Cigna Corporation(NYSE:CI) 
Cigna Corporation provides insurance and related products and services in the United States. Its Evernorth segment provides a range of coordinated and point solution health services, including pharmacy, benefits management, care, and intelligence solutions to health plans, employers, government orga...
Website: http://www.cigna.com
Founded: 1982
Full Time Employees: 73,700
Sector: Healthcare
Industry: Healthcare Plans
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At a glance:
- Diversified Healthcare Services and Insurance Provider: Cigna operates through two primary segments: Cigna Healthcare, which offers health insurance plans, and Evernorth Health Services, providing pharmacy benefits management (PBM), care delivery, and other health services.
- Strategic Divestment and Core Business Focus: The company recently divested its Medicare Advantage, Medicare Part D, and individual and group commercial non-standardized plans to HCSC, indicating a strategic focus on its core employer-sponsored health plans and the Evernorth health services business.
- Consistent Revenue Growth Driven by Evernorth: Cigna consistently reports strong revenue growth, largely propelled by the robust performance of its Evernorth Health Services segment and its commercial employer-sponsored health plans.
- Key Player in Integrated Healthcare Delivery: Through Evernorth, Cigna plays a significant role in integrating pharmacy benefits, care management, and data analytics to enhance health outcomes and manage costs across the broader healthcare ecosystem.
Bull Thesis:
- Evernorth's PBM Strength and Diversification: Cigna's Evernorth segment, particularly its Pharmacy Benefit Management (PBM) business, continues to be a robust growth engine. It provides stable revenue streams, strong cash flow generation, and diversifies Cigna's overall business model beyond traditional health insurance, offering resilience against market fluctuations.
- Strategic Portfolio Optimization and Focus: Cigna's ongoing strategic review and potential divestitures (e.g., Medicare Advantage, international businesses) are aimed at streamlining its portfolio. This could reduce capital intensity, allow the company to focus on higher-growth, higher-margin core health services, and potentially unlock significant shareholder value by creating a more focused and efficient enterprise.
- Attractive Valuation and Shareholder Returns: Cigna often trades at a discount compared to its peers in the managed care and health services sectors. Coupled with a consistent commitment to share buybacks, this attractive valuation presents an opportunity for long-term investors, as share repurchases can boost earnings per share and enhance total shareholder returns.
- Demographic Tailwinds in Healthcare: The aging global population and increasing prevalence of chronic diseases drive a sustained demand for healthcare services, insurance, and pharmacy benefits. Cigna, with its diversified offerings, is well-positioned to benefit from these long-term demographic trends, ensuring a steady underlying demand for its services.
Bear Thesis:
- Regulatory Headwinds and Scrutiny on PBMs: The Pharmacy Benefit Management industry, including Evernorth, faces increasing regulatory scrutiny and potential legislative changes at both federal and state levels. Proposals aimed at increasing transparency, delinking PBM compensation from drug prices, or direct government intervention could significantly impact Evernorth's profitability and business model.
- Intense Competition Across Segments: Cigna operates in highly competitive markets for both health insurance and PBM services. Major players like UnitedHealth Group (Optum/UHC), CVS Health (Aetna/Caremark), and Elevance Health constantly vie for market share, leading to pricing pressure, potential margin erosion, and the need for continuous innovation to retain clients.
- Uncertainty and Execution Risk from Divestitures: While strategic, large-scale divestitures can introduce significant execution risk. The process can be complex, time-consuming, and may not yield the expected valuation. Furthermore, the market might face short-term uncertainty regarding the 'new' Cigna's growth profile and operational stability post-divestiture, potentially impacting investor sentiment.
- Medical Cost Inflation and Utilization Trends: Cigna's health insurance segment (Cigna Healthcare) is susceptible to unexpected increases in medical costs and utilization. Factors such as the rising cost of new high-priced drugs (e.g., GLP-1s), increased demand for healthcare services, or a rebound in deferred care could put pressure on medical loss ratios (MLR) and negatively impact profitability.
Main Competitors:
- Elevance Health ($ELV) (Anthem Blue Cross Blue Shield plans (health insurance), CarelonRx (PBM)), Elevance Health operates as one of the largest health benefits companies, primarily through its affiliated Blue Cross Blue Shield plans in various states. It competes with Cigna in commercial, Medicare, and Medicaid health insurance markets. Its CarelonRx segment provides pharmacy benefit management services, directly competing with Cigna's Evernorth for PBM contracts and integrated health solutions.
- CVS Health ($CVS) (Aetna (health insurance), CVS Caremark (PBM), MinuteClinic/HealthHUBs (care delivery)), CVS Health, through its acquisition of Aetna, became a major vertically integrated competitor. Aetna competes directly with Cigna Healthcare in offering health insurance plans across commercial, Medicare, and Medicaid segments. CVS Caremark is one of the largest pharmacy benefit managers, directly competing with Cigna's Evernorth for PBM contracts and integrated health services.
- Humana Inc. ($HUM) (Medicare Advantage plans, Medicaid plans, employer group plans, CenterWell (care delivery)), Humana is a significant competitor, particularly strong in the government-sponsored healthcare market, especially Medicare Advantage plans. It also offers Medicaid and employer-sponsored health plans. Humana is increasingly focused on integrated care delivery through its CenterWell brand, competing with Cigna's efforts in value-based care and care management, especially for senior populations.
Moat:
Cigna operates in a highly competitive and consolidating health services industry. Its primary moat is built on its significant scale, extensive provider networks, and the strategic vertical integration of its health insurance (Cigna Healthcare) and health services (Evernorth) segments. This integration, particularly its pharmacy benefit management (PBM) capabilities, allows for greater cost control, enhanced data analytics, and the delivery of comprehensive, value-based care solutions. Competition is fierce, with major rivals like UnitedHealth Group, Elevance Health, CVS Health (Aetna/Caremark), and Humana also pursuing similar vertical integration strategies and leveraging their own scale, technology, and diverse service offerings to capture market share across commercial, government, and specialty health markets.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenues | |||||||||||||||||||||||||||||
