Cigna Delivers Strong 2018 Results as it Completes Express Scripts Transaction; Company Positioned for Significant Growth
- Total revenues for 2018 were
$49 billion . Adjusted revenues1 increased 15% to$48 billion in 2018. - Shareholders’ net income for 2018 was
$2.6 billion , or$10.54 per share - Adjusted income from operations2 for 2018 was
$3.6 billion , or$14.22 per share - Adjusted revenues1,3 are expected to grow to a range of
$131.5 billion to$133.5 billion as we serve over 160 million customer relationships in 2019 - Adjusted income from operations2,3,4 is projected to be in the range of
$6.2 billion to$6.4 billion in 2019, or$16.00 to$16.50 per share3, which represents per share growth of 13% to 16% over 2018
“Cigna completed an exceptionally strong 2018, with revenue, customer, and earnings growth, driven by continued innovation across the business,” said
Total revenues for 2018 were
Shareholders’ net income for 2018 was
Cigna's adjusted income from operations2 for 2018 was
Reconciliations of shareholders’ net income to adjusted income from operations2 are provided on the following page, and on Exhibit 1 of this earnings release.
CONSOLIDATED HIGHLIGHTS
The following table includes highlights of results and reconciliations of adjusted revenues1 to total revenues and adjusted income from operations2 to shareholders’ net income:
Consolidated Financial Results (dollars in millions): | ||||||||||||
Three Months Ended | Year Ended | |||||||||||
|
|
|
||||||||||
2018 | 2017 | 2018 | 2018 | |||||||||
Total Revenues | $ | 14,300 | $ | 10,632 | $ | 11,457 | $ | 48,650 | ||||
Adjustment for Transitioning Clients1 | (459) | - | - | (459) | ||||||||
Net Realized Investment Losses (Gains) from Equity Method Investments | 20 | - | 1 | 43 | ||||||||
Special Items1 | (110) | - | (13) | (123) | ||||||||
Adjusted Revenues1 | $ | 13,751 | $ | 10,632 | $ | 11,445 | $ | 48,111 | ||||
Consolidated Earnings, net of taxes | ||||||||||||
Shareholders’ Net Income | $ | 144 | $ | 266 | $ | 772 | $ | 2,637 | ||||
Adjustment for Transitioning Clients1 | (47) | - | - | (47) | ||||||||
Net Realized Investment Losses (Gains)2 | 58 | (16) | (1) | 104 | ||||||||
Amortization of Other Acquired Intangible Assets2 | 103 | 12 | 36 | 177 | ||||||||
Special Items2 | 389 | 221 | 138 | 686 | ||||||||
Adjusted Income from Operations2 | $ | 647 | $ | 483 | $ | 945 | $ | 3,557 | ||||
Shareholders’ Net Income, per share | $ | 0.55 | $ | 1.07 | $ | 3.14 | $ | 10.54 | ||||
Adjusted Income from Operations2, per share | $ | 2.46 | $ | 1.94 | $ | 3.84 | $ | 14.22 | ||||
- In 2018, the Company repurchased 1.6 million shares of stock for
$329 million . InJanuary 2019 , the Company repurchased 1.1 million shares of common stock for approximately$209 million . - The SG&A expense ratio5 of 23.2% for full year 2018 and 21.7% for fourth quarter 2018 reflect the return of the health insurance tax, business mix changes and continued investments in strategic initiatives.
CUSTOMER RELATIONSHIPS
The following table summarizes our medical customers and overall customer relationships:
Customer Relationships (in thousands):
|
As of the Periods Ended | ||||||
|
|
||||||
2018 | 2017 | 2018 | |||||
Commercial | 13,982 | 13,593 | 13,899 | ||||
Government | 1,407 | 1,235 | 1,402 | ||||
International Markets | 1,572 | 1,549 | 1,558 | ||||
Total Medical Customers6 | 16,961 | 16,377 | 16,859 | ||||
Pharmacy6 |
73,230 | 8,960 | 8,819 | ||||
Behavioral Care6 | 27,215 | 26,849 | 27,113 | ||||
Dental | 16,544 | 15,801 | 16,518 | ||||
Medicare Part D | 3,295 | 821 | 767 | ||||
International Markets Supplemental Policies6,7 | 12,569 | 11,838 | 12,281 | ||||
Group Disability and Life Covered Lives6 | 14,800 | 15,300 | 15,300 | ||||
Total Customer Relationships | 164,614 | 95,946 | 97,657 | ||||
- The total medical customer base6 at the end of 2018 was 17 million, an organic increase of 584,000 customers during the year, driven by strong growth across our Commercial market segments.
