Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Cigna Group, consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income	3,778)	5,372)	6,746)	5,415)	8,489)
Depreciation and amortization	2,775)	3,035)	2,937)	2,923)	2,802)
Investment (gains) losses, net	2,737)	78)	495)	(196)	(149)
Deferred income tax benefit	(95)	(1,659)	(480)	(220)	(386)
Net (gain) loss on sale of businesses	(24)	1,499)	(1,662)	—)	(4,203)
Debt extinguishment costs	—)	—)	—)	141)	199)
Accounts receivable, net	(7,369)	(1,663)	(2,237)	(2,843)	(1,496)
Inventories	(1,032)	(868)	(1,055)	(557)	(504)
Reinsurance recoverable and Other assets	(485)	(539)	(38)	(656)	(77)
Insurance liabilities	(591)	584)	291)	967)	841)
Pharmacy and other service costs payable	8,757)	2,030)	1,760)	1,961)	2,891)
Accounts payable and Accrued expenses and other liabilities	1,138)	3,481)	1,574)	(77)	1,346)
Other, net	774)	463)	325)	333)	597)
Net changes in assets and liabilities, net of non-operating effects	1,192)	3,488)	620)	(872)	3,598)
Adjustments to reconcile net income to net cash provided by operating activities	6,585)	6,441)	1,910)	1,776)	1,861)
Net cash provided by operating activities	10,363)	11,813)	8,656)	7,191)	10,350)
Debt securities and equity securities	856)	1,078)	1,744)	2,030)	2,283)
Proceeds from investments sold	856)	1,078)	1,744)	2,030)	2,283)
Debt securities and equity securities	839)	972)	1,327)	1,628)	1,519)
Commercial mortgage loans	188)	186)	98)	180)	19)
Other sales, maturities and repayments, primarily short-term and other long-term investments	752)	586)	1,039)	1,936)	1,575)
Investment maturities and repayments	1,779)	1,744)	2,464)	3,744)	3,113)
Debt securities and equity securities	(1,386)	(4,334)	(2,756)	(3,553)	(4,765)
Commercial mortgage loans	(54)	(118)	(161)	(327)	(113)
Other, primarily short-term and other long-term investments	(1,309)	(1,205)	(1,563)	(2,554)	(1,924)
Investments purchased or originated	(2,749)	(5,657)	(4,480)	(6,434)	(6,802)
Property and equipment purchases, net	(1,406)	(1,573)	(1,295)	(1,154)	(1,094)
Acquisitions, net of cash acquired	(131)	(447)	—)	(1,833)	(139)
Divestitures, net of cash sold	521)	13)	4,835)	(61)	5,592)
Renewable energy tax credit equity investments	(1,030)	(313)	(125)	—)	—)
Other, net	58)	(19)	(45)	97)	23)
Net cash (used in) provided by investing activities	(2,102)	(5,174)	3,098)	(3,611)	2,976)
Deposits and interest credited to contractholder deposit funds	166)	167)	164)	153)	1,023)
Withdrawals and benefit payments from contractholder deposit funds	(228)	(223)	(220)	(168)	(979)
Net change in short-term debt	(402)	1,198)	(2,059)	975)	60)
Net proceeds on issuance of term loan	—)	—)	—)	—)	1,398)
Repayment of term loan	—)	—)	—)	—)	(1,400)
Payments for debt extinguishment	—)	—)	—)	(136)	(212)
Repayment of long-term debt	(3,000)	(2,967)	(500)	(4,578)	(8,047)
Net proceeds on issuance of long-term debt	4,462)	1,491)	—)	4,260)	3,465)
Repurchase of common stock	(7,034)	(2,284)	(7,607)	(7,742)	(4,042)
Issuance of common stock	305)	187)	389)	326)	376)
Common stock dividend paid	(1,567)	(1,450)	(1,384)	(1,341)	(15)
Other, net	(349)	(413)	(23)	39)	(160)
Net cash used in financing activities	(7,647)	(4,294)	(11,240)	(8,212)	(8,533)
Effect of foreign currency rate changes on cash, cash equivalents and restricted cash	(20)	16)	(86)	(65)	41)
Net increase (decrease) in cash, cash equivalents and restricted cash	594)	2,361)	428)	(4,697)	4,834)
Cash, cash equivalents and restricted cash, January 1	8,337)	5,976)	5,548)	10,245)	5,411)
Cash, cash equivalents and restricted cash, December 31	8,931)	8,337)	5,976)	5,548)	10,245)

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).