pharmacy revenues | 54,037,000,000 | 58,336,000,000 | 56,054,000,000 | 53,649,000,000 | 48,633,000,000 | 49,941,000,000 | 48,284,000,000 | 45,101,000,000 | 42,036,000,000 | 36,604,000,000 | 34,531,000,000 | 33,964,000,000 | 32,144,000,000 | 33,135,000,000 | 32,762,000,000 | 31,972,000,000 | 30,697,000,000 | 32,328,000,000 | 31,013,000,000 | 30,047,000,000 | 28,025,000,000 | 28,305,000,000 | 27,802,000,000 | 26,564,000,000 | 25,098,000,000 | 25,645,000,000 | 25,987,000,000 | 26,288,000,000 | 25,179,000,000 |
premiums | 9,812,000,000 | 9,288,000,000 | 9,081,000,000 | 9,156,000,000 | 12,736,000,000 | 11,503,000,000 | 11,436,000,000 | 11,454,000,000 | 11,603,000,000 | 11,175,000,000 | 10,998,000,000 | 11,039,000,000 | 11,025,000,000 | 9,547,000,000 | 9,586,000,000 | 10,426,000,000 | 10,356,000,000 | 10,342,000,000 | 10,275,000,000 | 10,323,000,000 | 10,214,000,000 | 10,699,000,000 | 10,682,000,000 | 10,406,000,000 | 10,840,000,000 | 10,005,000,000 | 9,935,000,000 | 9,803,000,000 | 9,971,000,000 |
fees and other revenues | 4,443,000,000 | 4,509,000,000 | 4,380,000,000 | 4,137,000,000 | 3,895,000,000 | 3,928,000,000 | 3,889,000,000 | 3,647,000,000 | 3,326,000,000 | 3,045,000,000 | 3,198,000,000 | 3,305,000,000 | 3,071,000,000 | 2,857,000,000 | 2,728,000,000 | 2,757,000,000 | 2,538,000,000 | 2,638,000,000 | 2,532,000,000 | 2,451,000,000 | 2,341,000,000 | 2,337,000,000 | 2,174,000,000 | 2,072,000,000 | 2,178,000,000 | 2,240,000,000 | 2,285,000,000 | 2,388,000,000 | 2,450,000,000 |
net investment income | 202,000,000 | 339,000,000 | 233,000,000 | 236,000,000 | 238,000,000 | 277,000,000 | 85,000,000 | 321,000,000 | 290,000,000 | 290,000,000 | 321,000,000 | 278,000,000 | 277,000,000 | 212,000,000 | 204,000,000 | 325,000,000 | 414,000,000 | 380,000,000 | 468,000,000 | 310,000,000 | 391,000,000 | 371,000,000 | 297,000,000 | 223,000,000 | 353,000,000 | 355,000,000 | 349,000,000 | 340,000,000 | 346,000,000 |
total revenues | 68,494,000,000 | 72,472,000,000 | 69,748,000,000 | 67,178,000,000 | 65,502,000,000 | 65,649,000,000 | 63,694,000,000 | 60,523,000,000 | 57,255,000,000 | 51,114,000,000 | 49,048,000,000 | 48,586,000,000 | 46,517,000,000 | 45,751,000,000 | 45,280,000,000 | 45,480,000,000 | 44,005,000,000 | 45,688,000,000 | 44,288,000,000 | 43,131,000,000 | 40,971,000,000 | 41,712,000,000 | 40,955,000,000 | 39,265,000,000 | 38,469,000,000 | 38,245,000,000 | 38,556,000,000 | 38,819,000,000 | 37,946,000,000 |
yoy | 4.57% | 10.39% | 9.50% | 11.00% | 14.40% | 28.44% | 29.86% | 24.57% | 23.08% | 11.72% | 8.32% | 6.83% | 5.71% | 0.14% | 2.24% | 5.45% | 7.41% | 9.53% | 8.14% | 9.85% | 6.50% | 9.07% | 6.22% | 1.15% | 1.38% | ||||
qoq | -5.49% | 3.91% | 3.83% | 2.56% | -0.22% | 3.07% | 5.24% | 5.71% | 12.01% | 4.21% | 0.95% | 4.45% | 1.67% | 1.04% | -0.44% | 3.35% | -3.68% | 3.16% | 2.68% | 5.27% | -1.78% | 1.85% | 4.30% | 2.07% | 0.59% | -0.81% | -0.68% | 2.30% | |
benefits and expenses | |||||||||||||||||||||||||||||
pharmacy and other service costs | 54,100,000,000 | 57,795,000,000 | 55,530,000,000 | 53,268,000,000 | 48,398,000,000 | 49,021,000,000 | 47,565,000,000 | 44,492,000,000 | 41,431,000,000 | 35,261,000,000 | 33,639,000,000 | 33,442,000,000 | 31,459,000,000 | 32,094,000,000 | 31,777,000,000 | 31,150,000,000 | 29,813,000,000 | 31,247,000,000 | 30,070,000,000 | 29,001,000,000 | 27,235,000,000 | 27,059,000,000 | 26,624,000,000 | 25,611,000,000 | 24,190,000,000 | 24,103,000,000 | 24,552,000,000 | 24,963,000,000 | 24,050,000,000 |
medical costs and other benefit expenses | 7,924,000,000 | 8,260,000,000 | 7,842,000,000 | 7,749,000,000 | 10,498,000,000 | 10,166,000,000 | 9,527,000,000 | 9,515,000,000 | 9,440,000,000 | 9,280,000,000 | 8,927,000,000 | 9,034,000,000 | 9,046,000,000 | 7,992,000,000 | 7,754,000,000 | 8,192,000,000 | 8,268,000,000 | 8,743,000,000 | 8,330,000,000 | 8,484,000,000 | 8,005,000,000 | 8,847,000,000 | 8,429,000,000 | 7,112,000,000 | 8,322,000,000 | 7,889,000,000 | 7,734,000,000 | 7,576,000,000 | 7,620,000,000 |
selling, general and administrative expenses | 3,722,000,000 | 3,609,000,000 | 3,362,000,000 | 3,433,000,000 | 4,213,000,000 | 3,865,000,000 | 3,590,000,000 | 3,684,000,000 | 3,705,000,000 | 4,062,000,000 | 3,788,000,000 | 3,434,000,000 | 3,538,000,000 | 3,483,000,000 | 3,148,000,000 | 3,256,000,000 | 3,299,000,000 | 3,662,000,000 | 3,093,000,000 | 2,996,000,000 | 3,279,000,000 | 3,966,000,000 | 3,301,000,000 | 3,407,000,000 | 3,398,000,000 | 3,957,000,000 | 3,413,000,000 | 3,380,000,000 | 3,303,000,000 |
amortization of acquired intangible assets | 390,000,000 | 463,000,000 | 436,000,000 | 422,000,000 | 422,000,000 | 424,000,000 | 436,000,000 | 420,000,000 | 423,000,000 | 451,000,000 | 454,000,000 | 455,000,000 | 459,000,000 | 457,000,000 | 460,000,000 | 501,000,000 | 458,000,000 | 499,000,000 | 501,000,000 | 503,000,000 | 495,000,000 | 495,000,000 | 493,000,000 | 496,000,000 | 498,000,000 | 735,000,000 | 734,000,000 | 737,000,000 | 743,000,000 |
total benefits and expenses | 66,136,000,000 | 70,127,000,000 | 67,170,000,000 | 64,872,000,000 | 63,531,000,000 | 63,476,000,000 | 61,118,000,000 | 58,111,000,000 | 54,999,000,000 | 49,054,000,000 | 46,808,000,000 | 46,365,000,000 | 44,502,000,000 | 44,026,000,000 | 43,139,000,000 | 43,099,000,000 | 41,838,000,000 | 44,151,000,000 | 41,994,000,000 | 40,984,000,000 | 39,014,000,000 | 40,367,000,000 | 38,847,000,000 | 36,626,000,000 | 36,408,000,000 | 36,684,000,000 | 36,433,000,000 | 36,656,000,000 | 35,716,000,000 |
income from operations | 2,358,000,000 | 2,345,000,000 | 2,578,000,000 | 2,306,000,000 | 1,971,000,000 | 2,173,000,000 | 2,576,000,000 | 2,412,000,000 | 2,256,000,000 | 2,060,000,000 | 2,240,000,000 | 2,221,000,000 | 2,015,000,000 | 1,725,000,000 | 2,141,000,000 | 2,381,000,000 | 2,167,000,000 | 1,537,000,000 | 2,294,000,000 | 2,147,000,000 | 1,957,000,000 | 1,345,000,000 | 2,108,000,000 | 2,639,000,000 | 2,061,000,000 | 1,561,000,000 | 2,123,000,000 | 2,163,000,000 | 2,230,000,000 |
yoy | 19.63% | 7.92% | 0.08% | -4.39% | -12.63% | 5.49% | 15.00% | 8.60% | 11.96% | 19.42% | 4.62% | -6.72% | -7.01% | 12.23% | -6.67% | 10.90% | 10.73% | 14.28% | 8.82% | -18.64% | -5.05% | -13.84% | -0.71% | 22.01% | -7.58% | ||||
qoq | 0.55% | -9.04% | 11.80% | 17.00% | -9.30% | -15.64% | 6.80% | 6.91% | 9.51% | -8.04% | 0.86% | 10.22% | 16.81% | -19.43% | -10.08% | 9.88% | 40.99% | -33.00% | 6.85% | 9.71% | 45.50% | -36.20% | -20.12% | 28.04% | 32.03% | -26.47% | -1.85% | -3.00% | |
operating margin % | 3.44% | 3.24% | 3.70% | 3.43% | 3.01% | 3.31% | 4.04% | 3.99% | 3.94% | 4.03% | 4.57% | 4.57% | 4.33% | 3.77% | 4.73% | 5.24% | 4.92% | 3.36% | 5.18% | 4.98% | 4.78% | 3.22% | 5.15% | 6.72% | 5.36% | 4.08% | 5.51% | 5.57% | 5.88% |
interest expense and other | -357,000,000 | -362,000,000 | -347,000,000 | -337,000,000 | -362,000,000 | -362,000,000 | -376,000,000 | -375,000,000 | -322,000,000 | -360,000,000 | -365,000,000 | -363,000,000 | -358,000,000 | -324,000,000 | -304,000,000 | -301,000,000 | -299,000,000 | -293,000,000 | -303,000,000 | -298,000,000 | -314,000,000 | -337,000,000 | -336,000,000 | -374,000,000 | -391,000,000 | -391,000,000 | -411,000,000 | -428,000,000 | -452,000,000 |
gain on sale of businesses | 11,000,000 | 19,750,000 | 38,000,000 | 41,000,000 | -1,478,000,000 | -21,000,000 | -73,000,000 | 1,735,000,000 | |||||||||||||||||||||