- Pharmacy6 and Medicare Part D customer growth in the fourth quarter 2018 primarily reflects additional customers gained through the completion of the Express Scripts combination on
December 20, 2018 .
HIGHLIGHTS OF SEGMENT RESULTS
See Exhibit 1 for a reconciliation of adjusted income (loss) from operations2 to shareholders’ net income.
Integrated Medical
This segment includes Cigna’s
Financial Results (dollars in millions): | ||||||||||||
Three Months Ended | Year Ended | |||||||||||
|
|
|
||||||||||
2018 | 2017 | 2018 | 2018 | |||||||||
Adjusted Revenues | $ | 8,297 | $ | 7,366 | $ | 8,174 | $ | 32,791 | ||||
Adjusted Income from Operations, Pre-Tax2 | $ | 643 | $ | 520 | $ | 932 | $ | 3,502 | ||||
Adjusted Margin, Pre-Tax8 | 7.7% | 7.1% | 11.4% | 10.7% | ||||||||
- Integrated Medical delivered strong results in 2018, led by organic growth and strong margins in our Commercial and Government businesses.
- Fourth quarter 2018 adjusted revenues increased 13% relative to fourth quarter 2017, driven by Commercial customer growth and expansion of specialty relationships, as well as premium increases consistent with underlying cost trends.
- Fourth quarter 2018 adjusted income from operations, pre-tax2 and adjusted margin, pre-tax8 reflect strong medical and specialty contributions, continued effective medical cost management, and seasonally higher medical costs.
- Adjusted income from operations, pre-tax2 for full year 2018, fourth quarter 2018, and full year 2017 included favorable net prior year reserve development on a pre-tax basis of
$97 million ,$8 million , and$148 million , respectively. - The medical care ratio5 (“MCR”) of 78.9% for full year 2018 and 80.9% for fourth quarter 2018 reflect strong performance and execution in our employer and government businesses, continued favorability in individual, seasonally higher fourth quarter medical costs, and the pricing effect of the resumption of the health insurance tax.
- Integrated Medical net medical costs payable9 was approximately
$2.43 billion atDecember 31, 2018 ,$2.48 billion atSeptember 30, 2018 and$2.16 billion atDecember 31, 2017 .
Health Services
This segment includes a broad range of pharmacy services, including benefits management, specialty pharmacy services, clinical solutions, home delivery, and certain medical management services.
Financial Results (dollars in millions): | ||||||||||||
Three Months Ended | Year Ended | |||||||||||
|
|
|
||||||||||
2018 | 2017 | 2018 | 2018 | |||||||||
Adjusted Revenues | $ | 3,313 | $ | 1,120 | $ | 1,109 | $ | 6,606 | ||||
Adjusted Income from Operations, Pre-Tax2 | $ | 153 | $ | 76 | $ | 67 | $ | 380 | ||||
Adjusted Margin, Pre-Tax8 | 4.6% | 6.8% | 6.0% | 5.8% | ||||||||
- Health Services results in the fourth quarter 2018 and full year 2018 reflect eleven days of contributions from the Express Scripts business, following completion of the combination on
December 20, 2018 . - Health Services delivered solid results in fourth quarter 2018 reflecting contributions from Cigna's mail order pharmacy operations in support of our integrated value proposition and from Express Scripts following completion of the combination.
International Markets
This segment includes supplemental health, life and accident insurance products and health care coverage in our international markets as well as health care benefits for globally mobile employees of multinational organizations.
