the operating results of certain small non-strategic businesses that we plan to discontinue.

As we continue to evaluate additional opportunities to improve the overall efficiency and effectiveness of our operations, we anticipate future charges.

During the three and nine months ended September 30, 2025, we reported total costs of $ 222 million pre-tax ($ 168 million after-tax) and $ 566 million pre-tax ($ 429 million after-tax), respectively, associated with this initiative.

During the three and nine months ended September 30, 2025, the total costs included a charge in Selling, general and administrative ("SG&A") expenses of $ 181 million, pre-tax and $ 467 million, pre-tax, respectively, that was primarily associated with employee severance.

The remainder for both periods reflects the operating results of certain non-strategic businesses.

The Company expects that the program will continue through 2028 and is continuing to evaluate additional opportunities to improve the overall efficiency and effectiveness of our operations.

The program includes severance and other employee costs, asset impairments and accelerated asset amortization, and the operating results of certain small non-strategic businesses that we plan to discontinue.

During the three months ended March 31, 2026, we reported total costs of $ 380 million pre-tax ($ 290 million after-tax) associated with this initiative, compared with $ 215 million ($ 163 million after-tax) for the three months ended March 31, 2025.

The total costs for the three months ended March 31, 2026 included $ 377 million, pre-tax in Selling, general and administrative expenses, which was primarily associated with severance ($ 337 million).

The total costs for the three months ended March 31, 2025 included $ 198 million, pre-tax in Selling, general and administrative expenses, which was primarily associated with severance ($ 171 million).

Program-to-date total costs of $ 1,129 million pre-tax ($ 855 million after-tax) included $ 993 million in Selling, general and administrative expenses, which were primarily associated with severance ($ 715 million) and asset impairments ($ 101 million).

The remainder of the total program costs reflects the operating results of certain non-strategic businesses.

We expect substantially all of the accrued liability to be paid by the end of 2026.

See Note 17 to the Consolidated Financial Statements for further details of the strategic optimization program impact by segment.

The following table summarizes a roll forward of the accrued liability recorded in Accrued expenses and other liabilities during the nine months ended September 30, 2025:

See Note 15 to the Consolidated Financial Statements for further details of the strategic optimization program by segment.

The following table presents a roll forward of the accrued liability recorded in Accrued expenses and other liabilities:

(In millions)

1 unchanged sentence

2026 payments

Balance, September 30, 2025

Balance, March 31, 2026

Note 13 – Income Taxes

Income Tax Expense.

The effective tax rates of 14.0 % and 15.9 % for the three and nine months ended September 30, 2025, respectively, were lower than the effective tax rates of 30.8 % and 31.2 % for the three and nine months ended September 30, 2024, respectively.

The decrease in the three and nine months comparative rates was primarily due to the absence of a valuation allowance related to the impairment of equity securities in 2024, partially offset by the absence of tax benefits recorded in 2024 related to the release of tax reserves following favorable state audit resolutions.

During the three months ended September 30, 2025, the reallocation of the HCSC transaction purchase price by legal entity resulted in an equal write-off of the deferred tax asset ("DTA") and valuation allowance associated with the tax-deductible capital loss on the sale, resulting in zero net impact on the Company's total tax provision.

Additionally, the decrease in valuation allowance associated with the tax-deductible capital loss on the sale recorded in the three months ended September 30, 2025 generated a substantial portion of the after-tax gain on sale discussed in Note 5 to the Consolidated Financial Statements.

This valuation allowance decrease was offset by an increase in valuation allowance associated with DTAs on the impairment of equity securities, as discussed below.

As such, there was no material change to the realizability assessment of the Company's consolidated DTAs and no material net impact to the Company's consolidated tax expense.

We continue to monitor and evaluate the need for any additional valuation allowance.

As of September 30, 2025, we had approximately $ 824 million in DTAs associated with the impairment of equity securities as well as unrealized investment losses.

A valuation allowance of $ 788 million and $ 635 million as of the nine months ended September 30, 2025 and September 30, 2024, respectively, primarily relates to the impairment of equity securities discussed in Note 11 to the Consolidated Financial Statements.

The increase in valuation allowance primarily associated with the impairment of equity securities resulted from the reallocation of available sources of capital income, as discussed above.

The 18.0 % effective tax rate for the three months ended March 31, 2026 was higher than the 14.5 % rate for the three months ended March 31, 2025 primarily due to the absence of a benefit related to the HCSC transaction.