net investment gains | 258,000,000 | 19,000,000 | 26,000,000 | 52,000,000 | |||||||||||||||||||||||||
income before income taxes | 2,270,000,000 | 1,817,000,000 | 2,295,000,000 | 2,021,000,000 | 1,648,000,000 | 2,009,000,000 | 1,192,000,000 | 1,989,000,000 | 79,000,000 | 188,000,000 | 1,840,000,000 | 1,884,000,000 | 1,601,000,000 | 1,328,000,000 | 3,491,000,000 | 1,985,000,000 | 1,549,000,000 | 1,312,000,000 | 2,059,000,000 | 1,898,000,000 | 1,513,000,000 | 5,378,000,000 | 1,804,000,000 | 2,289,000,000 | 1,397,000,000 | 1,261,000,000 | 1,763,000,000 | 1,758,000,000 | 1,788,000,000 |
total income taxes | 409,000,000 | 543,000,000 | 322,000,000 | 389,000,000 | 239,000,000 | 473,000,000 | 367,000,000 | 360,000,000 | 291,000,000 | -919,000,000 | 391,000,000 | 374,000,000 | 295,000,000 | 130,000,000 | 713,000,000 | 413,000,000 | 351,000,000 | 179,000,000 | 424,000,000 | 422,000,000 | 342,000,000 | 1,236,000,000 | 406,000,000 | 529,000,000 | 208,000,000 | 277,000,000 | 409,000,000 | 348,000,000 | 416,000,000 |
net income | 1,861,000,000 | 1,274,000,000 | 1,973,000,000 | 1,632,000,000 | 1,409,000,000 | 1,536,000,000 | 825,000,000 | 1,629,000,000 | -212,000,000 | 1,107,000,000 | 1,449,000,000 | 1,510,000,000 | 1,306,000,000 | 1,198,000,000 | 2,778,000,000 | 1,572,000,000 | 1,198,000,000 | 1,133,000,000 | 1,635,000,000 | 1,476,000,000 | 1,171,000,000 | 4,142,000,000 | 1,398,000,000 | 1,760,000,000 | 1,189,000,000 | 984,000,000 | 1,354,000,000 | 1,410,000,000 | 1,372,000,000 |
yoy | 32.08% | -17.06% | 139.15% | 0.18% | -764.62% | 38.75% | -43.06% | 7.88% | -116.23% | -7.60% | -47.84% | -3.94% | 9.02% | 5.74% | 69.91% | 6.50% | 2.31% | -72.65% | 16.95% | -16.14% | -1.51% | 320.93% | 3.25% | 24.82% | -13.34% | ||||
qoq | 46.08% | -35.43% | 20.89% | 15.83% | -8.27% | 86.18% | -49.36% | -868.40% | -119.15% | -23.60% | -4.04% | 15.62% | 9.02% | -56.88% | 76.72% | 31.22% | 5.74% | -30.70% | 10.77% | 26.05% | -71.73% | 196.28% | -20.57% | 48.02% | 20.83% | -27.33% | -3.97% | 2.77% | |
net income margin % | 2.72% | 1.76% | 2.83% | 2.43% | 2.15% | 2.34% | 1.30% | 2.69% | -0.37% | 2.17% | 2.95% | 3.11% | 2.81% | 2.62% | 6.14% | 3.46% | 2.72% | 2.48% | 3.69% | 3.42% | 2.86% | 9.93% | 3.41% | 4.48% | 3.09% | 2.57% | 3.51% | 3.63% | 3.62% |
less: net income attributable to noncontrolling interests | 207,000,000 | 40,000,000 | 105,000,000 | 100,000,000 | 86,000,000 | 112,000,000 | 86,000,000 | 81,000,000 | 65,000,000 | 78,000,000 | 41,000,000 | 50,000,000 | 39,000,000 | 29,000,000 | 21,000,000 | 13,000,000 | 15,000,000 | 17,000,000 | 14,000,000 | 9,000,000 | 10,000,000 | 7,000,000 | 10,000,000 | 6,000,000 | 8,000,000 | 7,000,000 | 3,000,000 | 2,000,000 | 4,000,000 |
shareholders' net income | 1,654,000,000 | 1,234,000,000 | 1,868,000,000 | 1,532,000,000 | 1,323,000,000 | -277,000,000 | 1,029,000,000 | 1,408,000,000 | 1,460,000,000 | 1,267,000,000 | 1,169,000,000 | 2,757,000,000 | 1,559,000,000 | 1,183,000,000 | 1,116,000,000 | 1,621,000,000 | 1,467,000,000 | 1,161,000,000 | |||||||||||
shareholders' net income per share | |||||||||||||||||||||||||||||
basic | 6.3 | 4.68 | 7.02 | 5.76 | 4.88 | 5.12 | 2.65 | 5.51 | -0.97 | 3.54 | 4.79 | 4.96 | 4.28 | 3.94 | 9.07 | 4.95 | 3.71 | ||||||||||||
diluted | 6.26 | 4.66 | 6.98 | 5.71 | 4.85 | 5.07 | 2.63 | 5.45 | -0.97 | 3.5 | 4.74 | 4.92 | 4.24 | 3.88 | 8.97 | 4.9 | 3.68 | ||||||||||||
net investment losses | -2,000,000 | ||||||||||||||||||||||||||||
loss on sale of businesses | -26,500,000 | -87,000,000 | -19,000,000 | ||||||||||||||||||||||||||
net realized investment losses | -701,250,000 | -921,000,000 | -1,836,000,000 | -11,000,000 | -14,000,000 | -56,000,000 | |||||||||||||||||||||||
shareholders’ net income | 502,500,000 | 739,000,000 | 1,548,000,000 | 1,080,750,000 | 1,388,000,000 | 1,754,000,000 | 1,181,000,000 | 977,000,000 | 1,351,000,000 | 1,408,000,000 | 1,368,000,000 | ||||||||||||||||||
net realized investment gains | -48,000,000 | 26,000,000 | -81,000,000 | -95,000,000 | -319,000,000 | 68,000,000 | 68,000,000 | 59,000,000 | 1,000,000 | 167,000,000 | 32,000,000 | 38,000,000 | -88,000,000 | 93,000,000 | 51,000,000 | 23,000,000 | 10,000,000 | ||||||||||||
debt extinguishment costs | -10,000,000 | -131,000,000 | -14,000,000 | -185,000,000 | |||||||||||||||||||||||||
shareholders’ net income per share | |||||||||||||||||||||||||||||
basic | 3.11 | 4.84 | 4.3 | 3.33 | 11.4 | 3.81 | 4.77 | 3.19 | 2.64 | 3.6 | 3.73 | 3.61 | |||||||||||||||||
diluted | 3.08 | 4.8 | 4.25 | 3.3 | 11.3 | 3.78 | 4.73 | 3.15 | 2.61 | 3.57 | 3.7 | 3.56 | |||||||||||||||||
the accompanying notes to the consolidated financial statements (unaudited) are an integral part of these statements. |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||||||||||||
cash and cash equivalents | 7,040,000,000 | 118,000,000 | 6,025,000,000 | 4,329,000,000 | 8,334,000,000 | 164,000,000 | 5,888,000,000 | 6,788,000,000 | 8,439,000,000 | 303,000,000 | 8,497,000,000 | 9,585,000,000 | 7,935,000,000 | 5,924,000,000 | 7,079,000,000 | 4,421,000,000 | 4,424,000,000 | 5,081,000,000 | 3,483,000,000 | 3,821,000,000 | 6,505,000,000 | 10,182,000,000 | 5,344,000,000 | 7,185,000,000 | 4,452,000,000 | 4,577,000,000 | 3,610,000,000 | 4,976,000,000 | |
investments | 812,000,000 | 883,000,000 | 813,000,000 | 727,000,000 | 864,000,000 | 1,068,000,000 | 1,108,000,000 | 1,046,000,000 | 872,000,000 | 914,000,000 | 905,000,000 | 783,000,000 | 754,000,000 | 731,000,000 | 920,000,000 | 1,374,000,000 | 1,305,000,000 | 1,477,000,000 | 1,331,000,000 | 1,324,000,000 | 1,190,000,000 | 973,000,000 | 1,371,000,000 | 1,665,000,000 | 1,662,000,000 | ||||
accounts receivable | 26,607,000,000 | 31,709,000,000 | 31,148,000,000 | 26,929,000,000 | 27,846,000,000 | 25,111,000,000 | 20,563,000,000 | 19,083,000,000 | 18,333,000,000 | 17,704,000,000 | 17,218,000,000 | 17,275,000,000 | 18,290,000,000 | 16,003,000,000 | 15,071,000,000 | 16,250,000,000 | 15,462,000,000 | 13,588,000,000 | 12,191,000,000 | 13,488,000,000 | 12,694,000,000 | 11,735,000,000 | 11,719,000,000 | 11,700,000,000 | 10,941,000,000 | ||||
inventories | 5,831,000,000 | 5,632,000,000 | 5,967,000,000 | 5,176,000,000 | 5,083,000,000 | 5,173,000,000 | 4,630,000,000 | 4,416,000,000 | 4,514,000,000 | 4,211,000,000 | 4,777,000,000 | 4,017,000,000 | 3,781,000,000 | 3,500,000,000 | 3,722,000,000 | 3,020,000,000 | 3,042,000,000 | 2,919,000,000 | 3,165,000,000 | 2,657,000,000 | 2,712,000,000 | 2,565,000,000 | 2,160,000,000 | 2,298,000,000 | 2,382,000,000 | ||||
other current assets | 2,742,000,000 | 29,000,000 | 2,486,000,000 | 2,466,000,000 | 2,389,000,000 | 103,000,000 | 2,667,000,000 | 2,664,000,000 | 2,263,000,000 | 6,000,000 | 1,476,000,000 | 1,407,000,000 | 1,263,000,000 | 1,296,000,000 | 1,016,000,000 | 1,124,000,000 | 1,042,000,000 | 1,283,000,000 | 1,360,000,000 | 1,381,000,000 | 1,065,000,000 | 930,000,000 | 1,722,000,000 | 1,311,000,000 | 1,733,000,000 | 4,000,000 | 1,341,000,000 | 1,436,000,000 | 1,175,000,000 |
total current assets | 43,032,000,000 | 147,000,000 | 46,735,000,000 | 44,723,000,000 | 43,555,000,000 | 267,000,000 | 49,222,000,000 | 46,215,000,000 | 43,357,000,000 | 309,000,000 | 34,518,000,000 | 34,711,000,000 | 32,027,000,000 | 30,120,000,000 | 30,170,000,000 | 37,422,000,000 | 35,393,000,000 | 36,134,000,000 | 25,487,000,000 | 25,011,000,000 | 25,554,000,000 | 27,799,000,000 | 34,557,000,000 | 34,880,000,000 | 30,877,000,000 | 34,000,000 | 21,168,000,000 | 20,709,000,000 | 21,136,000,000 |