Financial Results (dollars in millions, policies and customers in thousands):
Three Months Ended | Year Ended | |||||||||||
|
|
|
||||||||||
2018 | 2017 | 2018 | 2018 | |||||||||
Adjusted Revenues7 | $ | 1,355 | $ | 1,268 | $ | 1,326 | $ | 5,366 | ||||
Adjusted Income from Operations, Pre-Tax2 | $ | 120 | $ | 139 | $ | 195 | $ | 735 | ||||
Adjusted Margin, Pre-Tax8 | 8.9% | 11.0% | 14.7% | 13.7% | ||||||||
As of the Periods Ended | ||||||||||||
|
|
|||||||||||
2018 | 2017 | 2018 | ||||||||||
International Markets Supplemental Policies6,7 | 12,569 | 11,838 | 12,281 | |||||||||
International Markets Medical Customers | 1,572 | 1,549 | 1,558 | |||||||||
- International Markets delivered strong results in 2018, reflecting the value of our differentiated health and life solutions for individual consumers provided through diversified distribution channels as well as strong global health benefits contributions.
- Fourth quarter 2018 adjusted revenues7 grew 7% over fourth quarter 2017, reflecting continued business growth.
- Fourth quarter 2018 adjusted income from operations, pre-tax2 and adjusted margin, pre-tax8 reflect business growth, seasonally higher claims expenses, as well as strategic investments for long-term growth.
Group Disability and Other Operations
This segment includes Cigna’s Group Disability and Life business which offers group long-term and short-term disability, and group life, accident, voluntary and specialty insurance products and services. Additionally, this segment includes
Financial Results (dollars in millions):
Three Months Ended |
Year Ended |
|||||||||||
|
|
|
||||||||||
2018 | 2017 | 2018 | 2018 | |||||||||
Adjusted Revenues | $ | 1,246 | $ | 1,273 | $ | 1,262 | $ | 5,061 | ||||
Adjusted Income from Operations, Pre-Tax2 | $ | 109 | $ | 107 | $ | 143 | $ | 529 | ||||
Adjusted Margin, Pre-Tax8 | 8.7% | 8.4% | 11.3% | 10.5% | ||||||||
- Fourth quarter 2018 adjusted income from operations, pre-tax2 and adjusted margin, pre-tax8 reflect strong life results offset by unfavorable disability claims.
Corporate
Corporate reflects interest expense as well as amounts not allocated to operating segments and includes intersegment eliminations.
Financial Results (dollars in millions): |
|||||||||||||
Three Months Ended | Year Ended | ||||||||||||
|
|
|
|||||||||||
2018 | 2017 | 2018 | 2018 | ||||||||||
Adjusted (Loss) from Operations, Pre-Tax2 | $ | (148) | $ | (99) | $ | (83) | $ | (403) | |||||
- The fourth quarter 2018 adjusted loss from operations, pre-tax2 increased as a result of higher interest expense following completion of our combination with Express Scripts on
December 20, 2018 .
2019 OUTLOOK
Cigna's outlook for full year 2019 consolidated adjusted income from operations2,3,4 is in the range of
(dollars in millions, except where noted and per share amounts) |
Projection for Full-Year Ending | ||
|
|||
2019 Consolidated Operating Metrics |
|||
Adjusted Income from Operations2,3,4 |
$ |
6,200 to 6,400 |
|
Adjusted Income from Operations, per share2,3,4 |
$ |
16.00 to 16.50 |
|
Adjusted Revenues1,3 |
$ |
131,500 to 133,500 |
|
SG&A Expense Ratio5 |
10.0% to 10.5% | ||
Adjusted Tax Rate10 | 23.5% to 24.5% | ||
2019 Segment-Level Operating Metrics |
|||
Adjusted Income from Operations, Pre-Tax2,3,4 | |||
Integrated Medical |
$ |
3,650 to 3,800 |
|
Health Services |
$ |
5,050 to 5,200 |
|
Medical Customer Growth6 | 300,000 to 400,000 customers | ||
Adjusted Pharmacy Claims – Health Services11 | 1.17 to 1.19 billion | ||
Medical Care Ratio5 | 80.5% to 81.5% | ||
Medical Cost Trend12 | 3.5% to 4.5% | ||
The foregoing statements represent the Company’s current estimates of Cigna's 2019 consolidated and segment adjusted income from operations2,3,4 and other key metrics as of the date of this release. Actual results may differ materially depending on a number of factors. Investors are urged to read the Cautionary Note Regarding Forward-Looking Statements included in this release. Management does not assume any obligation to update these estimates.