Note 14 – Contingencies and Other Matters

4 unchanged sentences

For the majority of these benefits, the sponsoring employers are primarily responsible for ensuring that assets are sufficient to pay these benefits and are required to maintain assets that exceed a certain percentage of benefit obligations.

If employers fail to do so, the Company or an affiliate of the buyer of the retirement benefits business has the right to redirect the management of the related assets

to provide for benefit payments.

As of September 30, 2025, employers maintained assets that generally exceeded the benefit obligations under these arrangements of approximately $ 400 million.

If employers fail to do so, the Company or an affiliate of the buyer of the retirement benefits business has the right to redirect the management of the related assets to provide for benefit payments.

As of March 31, 2026, employers maintained assets that generally exceeded the benefit obligations under these arrangements of approximately $ 390 million.

An additional liability is established if management believes that the Company will be required to make payments under the guarantees;

there were no additional liabilities required for these guarantees, net of reinsurance, as of September 30, 2025.

there were no additional liabilities required for these guarantees, net of reinsurance, as of March 31, 2026.

Separate account assets supporting these guarantees are classified in Levels 1 and 2 of the GAAP fair value hierarchy.

1 unchanged sentence

Certain Other Guarantees

The Company had indemnification obligations as of September 30, 2025 in connection with acquisition and disposition transactions.

The Company had indemnification obligations as of March 31, 2026 in connection with acquisition and disposition transactions.

These indemnification obligations are triggered by the breach of representations or covenants provided by the Company, such as representations for the presentation of financial statements, filing of tax returns, compliance with laws or regulations, or identification of outstanding litigation.

2 unchanged sentences

The Company does not believe that it is possible to determine the maximum potential amount due under these obligations because not all amounts due under these indemnification obligations are subject to limitation.

There were no recorded liabilities for these indemnification obligations as of September 30, 2025.

There were no recorded liabilities for these indemnification obligations as of March 31, 2026.

Guaranty Fund Assessments

1 unchanged sentence

The Company's exposure to assessments for certain obligations of insolvent insurance companies to policyholders and claimants is based on its share of business written in the relevant jurisdictions.

There were no material charges or credits resulting from existing or new guaranty fund assessments for the nine months ended September 30, 2025.

There were no material charges or credits resulting from existing or new guaranty fund assessments for the three months ended March 31, 2026.

Legal and Regulatory Matters

6 unchanged sentences

Intersegment revenues primarily reflect pharmacy and care services transactions between the Evernorth Health Services and Cigna Healthcare segments.

The Chairman and Chief Executive Officer is the chief operating decision maker ("CODM") responsible for making decisions about resources to be allocated to the segment and assessing its performance.

The Chair and Chief Executive Officer is the chief operating decision maker ("CODM") responsible for making decisions about resources to be allocated to each segment and assessing its performance.

The Company uses "pre-tax adjusted income (loss) from operations" and "adjusted revenues" as its principal financial measures of segment operating performance because management, including the CODM, believes these metrics reflect the underlying results of business operations and facilitate analysis of trends in underlying revenue, expenses and profitability to enable resource allocation decisions.

1 unchanged sentence

The Cigna Group's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting are also excluded.

Special items are matters that management, including the CODM, believes are not representative of the underlying results of operations due to their nature or size.

Special items are matters that management, including the CODM, believes are not representative of the underlying results of normal, recurring operations due to their nature or size.

Adjusted income (loss) from operations is measured on an after-tax basis for consolidated results and on a pre-tax basis for segment results.

1 unchanged sentence

special items and The Cigna Group's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting.

Special items are matters that management, including the CODM, believes are not representative of the underlying results

of operations due to their nature or size.

Special items are matters that management, including the CODM, believes are not representative of the underlying results of normal, recurring operations due to their nature or size.

We exclude these items from this measure because management, including the CODM, believes they are not indicative of past or future underlying performance of the business.