long-term investments | 18,902,000,000 | 18,483,000,000 | 15,662,000,000 | 15,350,000,000 | 15,270,000,000 | 15,944,000,000 | 16,025,000,000 | 18,974,000,000 | 18,967,000,000 | 19,010,000,000 | 16,288,000,000 | 16,273,000,000 | 16,724,000,000 | 17,693,000,000 | 18,438,000,000 | 23,756,000,000 | 23,622,000,000 | 22,821,000,000 | 23,262,000,000 | 21,952,000,000 | 21,338,000,000 | 20,608,000,000 | 28,904,000,000 | 28,180,000,000 | 27,257,000,000 | ||||
reinsurance recoverables | 4,073,000,000 | 4,207,000,000 | 4,297,000,000 | 4,375,000,000 | 4,557,000,000 | 4,595,000,000 | 4,672,000,000 | 4,920,000,000 | 5,143,000,000 | 5,286,000,000 | 4,743,000,000 | 4,826,000,000 | 4,874,000,000 | 4,937,000,000 | 4,970,000,000 | 5,035,000,000 | 5,114,000,000 | 5,175,000,000 | 5,200,000,000 | 4,898,000,000 | 4,942,000,000 | 5,047,000,000 | 5,274,000,000 | 5,324,000,000 | 5,385,000,000 | ||||
property and equipment | 3,704,000,000 | 3,650,000,000 | 3,621,000,000 | 3,681,000,000 | 3,594,000,000 | 3,551,000,000 | 3,607,000,000 | 3,924,000,000 | 3,884,000,000 | 3,837,000,000 | 3,774,000,000 | 3,744,000,000 | 3,659,000,000 | 3,661,000,000 | 3,692,000,000 | 4,070,000,000 | 4,078,000,000 | 4,114,000,000 | 4,205,000,000 | 4,203,000,000 | 4,255,000,000 | 4,317,000,000 | 4,448,000,000 | 4,538,000,000 | 4,523,000,000 | ||||
goodwill | 45,534,000,000 | 44,924,000,000 | 44,375,000,000 | 44,372,000,000 | 44,374,000,000 | 44,258,000,000 | 44,258,000,000 | 45,810,000,000 | 45,811,000,000 | 45,811,000,000 | 45,811,000,000 | 45,807,000,000 | 45,810,000,000 | 45,804,000,000 | 45,811,000,000 | 46,056,000,000 | 46,063,000,000 | 44,635,000,000 | 44,648,000,000 | 44,685,000,000 | 44,590,000,000 | 44,584,000,000 | 44,462,000,000 | 44,449,000,000 | 44,537,000,000 | ||||
other intangible assets | 27,318,000,000 | 28,975,000,000 | 28,671,000,000 | 29,045,000,000 | 29,791,000,000 | 30,176,000,000 | 30,491,000,000 | 31,324,000,000 | 31,713,000,000 | 32,102,000,000 | 32,492,000,000 | 32,885,000,000 | 33,276,000,000 | 33,714,000,000 | 34,102,000,000 | 34,615,000,000 | 35,007,000,000 | 34,792,000,000 | 35,179,000,000 | 35,492,000,000 | 35,791,000,000 | 36,162,000,000 | 37,084,000,000 | 37,717,000,000 | 38,338,000,000 | ||||
other assets | 3,253,000,000 | 3,389,000,000 | 2,929,000,000 | 3,003,000,000 | 3,180,000,000 | 3,276,000,000 | 3,293,000,000 | 3,147,000,000 | 2,501,000,000 | 2,563,000,000 | 3,426,000,000 | 2,480,000,000 | 2,628,000,000 | 2,541,000,000 | 2,728,000,000 | 2,715,000,000 | 2,654,000,000 | 2,551,000,000 | 2,687,000,000 | 2,480,000,000 | 2,529,000,000 | 2,517,000,000 | 2,379,000,000 | 2,318,000,000 | 2,276,000,000 | ||||
separate account assets | 7,450,000,000 | 7,556,000,000 | 7,373,000,000 | 7,277,000,000 | 7,651,000,000 | 7,431,000,000 | 7,416,000,000 | 7,028,000,000 | 7,324,000,000 | 7,340,000,000 | 7,278,000,000 | 7,260,000,000 | 7,495,000,000 | 8,148,000,000 | 8,337,000,000 | 9,150,000,000 | 9,261,000,000 | 9,088,000,000 | 9,086,000,000 | 8,616,000,000 | 8,261,000,000 | 7,640,000,000 | 8,333,000,000 | 8,345,000,000 | 8,079,000,000 | ||||
total assets | 153,266,000,000 | 75,723,000,000 | 157,919,000,000 | 151,651,000,000 | 150,658,000,000 | 73,771,000,000 | 157,639,000,000 | 155,446,000,000 | 153,119,000,000 | 81,564,000,000 | 149,645,000,000 | 150,054,000,000 | 147,976,000,000 | 143,932,000,000 | 144,209,000,000 | 152,630,000,000 | 152,610,000,000 | 154,889,000,000 | 154,251,000,000 | 154,207,000,000 | 152,081,000,000 | 155,451,000,000 | 160,044,000,000 | 159,628,000,000 | 154,711,000,000 | 81,544,000,000 | 154,847,000,000 | 154,401,000,000 | 154,348,000,000 |
liabilities | |||||||||||||||||||||||||||||
current insurance and contractholder liabilities | 6,455,000,000 | 6,018,000,000 | 6,015,000,000 | 5,984,000,000 | 5,477,000,000 | 5,616,000,000 | 5,788,000,000 | 7,352,000,000 | 7,539,000,000 | 7,166,000,000 | 5,385,000,000 | 6,095,000,000 | 5,654,000,000 | 5,673,000,000 | 5,318,000,000 | 5,917,000,000 | 5,850,000,000 | 5,743,000,000 | 5,308,000,000 | 5,223,000,000 | 5,060,000,000 | 5,030,000,000 | 7,180,000,000 | 6,930,000,000 | 7,060,000,000 | ||||
pharmacy and other service costs payable | 25,763,000,000 | 30,301,000,000 | 29,460,000,000 | 28,600,000,000 | 28,801,000,000 | 27,503,000,000 | 24,284,000,000 | 19,320,000,000 | 18,617,000,000 | 17,609,000,000 | 17,070,000,000 | 16,676,000,000 | 16,432,000,000 | 15,235,000,000 | 15,309,000,000 | 14,705,000,000 | 14,470,000,000 | 13,762,000,000 | 13,347,000,000 | ||||||||||
accounts payable | 9,879,000,000 | 9,346,000,000 | 9,938,000,000 | 9,136,000,000 | 8,515,000,000 | 9,275,000,000 | 8,118,000,000 | 7,673,000,000 | 8,072,000,000 | 7,360,000,000 | 7,775,000,000 | 6,870,000,000 | 7,142,000,000 | 6,632,000,000 | 6,655,000,000 | 5,659,000,000 | 5,647,000,000 | 5,640,000,000 | 5,478,000,000 | 5,327,000,000 | 5,413,000,000 | 5,585,000,000 | 4,502,000,000 | 4,517,000,000 | 4,488,000,000 | ||||
accrued expenses and other liabilities | 8,980,000,000 | 7,695,000,000 | 7,078,000,000 | 8,032,000,000 | 8,920,000,000 | 9,003,000,000 | 8,857,000,000 | 9,668,000,000 | 8,499,000,000 | 9,174,000,000 | 8,006,000,000 | 7,986,000,000 | 7,742,000,000 | 7,833,000,000 | 7,322,000,000 | 7,356,000,000 | 7,212,000,000 | 7,921,000,000 | 8,515,000,000 | 7,153,000,000 | 7,991,000,000 | 7,585,000,000 | 7,196,000,000 | 6,713,000,000 | 7,361,000,000 | ||||
short-term debt | 1,529,000,000 | 550,000,000 | 3,093,000,000 | 4,288,000,000 | 3,993,000,000 | 2,848,000,000 | 2,572,000,000 | 1,717,000,000 | 1,715,000,000 | 2,448,000,000 | 3,046,000,000 | 4,618,000,000 | 3,418,000,000 | 2,993,000,000 | 3,488,000,000 | 2,397,000,000 | 2,173,000,000 | 2,545,000,000 | 2,703,000,000 | 1,532,000,000 | 404,000,000 | 3,374,000,000 | 6,449,000,000 | 4,750,000,000 | 4,340,000,000 | 4,043,000,000 | 4,712,000,000 | 2,310,000,000 | 2,915,000,000 |
total current liabilities | 52,606,000,000 | 2,533,000,000 | 56,453,000,000 | 56,779,000,000 | 55,745,000,000 | 4,376,000,000 | 57,060,000,000 | 55,373,000,000 | 51,977,000,000 | 4,302,000,000 | 47,059,000,000 | 47,345,000,000 | 44,727,000,000 | 41,229,000,000 | 41,115,000,000 | 45,218,000,000 | 43,662,000,000 | 43,572,000,000 | 36,340,000,000 | 34,711,000,000 | 33,470,000,000 | 36,022,000,000 | 43,886,000,000 | 42,179,000,000 | 40,380,000,000 | 4,500,000,000 | 34,447,000,000 | 31,867,000,000 | 32,969,000,000 |
non-current insurance and contractholder liabilities | 9,777,000,000 | 10,079,000,000 | 10,157,000,000 | 10,309,000,000 | 10,573,000,000 | 10,449,000,000 | 10,641,000,000 | 11,286,000,000 | 11,575,000,000 | 11,790,000,000 | 11,481,000,000 | 11,655,000,000 | 11,777,000,000 | 12,167,000,000 | 12,563,000,000 | 16,576,000,000 | 16,665,000,000 | 16,424,000,000 | 16,844,000,000 | 16,213,000,000 | 16,064,000,000 | 15,838,000,000 | 20,090,000,000 | 20,118,000,000 | 20,043,000,000 | ||||
deferred tax liabilities | 6,851,000,000 | 6,997,000,000 | 6,781,000,000 | 6,879,000,000 | 6,794,000,000 | 6,953,000,000 | 7,029,000,000 | 7,480,000,000 | 7,594,000,000 | 7,707,000,000 | 7,751,000,000 | 7,777,000,000 | 8,014,000,000 | 8,110,000,000 | 8,346,000,000 | 8,832,000,000 | 8,867,000,000 | 8,832,000,000 | 8,939,000,000 | 9,142,000,000 | 9,170,000,000 | 9,066,000,000 | 9,284,000,000 | 9,407,000,000 | 9,403,000,000 | ||||
other non-current liabilities | 4,769,000,000 | 75,000,000 | 3,873,000,000 | 3,651,000,000 | 3,579,000,000 | 33,000,000 | 3,033,000,000 | 3,538,000,000 | 3,653,000,000 | 14,000,000 | 2,932,000,000 | 2,575,000,000 | 2,692,000,000 | 3,142,000,000 | 3,179,000,000 | 3,175,000,000 | 3,346,000,000 | 3,762,000,000 | 4,261,000,000 | 4,330,000,000 | 4,485,000,000 | 4,629,000,000 | 4,552,000,000 | 4,775,000,000 | 4,519,000,000 | 3,919,000,000 | 3,930,000,000 | 3,832,000,000 | |
long-term debt | 29,371,000,000 | 30,268,000,000 | 30,947,000,000 | 26,480,000,000 | 26,455,000,000 | 28,134,000,000 | 30,230,000,000 | 30,175,000,000 | 31,053,000,000 | 27,151,000,000 | 28,094,000,000 | 28,115,000,000 | 29,124,000,000 | 28,100,000,000 | 28,090,000,000 | 30,984,000,000 | 31,013,000,000 | 31,125,000,000 | 31,609,000,000 | 31,606,000,000 | 31,568,000,000 | 29,545,000,000 | 29,537,000,000 | 31,774,000,000 | 32,147,000,000 | 29,365,000,000 | 34,041,000,000 | 36,885,000,000 | 37,571,000,000 |
separate account liabilities | 7,450,000,000 | 7,556,000,000 | 7,373,000,000 | 7,277,000,000 | 7,651,000,000 | 7,431,000,000 | 7,416,000,000 | 7,028,000,000 | 7,324,000,000 | 7,340,000,000 | 7,278,000,000 | 7,260,000,000 | 7,495,000,000 | 8,148,000,000 | 8,337,000,000 | 9,150,000,000 | 9,261,000,000 | 9,088,000,000 | 9,086,000,000 | 8,616,000,000 | 8,261,000,000 | 7,640,000,000 | 8,333,000,000 | 8,345,000,000 | 8,079,000,000 | ||||
total liabilities | 110,824,000,000 | 34,010,000,000 | 115,905,000,000 | 111,221,000,000 | 110,244,000,000 | 32,738,000,000 | 115,341,000,000 | 113,919,000,000 | 111,769,000,000 | 35,341,000,000 | 103,879,000,000 | 104,528,000,000 | 103,380,000,000 | 98,981,000,000 | 99,076,000,000 | 106,663,000,000 | 106,446,000,000 | 107,705,000,000 | 106,768,000,000 | 105,440,000,000 | 103,867,000,000 | 105,065,000,000 | 111,946,000,000 | 112,223,000,000 | 109,590,000,000 | 36,206,000,000 | 110,114,000,000 | 110,552,000,000 | 111,897,000,000 |
contingencies — note 14 | |||||||||||||||||||||||||||||
shareholders' equity | |||||||||||||||||||||||||||||
common stock | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 |
additional paid-in capital | 31,914,000,000 | 31,790,000,000 | 31,698,000,000 | 31,588,000,000 | 31,443,000,000 | 31,288,000,000 | 31,186,000,000 | 31,048,000,000 | 30,292,000,000 | 30,669,000,000 | 30,563,000,000 | 30,436,000,000 | 30,332,000,000 | 30,233,000,000 | 29,395,000,000 | 29,930,000,000 | 29,736,000,000 | 29,574,000,000 | 29,077,000,000 | 29,403,000,000 | 29,254,000,000 | 28,975,000,000 | 28,777,000,000 | 28,699,000,000 | 28,554,000,000 | 28,306,000,000 | 28,115,000,000 | 27,891,000,000 | 27,855,000,000 |
accumulated other comprehensive loss | -3,598,000,000 | -2,806,000,000 | -2,799,000,000 | -2,816,000,000 | -2,590,000,000 | -2,341,000,000 | -2,163,000,000 | -2,442,000,000 | -2,324,000,000 | -1,864,000,000 | -2,119,000,000 | -1,878,000,000 | -1,769,000,000 | -1,395,000,000 | -2,009,000,000 | -2,080,000,000 | -1,492,000,000 | -884,000,000 | -1,153,000,000 | -1,077,000,000 | -1,231,000,000 | -861,000,000 | -541,000,000 | -788,000,000 | -1,527,000,000 | -941,000,000 | -858,000,000 | -965,000,000 | -1,282,000,000 |
retained earnings | 49,106,000,000 | 47,865,000,000 | 47,028,000,000 | 45,564,000,000 | 44,434,000,000 | 43,519,000,000 | 42,480,000,000 | 42,132,000,000 | 40,978,000,000 | 41,652,000,000 | 40,982,000,000 | 39,936,000,000 | 38,841,000,000 | 37,874,000,000 | 37,041,000,000 | 34,626,000,000 | 33,420,000,000 | 32,593,000,000 | 31,803,000,000 | 30,513,000,000 | 29,389,000,000 | 28,575,000,000 | 24,440,000,000 | 23,052,000,000 | 21,298,000,000 | 20,162,000,000 | 19,185,000,000 | 17,834,000,000 | 16,426,000,000 |
less: treasury stock, at cost | -35,216,000,000 | -34,126,000,000 | -34,126,000,000 | -33,065,000,000 | -29,412,000,000 | -29,410,000,000 | -27,769,000,000 | -23,739,000,000 | -23,053,000,000 | -22,906,000,000 | -21,844,000,000 | -19,390,000,000 | -16,588,000,000 | -15,581,000,000 | -14,175,000,000 | -12,316,000,000 | -10,134,000,000 | -9,267,000,000 | -6,372,000,000 | -4,648,000,000 | -3,601,000,000 | -3,250,000,000 | -1,750,000,000 | -949,000,000 | -595,000,000 | ||||
total shareholders' equity | 42,210,000,000 | 41,713,000,000 | 41,805,000,000 | 40,214,000,000 | 40,226,000,000 | 41,033,000,000 | 42,095,000,000 | 41,332,000,000 | 41,181,000,000 | 46,223,000,000 | 45,691,000,000 | 45,445,000,000 | 44,502,000,000 | 44,872,000,000 | 45,041,000,000 | 45,892,000,000 | 46,087,000,000 | 47,112,000,000 | |||||||||||
noncontrolling interests | 232,000,000 | 209,000,000 | 216,000,000 | 188,000,000 | |||||||||||||||||||||||||
total equity | 42,442,000,000 | 42,014,000,000 | 40,430,000,000 | 40,414,000,000 | 42,298,000,000 | 41,527,000,000 | 41,350,000,000 | 45,702,000,000 | 45,464,000,000 | 44,518,000,000 | 44,885,000,000 | 45,083,000,000 | 45,922,000,000 | 46,109,000,000 | 47,130,000,000 | 47,427,000,000 | 48,716,000,000 | 48,155,000,000 | 50,328,000,000 | 48,039,000,000 | 47,371,000,000 | 45,086,000,000 | 44,699,000,000 | 43,818,000,000 | 42,413,000,000 | ||||
total liabilities and equity | 153,266,000,000 | 157,919,000,000 | 151,651,000,000 | 150,658,000,000 | 157,639,000,000 | 155,446,000,000 | 153,119,000,000 | 149,645,000,000 | 150,054,000,000 | 147,976,000,000 | 143,932,000,000 | 144,209,000,000 | 152,630,000,000 | 152,610,000,000 | 154,889,000,000 | 154,251,000,000 | 154,207,000,000 | 152,081,000,000 | 155,451,000,000 | 160,044,000,000 | 159,628,000,000 | 154,711,000,000 | 154,847,000,000 | 154,401,000,000 | 154,348,000,000 | ||||
investments in subsidiaries | 61,382,000,000 | 62,887,000,000 | 69,703,000,000 | 77,380,000,000 | |||||||||||||||||||||||||
intercompany receivable | 14,146,000,000 | 10,546,000,000 | 11,475,000,000 | 4,111,000,000 | |||||||||||||||||||||||||
other non-current assets | 48,000,000 | 71,000,000 | 77,000,000 | ||||||||||||||||||||||||||
other current liabilities | 1,983,000,000 | 1,528,000,000 | 1,854,000,000 | 457,000,000 | |||||||||||||||||||||||||
intercompany payable | 1,134,000,000 | 195,000,000 | 3,874,000,000 | 2,341,000,000 | |||||||||||||||||||||||||
less treasury stock, at cost | -35,140,000,000 | -31,437,000,000 | -24,238,000,000 | -2,193,000,000 | |||||||||||||||||||||||||
total liabilities and shareholders' equity | 75,723,000,000 | 73,771,000,000 | 81,564,000,000 | ||||||||||||||||||||||||||
assets of businesses held for sale | 6,874,000,000 | 5,411,000,000 | 6,354,000,000 | 9,052,000,000 | 9,693,000,000 | 10,057,000,000 | |||||||||||||||||||||||
liabilities of businesses held for sale | 2,775,000,000 | 2,259,000,000 | 3,215,000,000 | 5,851,000,000 | 6,116,000,000 | 6,423,000,000 | |||||||||||||||||||||||
contingencies — note 16 | |||||||||||||||||||||||||||||
assets of businesses held for sale, non-current | |||||||||||||||||||||||||||||
liabilities of businesses held for sale, non-current | |||||||||||||||||||||||||||||
redeemable noncontrolling interests | 64,000,000 | 62,000,000 | 78,000,000 | 66,000,000 | 50,000,000 | 45,000,000 | 55,000,000 | 54,000,000 | 56,000,000 | 51,000,000 | 59,000,000 | 58,000,000 | 59,000,000 | 34,000,000 | 35,000,000 | 34,000,000 | 31,000,000 | 38,000,000 | |||||||||||
other noncontrolling interests | 203,000,000 | 195,000,000 | 169,000,000 | 11,000,000 | 19,000,000 | 16,000,000 | 13,000,000 | 42,000,000 | 30,000,000 | 22,000,000 | 18,000,000 | 12,000,000 | 7,000,000 | 6,000,000 | 7,000,000 | 7,000,000 | 5,000,000 | 7,000,000 | 3,000,000 | 3,000,000 | 5,000,000 | ||||||||
contingencies — note 23 | |||||||||||||||||||||||||||||
deferred policy acquisition costs | 764,000,000 | 742,000,000 | 719,000,000 | 677,000,000 | 3,367,000,000 | 3,397,000,000 | 3,351,000,000 | 3,385,000,000 | 3,161,000,000 | 3,042,000,000 | 2,959,000,000 | 2,795,000,000 | 2,821,000,000 | 2,817,000,000 | |||||||||||||||
contingencies — note 18 | |||||||||||||||||||||||||||||
contingencies — note 22 | |||||||||||||||||||||||||||||
contingencies — note 15 | |||||||||||||||||||||||||||||
shareholders’ equity | |||||||||||||||||||||||||||||
total shareholders’ equity | 47,415,000,000 | 48,709,000,000 | 48,149,000,000 | 50,321,000,000 | 48,032,000,000 | 47,366,000,000 | 45,079,000,000 | 45,338,000,000 | 44,696,000,000 | 43,815,000,000 | 42,408,000,000 | ||||||||||||||||||
assets of business held for sale | 10,022,000,000 | 9,788,000,000 | 9,419,000,000 | ||||||||||||||||||||||||||
liabilities of business held for sale | 7,195,000,000 | 7,109,000,000 | 7,043,000,000 | ||||||||||||||||||||||||||
contingencies — note 21 | |||||||||||||||||||||||||||||
pharmacy and service costs payable | 12,539,000,000 | 11,856,000,000 | 10,797,000,000 | 10,857,000,000 | 11,397,000,000 | 11,145,000,000 | |||||||||||||||||||||||
contingencies — note 19 | |||||||||||||||||||||||||||||
short-term investments | 30,000,000 | ||||||||||||||||||||||||||||
other noncurrent assets | 19,000,000 | ||||||||||||||||||||||||||||
total liabilities and shareholders’ equity | 81,544,000,000 | ||||||||||||||||||||||||||||
shareholders’ equity per share | 119,520,000 | 115,950,000 | 111,520,000 | ||||||||||||||||||||||||||
par value per share, 0.01; shares issued, 384 million as of september 30, 2019 and 381 million as of december 31, 2018; authorized shares; 600 million. | |||||||||||||||||||||||||||||
the accompanying notes to the consolidated financial statements (unaudited) are an integral part of these statements. | |||||||||||||||||||||||||||||
par value per share, 0.01; shares issued, 384 million as of june 30, 2019 and 381 million as of december 31, 2018; authorized shares; 600 million. |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | ||||||||||||||||||||||||||||
shareholders' net income | ||||||||||||||||||||||||||||
adjustments to reconcile shareholders' net income | ||||||||||||||||||||||||||||
to net cash from operating activities | ||||||||||||||||||||||||||||
equity in income of subsidiaries | ||||||||||||||||||||||||||||
dividends received from subsidiaries | ||||||||||||||||||||||||||||
other liabilities | ||||||||||||||||||||||||||||
other | 132,000,000 | 43,000,000 | 157,000,000 | 260,000,000 | -412,000,000 | 430,000,000 | 164,000,000 | 61,000,000 | 385,000,000 | 18,000,000 | 133,000,000 | 104,000,000 | 188,000,000 | 96,000,000 | 48,000,000 | -63,000,000 | 321,000,000 | -95,000,000 | 104,000,000 | 84,000,000 | 32,000,000 | 81,000,000 | 243,000,000 | 144,000,000 | -237,000,000 | 68,000,000 | 106,000,000 | 83,000,000 |
net cash from operating activities | -1,872,000,000 | 3,418,000,000 | -1,886,000,000 | 1,920,000,000 | -3,018,000,000 | 46,000,000 | 265,000,000 | 4,840,000,000 | -8,507,000,000 | 2,826,000,000 | 2,492,000,000 | 5,028,000,000 | -4,896,000,000 | 3,283,000,000 | 1,244,000,000 | 2,030,000,000 | -134,000,000 | 2,119,000,000 | -296,000,000 | 1,093,000,000 | 2,517,000,000 | 895,000,000 | 3,274,000,000 | 1,887,000,000 | -4,989,000,000 | 2,461,000,000 | 1,039,000,000 | 3,192,000,000 |
capital expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
free cash flows | -1,872,000,000 | 3,418,000,000 | -1,886,000,000 | 1,920,000,000 | -3,018,000,000 | 46,000,000 | 265,000,000 | 4,840,000,000 | -8,507,000,000 | 2,826,000,000 | 2,492,000,000 | 5,028,000,000 | -4,896,000,000 | 3,283,000,000 | 1,244,000,000 | 2,030,000,000 | -134,000,000 | 2,119,000,000 | -296,000,000 | 1,093,000,000 | 2,517,000,000 | 895,000,000 | 3,274,000,000 | 1,887,000,000 | -4,989,000,000 | 2,461,000,000 | 1,039,000,000 | 3,192,000,000 |
cash flows from investing activities | ||||||||||||||||||||||||||||
net change in amounts due from affiliates | ||||||||||||||||||||||||||||
net proceeds from short-term investments sold | ||||||||||||||||||||||||||||
net cash from investing activities | 8,878,000,000 | -4,387,000,000 | -797,000,000 | 1,197,000,000 | -776,000,000 | -640,000,000 | -495,000,000 | 5,356,000,000 | -1,337,000,000 | -414,000,000 | -2,983,000,000 | -4,516,000,000 | -269,000,000 | 475,000,000 | ||||||||||||||
cash flows from financing activities | ||||||||||||||||||||||||||||
net change in amounts due to affiliates | ||||||||||||||||||||||||||||
net change in commercial paper | ||||||||||||||||||||||||||||
repayment of long-term debt | -2,218,000,000 | -43,000,000 | -900,000,000 | -700,000,000 | 269,000,000 | 0 | -790,000,000 | -2,210,000,000 | 145,000,000 | -2,887,000,000 | 0 | -80,000,000 | 379,000,000 | 0 | -379,000,000 | -4,199,000,000 | 901,000,000 | -2,099,000,000 | -589,000,000 | -4,209,000,000 | 338,000,000 | -600,000,000 | -1,740,000,000 | -1,000,000,000 | ||||
net proceeds on issuance of long-term debt | -3,000,000 | 0 | 0 | 0 | 4,462,000,000 | 0 | 0 | 0 | 1,491,000,000 | 0 | 0 | -2,000,000 | 4,262,000,000 | 0 | 0 | -5,000,000 | 3,470,000,000 | |||||||||||
issuance of common stock | 25,000,000 | 37,000,000 | 72,000,000 | 69,000,000 | 22,000,000 | 62,000,000 | 40,000,000 | 181,000,000 | 74,000,000 | 54,000,000 | 29,000,000 | 30,000,000 | 72,000,000 | 100,000,000 | 124,000,000 | 93,000,000 | 25,000,000 | 11,000,000 | 86,000,000 | 204,000,000 | 137,000,000 | 10,000,000 | 76,000,000 | 153,000,000 | 123,000,000 | 31,000,000 | 17,000,000 | 53,000,000 |
common dividends paid | ||||||||||||||||||||||||||||
repurchase of common stock | -1,001,000,000 | 0 | -1,112,000,000 | -1,508,000,000 | -2,022,000,000 | 0 | -990,000,000 | -4,022,000,000 | -544,000,000 | -624,000,000 | -154,000,000 | -962,000,000 | -1,733,000,000 | -3,500,000,000 | -1,006,000,000 | -1,368,000,000 | -1,421,000,000 | -2,611,000,000 | -916,000,000 | -2,794,000,000 | -1,690,000,000 | -1,028,000,000 | -368,000,000 | -956,000,000 | -447,000,000 | -674,000,000 | -404,000,000 | -462,000,000 |
tax withholding on stock compensation and other | ||||||||||||||||||||||||||||
net cash from financing activities | -4,167,000,000 | 2,659,000,000 | -1,333,000,000 | -3,681,000,000 | 2,121,000,000 | 439,000,000 | -2,309,000,000 | -2,529,000,000 | 766,000,000 | -2,572,000,000 | -435,000,000 | -37,000,000 | 7,864,000,000 | 3,564,000,000 | ||||||||||||||
net increase in cash, cash equivalents and restricted cash | -555,000,000 | 1,008,000,000 | -273,000,000 | -2,687,000,000 | 1,807,000,000 | -2,387,000,000 | -1,090,000,000 | 1,647,000,000 | 2,013,000,000 | -338,000,000 | -1,717,000,000 | 2,747,000,000 | -237,000,000 | |||||||||||||||
cash, cash equivalents and restricted cash, beginning of year | ||||||||||||||||||||||||||||