This quarterly earnings release and the Quarterly Financial Supplement are available on Cigna’s website in the Investor Relations section (http://www.cigna.com/aboutcigna/investors). Management will be hosting a conference call to review fourth quarter 2018 results and discuss full year 2019 outlook beginning today at
The call-in numbers for the conference call are as follows:
Live Call | |||||||
(888) 324-7575 |
(Domestic) | ||||||
(210) 234-0013 |
(International) | ||||||
Passcode: 2012019 |
|||||||
Replay | |||||||
(866) 453-2340 |
(Domestic) | ||||||
(203) 369-1229 |
(International) |
It is strongly suggested you dial in to the conference call by
About Cigna
Cigna maintains sales capability in over 30 countries and jurisdictions, and has more than 160 million customer relationships throughout the world. To learn more about Cigna®, including links to follow us on Facebook or Twitter, visit www.cigna.com.
Notes: |
||||
1. |
At the consolidated level, the measure “adjusted revenues” is not determined in accordance with GAAP and should not be viewed as a substitute for the most directly comparable GAAP measure, “total revenues.” We define adjusted revenues as total revenues excluding revenue contributions from transitioning pharmacy benefit management clients, Anthem Inc. and |
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2. |
Adjusted income (loss) from operations is defined as shareholders’ net income (loss) excluding the following adjustments: net realized investment results, amortization of acquired intangible assets, special items, and earnings contributions from transitioning clients. Special items are identified in Exhibit 1 of this earnings release. Adjusted income (loss) from operations is measured on an after-tax basis for consolidated results and on a pre-tax basis for segment results. |
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Adjusted income (loss) from operations is a 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. This consolidated measure is not determined in accordance with accounting principles generally accepted in |
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Effective in the fourth quarter of 2018, Cigna updated its segments. Refer to the Form 8-K filed on |
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3. |
Management is not able to provide a reconciliation of adjusted income from operations to shareholders’ net income (loss) or adjusted revenues to total revenues 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. |
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4. |
The Company’s outlook excludes the potential effects of any share repurchases or business combinations that may occur after the date of this earnings release. |
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5. |
Operating ratios are defined as follows: |
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• |
Medical care ratio represents medical costs as a percentage of premiums for all |
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• |
SG&A expense ratio represents enterprise selling, general and administrative expenses excluding special items and expenses from transitioning clients, as a percentage of adjusted revenue at a consolidated level. |
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6. |
Customer relationships are defined as follows: |
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• |
Total medical customers includes individuals in our Integrated Medical and International Markets segments who meet any one of the following criteria: are covered under a medical insurance policy, managed care arrangement, or service agreement issued by Cigna; have access to Cigna's provider network for covered services under their medical plan; or have medical claims and services that are administered by Cigna. |
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• |
Pharmacy customer relationships excludes transitioning clients. |
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• |
Prior period behavioral care customers have been revised to conform to current presentation. |
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• |
International Markets policies exclude International Markets medical customers included in total medical customers. |
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• |
Group Disability and Life estimated covered lives as of |
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7. |
Cigna owns a 50% noncontrolling interest in its |
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8. |
Adjusted margin, pre-tax, is calculated by dividing adjusted income (loss) from operations by adjusted revenues for each segment. |