1 unchanged sentence

The following table presents the special items charges (benefits) recorded by the Company, as well as the respective financial statement line items impacted:

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

(In millions) Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax

Strategic optimization program (primarily Selling, general and administrative expenses) $ 222 $ 168 $ — $ — $ 566 $ 429 $ — $ —

Integration and transaction-related costs (Selling, general and administrative expenses) 7 6 77 59 297 226 177 135

(Gain) loss on sale of businesses ( 38 ) ( 241 ) 87 62 ( 79 ) ( 356 ) 106 19

(Benefits) associated with litigation matters (Selling, general and administrative expenses) ( 17 ) ( 13 ) — — ( 17 ) ( 13 ) — —

Deferred tax expenses, net (Income taxes, less amount attributable to noncontrolling interests) — 19 — 41 — 53 — 75

Impairment of dividend receivable (Net investment income) — — 182 138 — — 182 138

Total impact from special items $ 174 $ ( 61 ) $ 346 $ 300 $ 767 $ 339 $ 465 $ 367

Summarized segment financial information was as follows:

(In millions) Evernorth Health Services

Cigna Healthcare

Other Operations

Corporate and Eliminations

Three months ended September 30, 2025

Revenues from external customers $ 59,982 $ 9,460 $ 68 $ 5 $ 69,515

Intersegment revenues 380 1,357 14 ( 1,751 )

Net investment income

29 116 80 8 233

Total revenues 60,391 10,933 162 ( 1,738 ) 69,748

Net investment results from certain equity method investments — ( 178 ) — — ( 178 )

Adjusted revenues $ 60,391 $ 10,755 $ 162 $ ( 1,738 ) $ 69,570

Pharmacy and other service costs 57,326 —

Medical costs — 7,579

Selling, general and administrative expenses excluding special items 1,037 2,140

Other segment items (1)

Interest (expense) and other ( 2 ) 2

Income attributable to noncontrolling interests 123 —

Pre-tax adjusted income (loss) from operations 1,903 1,038 36 ( 399 ) 2,578

Income (loss) before income taxes

$ 1,563 $ 1,302 $ — $ ( 570 ) $ 2,295

Pre-tax adjustments to reconcile to adjusted income from operations

(Income) attributable to noncontrolling interests

( 123 ) — — — ( 123 )

Net investment losses (gains) (2)

17 ( 218 ) ( 5 ) 2 ( 204 )

Amortization of acquired intangible assets 431 5 — — 436

Special items

Three Months Ended March 31,

(In millions) Pre-tax After-tax Pre-tax After-tax

Strategic optimization program

Integration and transaction-related costs — — — 7 7

(Gain) on sale of businesses — ( 38 ) — — ( 38 )

(Benefits) associated with litigation matters — ( 17 ) — — ( 17 )

Pre-tax adjusted income (loss) from operations $ 1,903 $ 1,038 $ 36 $ ( 399 ) $ 2,578

Other segment information

Depreciation and amortization 601 88 2 6 697

(1) Other segment items represent the difference between segment adjusted revenues less significant segment expenses and pre-tax adjusted income (loss) from operations, and they do not represent significant segment items relative to the CODM's review and oversight.

(2) Includes Net investment gains/losses as presented in our Consolidated Statements of Income, as well as the Company's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting, which are presented within Fees and other revenues in our Consolidated Statements of Income.

(In millions) Evernorth Health Services

Cigna Healthcare

Other Operations

Corporate and Eliminations

Three months ended September 30, 2024

Revenues from external customers $ 51,552 $ 11,919 $ 137 $ 1 $ 63,609

Intersegment revenues 1,045 1,279 18 ( 2,342 )

Net investment (loss) income

(primarily Selling, general and administrative expenses)

$ 380 $ 290 $ 215 $ 163

Total revenues 52,455 13,340 234 ( 2,335 ) 63,694

Net investment results from certain equity method investments — ( 177 ) — — ( 177 )

Special item related to impairment of dividend receivable 182 — — — 182

Adjusted revenues $ 52,637 $ 13,163 $ 234 $ ( 2,335 ) $ 63,699

Pharmacy and other service costs 49,768 —

Medical costs — 9,355

Selling, general and administrative expenses excluding special items 894 2,637

Other segment items (1)

Interest (expense) and other — 3

Income attributable to noncontrolling interests 99 —

Pre-tax adjusted income (loss) from operations $ 1,876 $ 1,174 $ ( 6 ) $ ( 425 ) $ 2,619

Income (loss) before income taxes

Integration and transaction-related costs

(Selling, general and administrative expenses)

35 27 216 164

Pre-tax adjustments to reconcile to adjusted income from operations

(Income) attributable to noncontrolling interests

Deferred tax expenses, net

(Income taxes, less amount attributable to noncontrolling interests)

(Gain) on sale of businesses

— ( 3 ) ( 41 ) ( 115 )

Net investment losses (gains) (2)

(Benefits) associated with litigation matters

(Selling, general and administrative expenses)

( 11 ) ( 8 ) — —

Amortization of acquired intangible assets 414 22 — — 436

Special items

Total impact from special items $ 404 $ 322 $ 390 $ 229

Integration and Transaction-Related Costs.

