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Cigna Group (NYSE:CI)

This company has been moved to the archive! The financial data has not been updated since February 27, 2025.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Cigna Group, common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Current insurance and contractholder liabilities 3.46 3.61 3.74 3.43 3.41
Pharmacy and other service costs payable 18.26 12.97 11.86 9.88 8.59
Accounts payable 5.96 5.60 5.40 4.30 3.52
Accrued expenses and other liabilities 6.02 6.52 5.56 4.73 5.48
Short-term debt 1.95 1.82 2.08 1.64 2.17
Liabilities of businesses held for sale 1.55 1.38 0.00 4.15 0.00
Current liabilities 37.19% 31.89% 28.64% 28.13% 23.17%
Non-current insurance and contractholder liabilities 6.58 7.14 7.98 8.11 10.84
Deferred tax liabilities, net 4.47 4.70 5.39 5.39 5.75
Other non-current liabilities 2.06 2.25 2.18 2.43 2.98
Long-term debt 18.56 18.43 19.52 20.10 19.01
Separate account liabilities 4.67 4.86 5.06 5.38 5.84
Liabilities of businesses held for sale, non-current 0.00 0.39 0.00 0.00 0.00
Non-current liabilities 36.35% 37.77% 40.12% 41.41% 44.41%
Total liabilities 73.54% 69.66% 68.77% 69.54% 67.59%
Redeemable noncontrolling interests 0.00 0.07 0.05 0.03 0.04
Common stock, $0.01 par value per share 0.00 0.00 0.00 0.00 0.00
Additional paid-in capital 20.07 20.08 21.01 19.09 18.64
Accumulated other comprehensive loss -1.50 -1.22 -0.97 -0.57 -0.55
Retained earnings 27.92 27.27 26.31 21.04 18.38
Treasury stock, at cost -20.17 -15.87 -15.18 -9.15 -4.10
Shareholders’ equity 26.32% 30.26% 31.18% 30.42% 32.37%
Other noncontrolling interests 0.13 0.01 0.01 0.01 0.00
Total equity 26.46% 30.27% 31.18% 30.43% 32.38%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2024-12-31), 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).

An analysis of the common-size balance sheet reveals a structural shift in the capital composition, characterized by an increasing reliance on liabilities and a simultaneous reduction in total equity as a percentage of total assets. Total liabilities grew from 67.59% in 2020 to 73.54% by the end of 2024, while total equity declined from 32.38% to 26.46% over the same period.

Current Liability Trends
There is a pronounced increase in current liabilities, which rose from 23.17% in 2020 to 37.19% in 2024. This growth is primarily driven by pharmacy and other service costs payable, which more than doubled from 8.59% to 18.26%. Accounts payable also exhibited a steady upward trend, increasing from 3.52% to 5.96%. This suggests a shift toward higher short-term operational obligations.
Non-Current Liability Trends
Non-current liabilities experienced a consistent decline, moving from 44.41% in 2020 to 36.35% in 2024. A significant contributor to this reduction is the decrease in non-current insurance and contractholder liabilities, which fell from 10.84% to 6.58%. Long-term debt remained relatively stable throughout the period, fluctuating within a narrow range between 18.43% and 20.10%.
Equity Composition and Capital Allocation
The composition of shareholders' equity demonstrates a divergence between internal profit accumulation and capital return strategies. Retained earnings grew significantly from 18.38% in 2020 to 27.92% in 2024, indicating strong organic growth and profitability. However, this growth was offset by an aggressive increase in treasury stock, which expanded from -4.10% to -20.17% of total liabilities and equity. This indicates that a substantial portion of the company's value has been returned to shareholders through share repurchases.
Other Balance Sheet Observations
Accumulated other comprehensive loss showed a gradual widening from -0.55% in 2020 to -1.50% in 2024. Additionally, deferred tax liabilities decreased slightly from 5.75% to 4.47%, contributing to the overall reduction in the non-current liability profile.

In summary, the financial structure is evolving toward a more leveraged position, with a notable migration of obligations from long-term to short-term categories. The decline in overall equity is not a result of operating losses, but rather a strategic decision to prioritize share buybacks over equity retention, despite the steady increase in retained earnings.

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