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9. |
Medical costs payable within the Integrated Medical segment are presented net of reinsurance and other recoverables. The gross medical costs payable balance was |
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10. |
The measure “consolidated adjusted tax rate” is not determined in accordance with GAAP and should not be viewed as a substitute for the most directly comparable GAAP measure, “consolidated effective tax rate.” We define consolidated adjusted tax rate as the income tax rate applicable to the Company’s pre-tax income excluding net realized investment results, amortization of acquired intangible assets, special items, and transitioning clients. Management is not able to provide a reconciliation to the consolidated effective tax rate on a forward-looking basis because we are unable to predict, without unreasonable effort, certain components thereof including (i) future net realized investment results and (ii) future special items. |
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11. |
For |
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12. |
Medical cost trend includes all |
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release, and oral statements made with respect to information contained in this release, 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 (loss) from operations outlook for 2019, on both a consolidated and segment basis; projected adjusted revenue outlook for 2019; projected global medical customer growth over year end 2018; projected growth beyond 2019; statements concerning our long-term projected adjusted income (loss) from operations outlook; projected medical care and SG&A expense ratios and medical cost trends; projected adjusted pharmacy claims; our projected consolidated adjusted tax rate; future financial or operating performance, including our ability to deliver personalized and innovative solutions for our customers and clients; future growth, business strategy, strategic or operational initiatives; economic, regulatory or competitive environments, particularly with respect to the pace and extent of change in these areas; financing or capital deployment plans and amounts available for future deployment; our prospects for growth in the coming years; the merger (the “Merger”) with Express Scripts Holding Company (“Express Scripts”) and other statements regarding Cigna's future beliefs, expectations, plans, intentions, financial condition or performance. You may identify forward-looking statements by the use of words such as “believe,” “expect,” “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 financial, strategic and operational plans or initiatives; our ability to predict and manage medical costs and price effectively and develop and maintain good relationships with physicians, hospitals and other health care providers; the impact of modifications to our operations and processes; our ability to identify potential strategic acquisitions or transactions and realize the expected benefits of such transactions, including with respect to the Merger; 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; the outcome of litigation, regulatory audits, investigations, actions and/or guaranty fund assessments; uncertainties surrounding participation in government-sponsored programs such as Medicare; the effectiveness and security of our information technology and other business systems; unfavorable industry, economic or political conditions, including foreign currency movements; acts of war, terrorism, natural disasters or pandemics; the possibility that the anticipated benefits (including anticipated synergies) from the Merger cannot be realized in full, or at all or may take longer to realize than expected; problems regarding the successful integration of the businesses of Express Scripts and Cigna; unexpected costs regarding the Merger; the ability to retain key personnel; 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 on the Investor Relations section of www.cigna.com as well as on Express Scripts’ most recent report on Form 10-K and subsequent reports on Forms 10-Q and 8-K available on the Investor Relations section of www.express-scripts.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.
|
Exhibit 1 | |||||||||||||||||||
COMPARATIVE SUMMARY OF FINANCIAL RESULTS (unaudited) | ||||||||||||||||||||
(Dollars in millions, except per share amounts) | ||||||||||||||||||||
Three Months Ended | Year Ended | Three Months Ended | ||||||||||||||||||
|
|
|
||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2018 | ||||||||||||||||