Loss on sale of businesses — 87 — — 87

Impairment of dividend receivable 182 — — — 182

Pre-tax adjusted income (loss) from operations $ 1,876 $ 1,174 $ ( 6 ) $ ( 425 ) $ 2,619

Other segment information

Depreciation and amortization $ 544 $ 97 $ 4 $ 5 $ 650

For the three months ended March 31, 2026 and March 31, 2025 the Company incurred transaction-related costs, as shown in the table above, associated with the HCSC transaction.

These costs incurred consisted primarily of post-closing technology activities to separate the divested systems;

fees for legal, advisory and other professional services;

and certain employment-related costs.

Summarized segment financial information was as follows:

(In millions) Evernorth Health Services

2 unchanged sentences

Corporate and Eliminations

Nine months ended September 30, 2025

Three months ended March 31, 2026

Revenues from external customers $ 58,206 $ 10,039 $ 47 $ — $ 68,292

4 unchanged sentences

Net investment results from certain equity method investments

— ( 272 ) — — ( 272 )

Adjusted revenues $ 58,442 $ 11,477 $ 120 $ ( 1,522 ) $ 68,517

16 unchanged sentences

Strategic optimization program

4 13 3 360 380

Integration and transaction-related costs

(Gain) on sale of businesses ( 4 ) ( 75 ) — — ( 79 )

(Benefits) associated with litigation matters

— ( 11 ) — — ( 11 )

Pre-tax adjusted income (loss) from operations $ 1,466 $ 1,514 $ 27 $ ( 404 ) $ 2,603

7 unchanged sentences

Corporate and Eliminations

Nine months ended September 30, 2024

Three months ended March 31, 2025

Revenues from external customers $ 52,002 $ 13,168 $ 94 $ — $ 65,264

Intersegment revenues 1,648 1,231 12 ( 2,891 )

Net investment (loss) income

Net investment income

31 133 69 5 238

1 unchanged sentence

Net investment results from certain equity method investments — ( 50 ) — — ( 50 )

Special item related to impairment of dividend receivable 182 — — — 182

Adjusted revenues $ 53,681 $ 14,482 $ 175 $ ( 2,886 ) $ 65,452

11 unchanged sentences

( 102 ) — — — ( 102 )

Net investment losses (2)

Net investment (gains) losses (2)

( 4 ) ( 47 ) 3 — ( 48 )

3 unchanged sentences

— — — 216 216

Loss on sale of businesses

Strategic optimization program

21 — 17 177 215

Impairment of dividend receivable

(Gain) on sale of businesses

( 4 ) ( 37 ) — — ( 41 )

6 unchanged sentences

The following table presents these revenues by product, premium and service type:

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

(In millions) 2026 2025

16 unchanged sentences

Other 507 1,872

7,889 10,385 27,505 31,448

International Health 1,113 978

3 unchanged sentences

Total Premiums

9,081 11,436 30,973 34,493

Services (Fees) (ASC 606) and other revenues (1)

Evernorth Health Services

3,921 3,345 11,150 9,635

Cigna Healthcare

1,881 1,902 5,331 5,223

Other Operations

1 unchanged sentence

Total Fees and other revenues (1)

4,380 3,889 12,412 10,862

Total revenues from external customers $ 68,292 $ 65,264

(1) Other revenues for the three months ended September 30, 2025 and 2024 were $ 276 million and $ 267 million, respectively, and for the nine months ended September 30, 2025 and 2024 were $ 552 million and $ 509 million, respectively.

(1) Other revenues for the three months ended March 31, 2026 and 2025 were $ 159 million and $ 162 million, respectively.

Financial and performance guarantees.

4 unchanged sentences

Historically, adjustments to original estimates have not been material.

This guarantee liability was $ 1.6 billion as of September 30, 2025 and $ 1.9 billion December 31, 2024.

This guarantee liability was $ 2.0 billion as of March 31, 2026 and $ 1.8 billion as of December 31, 2025.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements