Analysis of Reportable Segments
Cigna Group operates in 3 segments: Evernorth Health Services; Cigna Healthcare; and Other Operations.
Segment Profit Margin
Cigna Group, profit margin by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Evernorth Health Services | 4.20% | 4.37% | 4.41% | 4.62% | 5.28% |
| Cigna Healthcare | 8.75% | 9.04% | 8.08% | 9.80% | 10.14% |
| Other Operations | 16.11% | 22.10% | 22.29% | 11.44% | 13.77% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Evernorth Health Services | Evernorth Health Services segment profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
| Cigna Healthcare | Cigna Healthcare segment profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. | |
| Other Operations | Other Operations segment profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Profit Margin: Evernorth Health Services
Cigna Group; Evernorth Health Services; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Pre-tax adjusted income (loss) from operations | 6,442) | 6,127) | 5,818) | 5,363) | 5,092) |
| Adjusted revenues | 153,499) | 140,335) | 131,912) | 116,130) | 96,447) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 4.20% | 4.37% | 4.41% | 4.62% | 5.28% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment profit margin = 100 × Pre-tax adjusted income (loss) from operations ÷ Adjusted revenues
= 100 × 6,442 ÷ 153,499 = 4.20%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Evernorth Health Services | Evernorth Health Services segment profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Profit Margin: Cigna Healthcare
Cigna Group; Cigna Healthcare; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Pre-tax adjusted income (loss) from operations | 4,478) | 4,072) | 3,609) | 4,031) | 3,963) |
| Adjusted revenues | 51,205) | 45,036) | 44,652) | 41,135) | 39,089) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 8.75% | 9.04% | 8.08% | 9.80% | 10.14% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment profit margin = 100 × Pre-tax adjusted income (loss) from operations ÷ Adjusted revenues
= 100 × 4,478 ÷ 51,205 = 8.75%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Cigna Healthcare | Cigna Healthcare segment profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Segment Profit Margin: Other Operations
Cigna Group; Other Operations; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Pre-tax adjusted income (loss) from operations | 96) | 500) | 889) | 966) | 1,131) |
| Adjusted revenues | 596) | 2,262) | 3,989) | 8,446) | 8,215) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 16.11% | 22.10% | 22.29% | 11.44% | 13.77% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment profit margin = 100 × Pre-tax adjusted income (loss) from operations ÷ Adjusted revenues
= 100 × 96 ÷ 596 = 16.11%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Other Operations | Other Operations segment profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Adjusted revenues
Cigna Group, adjusted revenues by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Evernorth Health Services | 153,499) | 140,335) | 131,912) | 116,130) | 96,447) |
| Cigna Healthcare | 51,205) | 45,036) | 44,652) | 41,135) | 39,089) |
| Other Operations | 596) | 2,262) | 3,989) | 8,446) | 8,215) |
| Corporate and eliminations | (9,978) | (6,991) | (6,475) | (5,644) | (3,576) |
| Total | 195,322) | 180,642) | 174,078) | 160,067) | 140,175) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
Pre-tax adjusted income (loss) from operations
Cigna Group, pre-tax adjusted income (loss) from operations by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Evernorth Health Services | 6,442) | 6,127) | 5,818) | 5,363) | 5,092) |
| Cigna Healthcare | 4,478) | 4,072) | 3,609) | 4,031) | 3,963) |
| Other Operations | 96) | 500) | 889) | 966) | 1,131) |
| Corporate and eliminations | (1,698) | (1,466) | (1,339) | (1,552) | (1,824) |
| Total | 9,318) | 9,233) | 8,977) | 8,808) | 8,362) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).