Net Income Trend: Net income displayed a declining trend from 2020 to 2024, with a peak of 8,489 million USD in 2020 decreasing sharply to 3,778 million USD by 2024. Notably, 2021 and 2023 showed declines compared to their preceding years, with a slight rebound in 2022.
Depreciation and Amortization: Depreciation and amortization expenses have shown relative stability, fluctuating mildly between approximately 2,775 and 3,035 million USD during the period, showing no significant upward or downward trend.
Investment Gains/Losses: Investment gains and losses experienced volatility, notably a large net gain in 2024 (2,737 million USD) contrasting with negative or minimal gains in prior years, indicating a strong investment performance improvement in the most recent period.
Deferred Income Tax Benefit: The deferred income tax benefit was consistently negative throughout the period and saw a significant spike in absolute terms in 2023 (-1,659 million USD), before declining in 2024 (-95 million USD), indicating fluctuations in tax-related financial elements.
Net Gain/Loss on Sale of Businesses: This item exhibited high volatility with a large gain in 2020 (-4,203 million USD) turned into a substantial loss in 2022 (-1,662 million USD) and positive amounts again in 2023 (1,499 million USD), but close to neutral in 2024 (-24 million USD), reflecting fluctuating divestiture activities or strategic restructurings.
Working Capital Changes: Accounts receivable increased in negative impact on cash flows especially in 2024 (-7,369 million USD). Inventories and reinsurance recoverables exhibited moderate negative trends, while insurance liabilities swung from positive to negative by 2024. Pharmacy and other service costs payable saw a marked increase especially in 2024 (8,757 million USD), suggesting a substantial rise in operational payables.
Operating Cash Flow: Net cash provided by operating activities generally remained strong, peaking in 2023 (11,813 million USD) with a slight decline in 2024 (10,363 million USD), demonstrating robust core business cash generation despite income volatility.
Investing Activities: Net cash from investing activities showed considerable fluctuations, being positive in 2020 (2,976 million USD) and 2022 (3,098 million USD), but negative in 2021 (-3,611 million USD), 2023 (-5,174 million USD), and 2024 (-2,102 million USD). This indicates inconsistent investment outflows and inflows, possibly tied to acquisitions, divestitures, and capital expenditures.
Financing Activities: Net cash used in financing activities remained consistently negative, with peaks in 2022 (-11,240 million USD) and 2024 (-7,647 million USD). This was largely driven by substantial repurchases of common stock and repayments of long-term debt, partially offset by issuances of common stock and long-term debt in some years.
Capital Structure and Shareholder Returns: There was a clear trend of aggressive share repurchases, especially in 2020, 2021, 2022, and 2024, with repurchases exceeding 4,000 million USD in most years, demonstrating a strategy focused on returning value to shareholders. Dividends increased steadily over the years, indicating a commitment to shareholder distributions despite income volatility. Debt repayment was substantial each year, with some years showing net issuances of long-term debt, reflecting active debt management.
Cash and Cash Equivalents: Cash and cash equivalents declined sharply from 2020 to 2021 but recovered steadily from 2022 onward, ending at 8,931 million USD in 2024, indicating stabilization of liquidity after a trough.
Overall Summary: The data reveals a company experiencing declining net income but maintaining strong cash generation from operations. Investment activities show variability, suggesting ongoing portfolio adjustments. Financing activities reflect a pattern of robust shareholder returns through stock repurchases and dividends, alongside significant debt repayments. Liquidity appears stable with a recovery in cash balances after a significant decrease in 2021. Operational liabilities, particularly related to pharmacy and service costs, increased substantially in the most recent year, potentially indicating changes in operational scale or strategy.

Download chart

Cigna Group (NYSE:CI)

Cash Flow Statement