CIGNA CORP FILES (8-K) Disclosing Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure.
2022 Outlook Affirmation
participate in meetings with investors and analysts over the next several
weeks. During these meetings, Cigna officials expect to reaffirm projected full
year 2022 consolidated adjusted income from operations on a per share basis of
at least
Cigna previously discussed its full year 2022 outlook in its press release and
investor presentation dated
conference call. The press release, presentation and the conference call
transcript are available in the Investor Relations section of Cigna's website
located at www.cigna.com. Forward-looking statements in these documents and the
related call speak only as of the date they were made.
Adjusted income (loss) from operations is a principal financial measure of
profitability used by Cigna's management because it presents the underlying
results of operations of Cigna's businesses and permits analysis of trends in
underlying revenue, expenses and shareholders' net income. Adjusted income from
operations is defined as shareholders' net income (or income before taxes less
pre-tax income (loss) attributable to noncontrolling interests for the segment
metric) excluding net realized investment results, amortization of acquired
intangible assets and special items. Cigna's share of certain realized
investment results of its joint ventures reported in the
segment using the equity method of accounting are also excluded. Special items
are matters that management believes are not representative of the underlying
results of 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. Consolidated adjusted income (loss) from
operations is not determined in accordance with GAAP and should not be viewed as
a substitute for the most directly comparable GAAP measure, shareholders' net
income.
Management is not able to provide a reconciliation of adjusted income from
operations to shareholders' net income on a forward-looking basis because we are
unable to predict, without unreasonable effort, certain components thereof
including (i) future net realized investment results (from equity method
investments with respect to adjusted revenues) and (ii) future special items.
These items are inherently uncertain and depend on various factors, many of
which are beyond our control. As such, any associated estimate and its impact on
shareholders' net income could vary materially.
This information shall not be deemed "filed" for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), or
incorporated by reference in any filing under the Securities Act of 1933, as
amended, or the Exchange Act whether made before or after the date of this
report, except as shall be expressly set forth by specific reference in such a
filing.
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CAUTIONARY STATEMENT FOR PURPOSES OF THE SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This Current Report on Form 8-K (the "Report"), and oral statements made with
respect to information contained in this Report, may contain forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements are based on Cigna's current expectations and
projections about future trends, events and uncertainties. These statements are
not historical facts. Forward-looking statements may include, among others,
statements concerning our projected adjusted income from operations for 2022 on
a consolidated, per share basis; projected weighted average shares outstanding;
future financial or operating performance, including our ability to deliver
affordable, predictable and simple solutions for our customers and clients,
including in light of the challenges presented by the COVID-19 pandemic;
financing or capital deployment plans and amounts available for future
deployment; and other statements regarding Cigna's future beliefs, expectations,
plans, intentions, liquidity, cash flows, financial condition or performance.
You may identify forward-looking statements by the use of words such as
"believe," "expect," "project", "plan," "intend," "anticipate," "estimate,"
"predict," "potential," "may," "should," "will" or other words or expressions of
similar meaning, although not all forward-looking statements contain such terms.
Forward-looking statements are subject to risks and uncertainties, both known
and unknown, that could cause actual results to differ materially from those
expressed or implied in forward-looking statements. Such risks and uncertainties
include, but are not limited to: our ability to achieve our strategic and
operational initiatives; our ability to adapt to changes in an evolving and
rapidly changing industry; our ability to compete effectively, differentiate our
products and services from those of our competitors and maintain or increase
market share; price competition, inflation and other pressures that could
compress our margins or result in premiums that are insufficient to cover the
cost of services delivered to our customers; the potential for actual claims to
exceed our estimates related to expected medical claims; our ability to develop
and maintain satisfactory relationships with physicians, hospitals, other health
service providers and with producers and consultants; our ability to maintain
relationships with one or more key pharmaceutical manufacturers or if payments
made or discounts provided decline; changes in the pharmacy provider marketplace
or pharmacy networks; changes in drug pricing or industry pricing benchmarks;
political, legal, operational, regulatory, economic and other risks that could
affect our multinational operations, including currency exchange rates; the
scale, scope and duration of the COVID-19 pandemic and its potential impact on
our business, operating results, cash flows or financial condition; risks
related to strategic transactions and realization of the expected benefits of
such transactions, as well as integration or separation difficulties or
underperformance relative to expectations; dependence on success of
relationships with third parties; risk of significant disruption within our
operations or among key suppliers or third parties; our ability to invest in and
properly maintain our information technology and other business systems; our
ability to prevent or contain effects of a potential cyberattack or other
privacy or data security incident; potential liability in connection with
managing medical practices and operating pharmacies, onsite clinics and other
types of medical facilities; the substantial level of government regulation over
our business and the potential effects of new laws or regulations or changes in
existing laws or regulations; uncertainties surrounding participation in
government-sponsored programs such as Medicare; the outcome of litigation,
regulatory audits and investigations; compliance with applicable privacy,
security and data laws, regulations and standards; potential failure of our
prevention, detection and control systems; unfavorable economic and market
conditions including the risk of a recession or other economic downturn and
resulting impact on employment metrics, stock market or changes in interest
rates and risks related to a downgrade in financial strength ratings of our
insurance subsidiaries; the impact of our significant indebtedness and the
potential for further indebtedness in the future; unfavorable industry, economic
or political conditions; credit risk related to our reinsurers; as well as more
specific risks and uncertainties discussed in our most recent report on Form
10-K and subsequent reports on Forms 10-Q and 8-K available through the Investor
Relations section of www.cigna.com. You should not place undue reliance on
forward-looking statements, which speak only as of the date they are made, are
not guarantees of future performance or results, and are subject to risks,
uncertainties and assumptions that are difficult to predict or quantify. Cigna
undertakes no obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or otherwise, except as
may be required by law.
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