cash, cash equivalents and restricted cash, end of year | ||||||||||||||||||||||||||||
noncash investing and financing activities: | ||||||||||||||||||||||||||||
net amounts due from affiliates settled through capital transactions | ||||||||||||||||||||||||||||
principal | ||||||||||||||||||||||||||||
1,000 million | ||||||||||||||||||||||||||||
750 million | ||||||||||||||||||||||||||||
1,250 million | ||||||||||||||||||||||||||||
1,500 million | ||||||||||||||||||||||||||||
debt extinguishment costs | -10,000,000 | 0 | 10,000,000 | 131,000,000 | -28,000,000 | 0 | 14,000,000 | 185,000,000 | ||||||||||||||||||||
payments for debt extinguishment | 10,000,000 | 0 | -10,000,000 | -126,000,000 | 31,000,000 | 0 | -20,000,000 | -192,000,000 | ||||||||||||||||||||
net amounts due to/(from) affiliates settled through capital transactions | ||||||||||||||||||||||||||||
700 million | ||||||||||||||||||||||||||||
800 million | ||||||||||||||||||||||||||||
adjustments to reconcile shareholders' net income to net cash from operating activities | ||||||||||||||||||||||||||||
equity in income from subsidiaries | ||||||||||||||||||||||||||||
gain on sale of businesses | ||||||||||||||||||||||||||||
proceeds from divestiture of businesses | ||||||||||||||||||||||||||||
net change in amounts due to/from affiliates | ||||||||||||||||||||||||||||
repayment of term loan | 0 | |||||||||||||||||||||||||||
net proceeds on issuance of term loan | 0 | 0 | ||||||||||||||||||||||||||
common stock dividend paid | -396,000,000 | -402,000,000 | -401,000,000 | -412,000,000 | -390,000,000 | -392,000,000 | -401,000,000 | -362,000,000 | -362,000,000 | -368,000,000 | -341,000,000 | -352,000,000 | -357,000,000 | -330,000,000 | -342,000,000 | -345,000,000 | ||||||||||||
net income | 1,973,000,000 | 1,632,000,000 | 1,409,000,000 | 825,000,000 | 1,629,000,000 | -212,000,000 | 1,449,000,000 | 1,510,000,000 | 1,306,000,000 | 2,778,000,000 | 1,572,000,000 | 1,198,000,000 | 1,635,000,000 | 1,476,000,000 | 1,171,000,000 | 1,398,000,000 | 1,760,000,000 | 1,189,000,000 | 1,354,000,000 | 1,410,000,000 | 1,372,000,000 | |||||||
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||||||||||||
depreciation and amortization | 697,000,000 | 682,000,000 | 674,000,000 | 650,000,000 | 738,000,000 | 741,000,000 | 766,000,000 | 755,000,000 | 749,000,000 | 726,000,000 | 759,000,000 | 717,000,000 | 734,000,000 | 731,000,000 | 715,000,000 | 702,000,000 | 694,000,000 | 693,000,000 | 913,000,000 | 914,000,000 | 897,000,000 | |||||||
investment (gains) losses | -26,000,000 | |||||||||||||||||||||||||||
deferred income tax benefit | 118,000,000 | -76,000,000 | -216,000,000 | -152,000,000 | -97,000,000 | -102,000,000 | -96,000,000 | -99,000,000 | -108,000,000 | |||||||||||||||||||
(gain) loss on sale of businesses | -38,000,000 | 0 | -41,000,000 | |||||||||||||||||||||||||
net changes in assets and liabilities, net of non-operating effects: | ||||||||||||||||||||||||||||
accounts receivable | -513,000,000 | -4,193,000,000 | -2,205,000,000 | -3,287,000,000 | -4,626,000,000 | -2,687,000,000 | -772,000,000 | -665,000,000 | -479,000,000 | 430,000,000 | -1,786,000,000 | -983,000,000 | -806,000,000 | -1,813,000,000 | -1,420,000,000 | -689,000,000 | -1,065,000,000 | -1,056,000,000 | -6,000,000 | -769,000,000 | -396,000,000 | |||||||
inventories | 334,000,000 | -791,000,000 | 1,517,000,000 | 105,000,000 | -543,000,000 | 1,015,000,000 | 97,000,000 | -303,000,000 | 566,000,000 | -237,000,000 | -281,000,000 | 222,000,000 | 21,000,000 | -123,000,000 | 247,000,000 | 55,000,000 | -146,000,000 | 96,000,000 | 137,000,000 | 84,000,000 | 440,000,000 | |||||||
reinsurance recoverable and other assets | -135,000,000 | -183,000,000 | -219,000,000 | 201,000,000 | -627,000,000 | 68,000,000 | 172,000,000 | 37,000,000 | 72,000,000 | 189,000,000 | -178,000,000 | 443,000,000 | 135,000,000 | -456,000,000 | 40,000,000 | -496,000,000 | 238,000,000 | -210,000,000 | 85,000,000 | -301,000,000 | 124,000,000 | |||||||
insurance liabilities | -40,000,000 | -76,000,000 | 1,778,000,000 | -89,000,000 | -657,000,000 | 532,000,000 | -245,000,000 | 194,000,000 | 1,533,000,000 | 507,000,000 | 78,000,000 | 396,000,000 | 186,000,000 | 234,000,000 | 443,000,000 | 257,000,000 | 142,000,000 | 341,000,000 | 293,000,000 | -63,000,000 | 360,000,000 | |||||||
pharmacy and other service costs payable | 842,000,000 | 860,000,000 | 135,000,000 | 1,159,000,000 | 3,183,000,000 | 4,637,000,000 | 703,000,000 | 1,008,000,000 | 539,000,000 | 244,000,000 | 1,198,000,000 | -74,000,000 | 234,000,000 | 708,000,000 | 415,000,000 | |||||||||||||
accounts payable and accrued expenses and other liabilities | 163,000,000 | 154,000,000 | -1,174,000,000 | -804,000,000 | 1,053,000,000 | -1,068,000,000 | 699,000,000 | -52,000,000 | 690,000,000 | 359,000,000 | -168,000,000 | 34,000,000 | 232,000,000 | -1,006,000,000 | -637,000,000 | -662,000,000 | 322,000,000 | 308,000,000 | 393,000,000 | -461,000,000 | 91,000,000 | |||||||
proceeds from investments sold: | ||||||||||||||||||||||||||||
debt securities and equity securities | 246,000,000 | 178,000,000 | 94,000,000 | 176,000,000 | 125,000,000 | 268,000,000 | 111,000,000 | 450,000,000 | 196,000,000 | 167,000,000 | 482,000,000 | 757,000,000 | 200,000,000 | 474,000,000 | 378,000,000 | 400,000,000 | 882,000,000 | 756,000,000 | ||||||||||
investment maturities and repayments: | ||||||||||||||||||||||||||||
commercial mortgage loans | 108,000,000 | 5,000,000 | 85,000,000 | 42,000,000 | 33,000,000 | 4,000,000 | 4,000,000 | 78,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 65,000,000 | 31,000,000 | 24,000,000 | 72,000,000 | 4,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 80,000,000 | 89,000,000 | |||||||
other sales, maturities and repayments | 225,000,000 | 100,000,000 | 331,000,000 | 116,000,000 | 179,000,000 | 272,000,000 | 140,000,000 | 153,000,000 | 160,000,000 | 161,000,000 | 266,000,000 | 479,000,000 | 364,000,000 | 533,000,000 | 364,000,000 | 422,000,000 | 318,000,000 | 346,000,000 | 328,000,000 | 283,000,000 | 367,000,000 | |||||||
investments purchased or originated: | ||||||||||||||||||||||||||||
property and equipment purchases | -278,000,000 | -285,000,000 | -327,000,000 | -399,000,000 | -370,000,000 | -300,000,000 | -403,000,000 | -397,000,000 | -408,000,000 | -338,000,000 | -324,000,000 | -288,000,000 | -350,000,000 | -258,000,000 | -242,000,000 | -252,000,000 | -256,000,000 | -267,000,000 | -243,000,000 | -303,000,000 | -194,000,000 | |||||||
acquisitions, net of cash acquired | 0 | 0 | ||||||||||||||||||||||||||
divestitures, net of cash sold | 0 | 0 | 2,346,000,000 | -14,000,000 | 5,000,000 | 22,000,000 | ||||||||||||||||||||||
renewable energy tax credit equity investments | -158,000,000 | -235,000,000 | -92,000,000 | |||||||||||||||||||||||||
deposits and interest credited to contractholder deposit funds | 39,000,000 | 38,000,000 | 36,000,000 | 36,000,000 | 41,000,000 | 43,000,000 | 31,000,000 | 51,000,000 | 45,000,000 | 37,000,000 | 41,000,000 | 43,000,000 | 36,000,000 | 49,000,000 | 47,000,000 | 240,000,000 | 262,000,000 | 267,000,000 | 233,000,000 | 251,000,000 | 247,000,000 | |||||||
