Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Cigna Group, consolidated balance sheet: assets

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Cash and cash equivalents	7,550)	7,822)	5,924)	5,081)	10,182)
Investments	665)	925)	905)	920)	1,331)
Noninsurance customer receivables	11,879)	8,044)	6,899)	6,274)	5,534)
Pharmaceutical manufacturers receivable	10,914)	8,169)	7,108)	5,463)	4,676)
Insurance customer receivables	3,199)	2,359)	2,963)	2,932)	1,789)
Other receivables	162)	272)	248)	456)	192)
Less: Accounts receivable, net classified as Assets of businesses held for sale	(1,927)	(1,122)	—)	(54)	—)
Accounts receivable, net	24,227)	17,722)	17,218)	15,071)	12,191)
Inventories	6,692)	5,645)	4,777)	3,722)	3,165)
Other current assets	2,732)	2,169)	1,296)	1,283)	930)
Assets of businesses held for sale	7,004)	3,068)	—)	10,057)	—)
Current assets	48,870)	37,351)	30,120)	36,134)	27,799)
Long-term investments	15,128)	17,985)	16,288)	18,438)	23,262)
Reinsurance recoverables	4,378)	4,835)	4,743)	4,970)	5,200)
Property and equipment	3,654)	3,695)	3,774)	3,692)	4,205)
Goodwill	44,370)	44,259)	45,811)	45,811)	44,648)
Other intangible assets	29,417)	30,863)	32,492)	34,102)	35,179)
Other assets	2,786)	3,421)	3,426)	3,405)	6,072)
Separate account assets	7,278)	7,430)	7,278)	8,337)	9,086)
Assets of businesses held for sale, non-current	—)	2,922)	—)	—)	—)
Non-current assets	107,011)	115,410)	113,812)	118,755)	127,652)
Total assets	155,881)	152,761)	143,932)	154,889)	155,451)

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).

The analysis of financial data over the five-year period reveals several noteworthy trends and changes in asset composition and magnitude.

Cash and Liquidity Position: Cash and cash equivalents experienced a significant decline from 2020 to 2021, dropping by roughly 50%, followed by a recovery phase peaking in 2023 before slightly decreasing again in 2024. This volatility may suggest shifts in operational cash flow or investment activities.
Investments: The investment category, encompassing both short-term and long-term investments, shows a declining trajectory overall. Short-term investments decreased from 1331 million USD in 2020 to 665 million USD in 2024, while long-term investments followed a similar downward pattern, falling from 23262 million USD to 15128 million USD during the same period. This contraction in investment holdings points to a possible strategic divestiture, portfolio rebalancing, or cash needs elsewhere in the business.
Accounts Receivable and Related Items: Accounts receivable, net, exhibited consistent growth throughout the years from 12191 million USD in 2020 to 24227 million USD in 2024, more than doubling over this timeframe. This is supported by substantial increases in subcategories such as pharmaceutical manufacturers receivable and noninsurance customer receivables, indicating expanding credit sales or growing business volume in these segments. Of note, insurance customer receivables increased overall but exhibited some fluctuation, peaking in 2022 and slightly dropping thereafter. Adjustments related to receivables classified as held for sale significantly affect net figures, particularly with larger negative amounts recorded in later years.
Inventories and Current Assets: Inventories steadily increased each year, nearly doubling from 3165 million USD to 6692 million USD, reflecting either stockpiling or higher demand. Alongside inventories, other current assets also grew considerably, contributing to an overall rise in total current assets from 27799 million USD in 2020 to 48870 million USD in 2024. This substantial accumulation suggests strengthened liquidity on the asset side but may also indicate rising working capital needs.
Assets Held for Sale: Assets classified as held for sale show significant variability, with a presence in 2021, 2023, and 2024. The amounts fluctuate, indicating possible periodic divestitures or restructuring activities within the business segments.
Fixed and Intangible Assets: Property and equipment values declined moderately over the period, suggesting limited capital expenditure or depreciation outpacing asset additions. Goodwill remained relatively stable after a slight increase in 2021, indicating that no major acquisitions or impairments substantially affected this intangible asset category. Other intangible assets showed a steady decline, pointing to amortization effects or potential impairments.
Other Assets: Other assets diminished notably from 6072 million USD in 2020 to 2786 million USD in 2024, reflecting either disposals or reclassifications. Separate account assets also declined gradually, which may indicate shrinkage in related activities or portfolio adjustments.
Non-Current and Total Assets: Non-current assets show a consistent downward trend, decreasing approximately 16% over five years. Despite this, total assets remained relatively stable, with minor fluctuations, ending slightly higher in 2024 compared to 2020. This stability results from opposing dynamics of current asset growth and non-current asset diminution.

Overall, the company appears to be managing a balance between liquidity and long-term asset holdings, with increasing receivables and current assets offsetting declines in investments and non-current assets. The rising accounts receivable and inventories suggest operational growth but may raise concerns about asset liquidity and credit risk. The fluctuating assets held for sale and stable goodwill suggest some portfolio optimization activities without major impairments or acquisitions. These trends will require careful monitoring to maintain asset quality and financial flexibility.

Assets: Selected Items

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Current Assets: Selected Items

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Cigna Group (NYSE:CI)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items