REVENUES | ||||||||||||||||||||
Premiums | $ | 9,108 | $ | 8,208 | $ | 36,113 | $ | 32,491 | $ | 8,994 | ||||||||||
Fees and other revenues | 1,491 | 1,328 | 5,578 | 5,110 | 1,361 | |||||||||||||||
Pharmacy revenues | 3,257 | 779 | 5,479 | 2,979 | 747 | |||||||||||||||
Net investment income including special items | 444 | 317 | 1,480 | 1,226 | 355 | |||||||||||||||
Total revenues | 14,300 | 10,632 | 48,650 | 41,806 | 11,457 | |||||||||||||||
Revenue contributions from transitioning clients | (459 | ) | - | (459 | ) | - | - | |||||||||||||
Net realized investment losses from equity method subsidiaries (1) | 20 | - | 43 | - | 1 | |||||||||||||||
Special items reported in transaction-related costs | (110 | ) | - | (123 | ) | - | (13 | ) | ||||||||||||
Adjusted revenues | $ | 13,751 | $ | 10,632 | $ | 48,111 | $ | 41,806 | $ | 11,445 | ||||||||||
SHAREHOLDERS' NET INCOME | ||||||||||||||||||||
Shareholders' net income | $ | 144 | $ | 266 | $ | 2,637 | $ | 2,237 | $ | 772 | ||||||||||
After-tax adjustments to reconcile to adjusted income from operations: | ||||||||||||||||||||
Adjustment for transitioning clients | (47 | ) | - | (47 | ) | - | - | |||||||||||||
Net realized investment (gains) losses (1) | 58 | (16 | ) | 104 | (156 | ) | (1 | ) | ||||||||||||
Amortization of acquired intangible assets | 103 | 12 | 177 | 66 | 36 | |||||||||||||||
Special items | ||||||||||||||||||||
Transaction-related costs | 402 | 25 | 669 | 33 | 108 | |||||||||||||||
Charges associated with litigation matters | (16 | ) | - | 19 | - | 35 | ||||||||||||||
|
3 | 196 | (2 | ) | 196 | (5 | ) | |||||||||||||
Debt extinguishment costs | - | - | - | 209 | - | |||||||||||||||
Long-term care guaranty fund assessment | - | - | - | 83 | - | |||||||||||||||
Adjusted income from operations (2) | $ | 647 | $ | 483 | $ | 3,557 | $ | 2,668 | $ | 945 | ||||||||||
Pre-tax adjusted income (loss) from operations by segment |
||||||||||||||||||||
Integrated Medical | 643 | 520 | 3,502 | 2,922 | 932 | |||||||||||||||
Health Services | 153 | 76 | 380 | 288 | 67 | |||||||||||||||
International Markets | 120 | 139 | 735 | 654 | 195 | |||||||||||||||
Group Disability and Other | 109 | 107 | 529 | 517 | 143 | |||||||||||||||
Corporate | (148 | ) | (99 | ) | (403 | ) | (375 | ) | (83 | ) | ||||||||||
Consolidated pre-tax adjusted income from operations (2) | 877 | 743 | 4,743 | 4,006 | 1,254 | |||||||||||||||
Adjusted income tax expense | (230 | ) | (260 | ) | (1,186 | ) | (1,338 | ) | (309 | ) | ||||||||||
Consolidated after-tax adjusted income from operations (2) | 647 | 483 | 3,557 | 2,668 | 945 | |||||||||||||||
DILUTED EARNINGS PER SHARE | ||||||||||||||||||||
Shareholders' net income | 0.55 | 1.07 | 10.54 | 8.77 | 3.14 | |||||||||||||||
After-tax adjustments to reconcile to adjusted income from operations: | ||||||||||||||||||||
Adjustment for transitioning clients | (0.18 | ) | - | (0.19 | ) | - |
- |
|||||||||||||
Net realized investment (gains) losses (1) | 0.22 | (0.06 | ) | 0.42 | (0.61 | ) | - | |||||||||||||
Amortization of other acquired intangible assets | 0.39 | 0.05 | 0.71 | 0.26 | 0.15 | |||||||||||||||
Special items | ||||||||||||||||||||
Transaction-related costs | 1.53 | 0.10 | 2.67 | 0.13 | 0.43 | |||||||||||||||
Charges associated with litigation matters | (0.06 | ) | - | 0.08 | - | 0.14 | ||||||||||||||
|
0.01 | 0.78 | (0.01 | ) | 0.77 | (0.02 | ) | |||||||||||||
Debt extinguishment costs | - | - | - | 0.82 | - | |||||||||||||||
Long-term care guaranty fund assessment | - | - | - | 0.32 | - | |||||||||||||||
Adjusted income from operations (2) | 2.46 | 1.94 | 14.22 | 10.46 | 3.84 | |||||||||||||||
Weighted average shares (in thousands) | 263,421 | 249,181 | 250,200 | 255,072 | 246,112 | |||||||||||||||
Common shares outstanding (in thousands) | 380,924 | 243,967 | 243,505 | |||||||||||||||||
SHAREHOLDERS' EQUITY at |
41,028 |
13,711 | ||||||||||||||||||
SHAREHOLDERS' EQUITY PER SHARE at |
$ |
107.71 |
$ | 56.20 |
(1) Beginning in 2018, Cigna's share of the realized investment results of its joint ventures, that is reported using the equity method in fees and other revenues, is excluded from adjusted revenues and adjusted income from operations. |
(2) Adjusted income (loss) from operations is defined as shareholders' net income (loss) excluding the following adjustments: realized investment results, amortization of acquired intangible assets, special items and earnings contributions from transitioning clients. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20190201005086/en/
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MEDIA CONTACT:
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