withdrawals and benefit payments from contractholder deposit funds | -64,000,000 | -73,000,000 | -64,000,000 | -45,000,000 | -70,000,000 | -65,000,000 | -39,000,000 | -52,000,000 | -48,000,000 | -67,000,000 | -45,000,000 | -49,000,000 | -43,000,000 | -61,000,000 | -35,000,000 | -253,000,000 | -228,000,000 | -255,000,000 | -303,000,000 | -291,000,000 | -251,000,000 | |||||||
net change in short-term debt, excluding term loan | ||||||||||||||||||||||||||||
effect of foreign currency rate changes on cash, cash equivalents and restricted cash | -5,000,000 | 26,000,000 | 9,000,000 | 18,000,000 | -3,000,000 | -9,000,000 | -7,000,000 | 4,000,000 | 5,000,000 | -18,000,000 | -57,000,000 | -23,000,000 | -19,000,000 | -1,000,000 | -26,000,000 | 8,000,000 | 22,000,000 | -37,000,000 | ||||||||||
net decrease in cash, cash equivalents and restricted cash | 1,685,000,000 | |||||||||||||||||||||||||||
cash, cash equivalents and restricted cash january 1, | 0 | 0 | 8,931,000,000 | 0 | 0 | 8,337,000,000 | 0 | 0 | 5,976,000,000 | 0 | 0 | 5,548,000,000 | 0 | 0 | 10,245,000,000 | |||||||||||||
cash, cash equivalents and restricted cash september 30, | ||||||||||||||||||||||||||||
cash and cash equivalents reclassified to assets of businesses held for sale | -624,000,000 | 1,035,000,000 | -1,660,000,000 | 136,000,000 | -591,000,000 | |||||||||||||||||||||||
cash, cash equivalents and restricted cash september 30, per consolidated balance sheets | ||||||||||||||||||||||||||||
supplemental disclosure of cash information: | ||||||||||||||||||||||||||||
income taxes paid, net of refunds | 6,000,000 | 210,000,000 | 140,000,000 | 272,000,000 | 457,000,000 | 110,000,000 | 454,000,000 | 849,000,000 | 77,000,000 | 435,000,000 | 868,000,000 | 43,000,000 | 443,000,000 | 1,351,000,000 | 122,000,000 | 1,218,000,000 | 109,000,000 | 81,000,000 | 417,000,000 | 1,161,000,000 | 29,000,000 | |||||||
interest paid | 363,000,000 | 301,000,000 | 379,000,000 | 394,000,000 | 307,000,000 | 336,000,000 | 387,000,000 | 310,000,000 | 322,000,000 | 308,000,000 | 307,000,000 | 308,000,000 | 311,000,000 | 308,000,000 | 331,000,000 | 369,000,000 | 348,000,000 | 395,000,000 | 392,000,000 | 488,000,000 | 377,000,000 | |||||||
net change in short-term debt | 1,187,000,000 | -891,000,000 | 833,000,000 | -103,000,000 | -364,000,000 | 1,301,000,000 | 192,000,000 | -9,000,000 | -1,807,000,000 | 219,000,000 | -463,000,000 | 1,161,000,000 | 1,502,000,000 | -1,030,000,000 | 1,545,000,000 | -773,000,000 | -180,000,000 | 142,000,000 | 427,000,000 | -1,048,000,000 | ||||||||
cash, cash equivalents and restricted cash june 30, | ||||||||||||||||||||||||||||
cash, cash equivalents and restricted cash june 30, per consolidated balance sheets | ||||||||||||||||||||||||||||
investment losses | 2,000,000 | |||||||||||||||||||||||||||
cash, cash equivalents and restricted cash, march 31, | 8,376,000,000 | 10,144,000,000 | 7,989,000,000 | 5,060,000,000 | 6,544,000,000 | 5,174,000,000 | ||||||||||||||||||||||
cash, cash equivalents and restricted cash march 31, per consolidated balance sheets | 8,376,000,000 | 8,484,000,000 | 7,989,000,000 | 4,469,000,000 | 6,544,000,000 | |||||||||||||||||||||||
realized investment losses | 921,000,000 | 48,000,000 | 1,836,000,000 | 14,000,000 | -26,000,000 | 56,000,000 | ||||||||||||||||||||||
loss on sale of businesses | 87,000,000 | 0 | 19,000,000 | |||||||||||||||||||||||||
cash, cash equivalents and restricted cash, september 30, | ||||||||||||||||||||||||||||
cash, cash equivalents and restricted cash, june 30, | ||||||||||||||||||||||||||||
net change in loans due from affiliates | ||||||||||||||||||||||||||||
net increase in cash,cash equivalents and restricted cash | ||||||||||||||||||||||||||||
cash and cash equivalents, beginning of year | ||||||||||||||||||||||||||||
realized investment losses (gains) | -32,000,000 | -38,000,000 | 88,000,000 | |||||||||||||||||||||||||
deferred policy acquisition costs | -22,000,000 | -64,000,000 | -41,000,000 | -65,000,000 | -57,000,000 | -60,000,000 | -67,000,000 | -39,000,000 | -138,000,000 | -63,000,000 | -48,000,000 | -51,000,000 | ||||||||||||||||
realized investment (gains) losses | 95,000,000 | 319,000,000 | -68,000,000 | -59,000,000 | -1,000,000 | -51,000,000 | -23,000,000 | -10,000,000 | ||||||||||||||||||||
deferred income tax | -29,000,000 | -138,000,000 | -24,000,000 | -45,000,000 | -35,000,000 | -81,000,000 | -98,000,000 | -161,000,000 | ||||||||||||||||||||
divestiture, net of cash sold | 0 | -57,000,000 | ||||||||||||||||||||||||||
net cash (used in) investing activities | -408,000,000 | -324,000,000 | -710,000,000 | -2,307,000,000 | -717,000,000 | -938,000,000 | -304,000,000 | |||||||||||||||||||||
net cash (used in) financing activities | -916,000,000 | -2,171,000,000 | -1,728,000,000 | -62,000,000 | -4,051,000,000 | -1,682,000,000 | -312,000,000 | -1,818,000,000 | -1,773,000,000 | -2,534,000,000 | ||||||||||||||||||
net (decrease) in cash, cash equivalents and restricted cash | -137,000,000 | -488,000,000 | -3,701,000,000 | |||||||||||||||||||||||||
net change in loans due to (from) affiliates | ||||||||||||||||||||||||||||
short-term investment purchased | ||||||||||||||||||||||||||||
proceeds on issuance of commercial paper | ||||||||||||||||||||||||||||
net increase in cash and cash equivalents | -965,000,000 | 967,000,000 | -1,366,000,000 | 1,121,000,000 | ||||||||||||||||||||||||
cash and cash equivalents, end of year | ||||||||||||||||||||||||||||
cash reclassified to assets of business held for sale | -380,000,000 | 179,000,000 | -597,000,000 | |||||||||||||||||||||||||
shareholders’ net income | ||||||||||||||||||||||||||||
adjustments to reconcile shareholders’ net income | ||||||||||||||||||||||||||||
pharmacy and service costs payable | 429,000,000 | 1,247,000,000 | 408,000,000 | -503,000,000 | 269,000,000 | 444,000,000 | ||||||||||||||||||||||
cash, cash equivalents, and restricted cash january 1, | 0 | 0 | 5,411,000,000 | |||||||||||||||||||||||||
cash, cash equivalents, and restricted cash september 30, per consolidated balance sheets | ||||||||||||||||||||||||||||
cash, cash equivalents, and restricted cash june 30, per consolidated balance sheets | ||||||||||||||||||||||||||||
cash, cash equivalents, and restricted cash march 31, per consolidated balance sheets | 4,577,000,000 | |||||||||||||||||||||||||||
* as described in note 4 to the consolidated financial statements, on december 20, 2018, old cigna became a wholly-owned subsidiary of cigna, and cigna became the registrant. | ||||||||||||||||||||||||||||
deferred income tax (benefit) expense | -159,000,000 | -79,000,000 | -162,000,000 | |||||||||||||||||||||||||
debt and equity securities | 603,000,000 | 565,000,000 | 1,471,000,000 | |||||||||||||||||||||||||
effect of foreign currency rate changes on cash and cash equivalents | -17,000,000 | 2,000,000 | -12,000,000 | |||||||||||||||||||||||||
cash and cash equivalents, january 1, | 0 | 0 | 3,855,000,000 | |||||||||||||||||||||||||
cash and cash equivalents, september 30, | ||||||||||||||||||||||||||||
the accompanying notes to the consolidated financial statements (unaudited) are an integral part of these statements. | ||||||||||||||||||||||||||||
cash and cash equivalents, june 30, | ||||||||||||||||||||||||||||
cash and cash equivalents, march 31, | 4,976,000,000 |