AM Best Affirms Credit Ratings of The Cigna Group and Its Subsidiaries

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of the key U.S. life/health subsidiaries and Europe-based insurance companies of The Cigna Group (Cigna) (headquartered in Bloomfield, CT) [NYSE: CI]. The majority of Cigna’s core U.S. health insurance entities are collectively referred to as Cigna Life & Health Group.

In addition, AM Best has affirmed the Long-Term ICR of “bbb+” (Good) and the Long-Term Issue Credit Ratings (Long-Term IR) of Cigna. AM Best also has affirmed the Short-Term Issue Credit Rating (Short-Term IR) of Cigna. The outlook of these Credit Ratings (ratings) is stable. (Please see below for a detailed listing of the companies and ratings.)

The ratings reflect Cigna Life & Health Group’s balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).

Cigna Life & Health Group’s ratings continue to recognize its strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR). The group’s balance sheet remains a core strength, characterized by strong liquidity and financial flexibility. Cigna Life & Health Group’s invested assets are held predominantly in investment grade fixed income securities and cash/cash equivalents, while maintaining moderate exposure to commercial mortgage-backed securities, private issues and below investment grade securities.

AM Best notes that Cigna Life & Health Group’s balance sheet strength assessment continues to be impacted by Cigna’s elevated financial leverage of just over 43%, as measured by AM Best, as well as its very high level of goodwill and intangible assets. Cigna’s debt service is supported by its strong earnings and dividends from the group’s insurance entities, as well as solid non-regulated earnings from its Evernorth Health Services segment. Cigna’s earnings before interest and taxes interest coverage remains good at over six times for 2025. Nevertheless, goodwill and intangibles assets remain high at approximately 176% of shareholder equity. The high goodwill/intangibles are predominantly related to non-insurance operations, Evernorth Health Services, contributes material non- regulated cash flow, stable earnings and substantial business diversification for Cigna. Cigna has reported strong operating cash flows through 2025. Cigna has excellent financial flexibility supported by parent company cash, insurance subsidiary dividend capacity, non-regulated cash flow, a commercial paper program and a $6.5 billion revolving credit agreement.

Cigna Life & Health Group has reported a solid level of revenue and operating earnings in its business segments over the last several years, driven by a high membership base and premium rate increases. The group’s revenues are geographically diversified across the United States, which supports the organization's operational strength. The sale of Cigna Group’s Medicare and CareAllies businesses in 2025 is expected to drive a decrease in overall revenues. Cigna Life & Health Group has consistently reported high levels of earnings and solid levels of return-on-equity measures among its peers. AM Best also notes that Cigna Life & Health Group continues to operate under a lower risk model as a majority of its business is commercial group health business with a high portion operated under self-funded/administrative services only employer group contracts. Earnings from the insurance operations have been driven largely by the group’s core commercial segment. AM Best expects Cigna Life & Health Group’s operating performance to remain favorable with possible improvement from the sale of its Medicare business, which had been a drag on earnings.

The organization continues to maintain a strong market presence in its core commercial employer health products in the United States. Through its affiliated noninsurance service entities, Cigna provides pharmacy benefit management services, as well as a comprehensive suite of solutions for complex and chronic conditions to drive down the cost of care. Furthermore, Cigna has expanded its customer base through cross-selling opportunities via the Evernorth Health Services arm, with further opportunity for premium, revenue and earnings growth for the overall organization.

The organization has a comprehensive ERM program with mature governance. The program is integrated into day-to-day operations and strategic business planning. Each business unit has its own heat map, which rolls up to an enterprise-level heat map. The organization also employs a formal risk appetite statement that includes key principles and key tolerances and limits. Cigna utilizes economic capital modeling and stress testing.

The ratings reflect CIGNA Life Insurance Company of Europe S.A.-N.V.’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile, appropriate ERM and support from Cigna.

The ratings reflect CIGNA Global Insurance Company Limited’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile, appropriate ERM and support from Cigna.

The FSR of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) have been affirmed with stable outlooks for the following key U.S. life/health subsidiaries of The Cigna Life & Health Group:

• Connecticut General Life Insurance Company
• Cigna Health and Life Insurance Company
• Cigna Worldwide Insurance Company
• Cigna Dental Health Plan of Arizona, Inc.
• Cigna Dental Health of California, Inc.
• Cigna Dental Health of Florida, Inc.
• Cigna Dental Health of Maryland, Inc.
• Cigna Dental Health of Ohio, Inc.
• Cigna Dental Health of Pennsylvania, Inc.
• Cigna Dental Health of Texas, Inc.
• Cigna Dental Health of New Jersey, Inc.
• Cigna Dental Health of Missouri, Inc.
• Cigna Dental Health of Virginia, Inc.
• Cigna HealthCare of Indiana, Inc.
• Cigna HealthCare of North Carolina, Inc.
• Cigna HealthCare of South Carolina, Inc.
• Cigna HealthCare of Georgia, Inc.
• Cigna HealthCare of Texas, Inc.
• Cigna HealthCare of Florida, Inc.
• Cigna HealthCare of New Jersey, Inc.
• Cigna HealthCare of Connecticut, Inc.
• Cigna HealthCare of Illinois, Inc.
• Cigna HealthCare of St. Louis, Inc.
• Cigna HealthCare of Tennessee, Inc.
• Cigna HealthCare of California, Inc

The FSR of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) have been affirmed with stable outlooks for the following Europe-based subsidiaries of The Cigna Group:

• CIGNA Life Insurance Company of Europe S.A. – N.V.
• CIGNA Europe Insurance Company S.A. – N.V.
• CIGNA Global Insurance Company Limited

The following Long-Term IRs have been affirmed with stable outlooks for The Cigna Group:

The Cigna Group—

- “bbb+” (Good) on $800 million ($550 million outstanding) of 1.25% senior unsecured notes, due 2026

- “bbb+” (Good) on $1 billion of 5% senior unsecured notes, due 2029

- “bbb+” (Good) on $1.5 billion ($1.4 billion outstanding) of 2.4% senior unsecured notes, due 2030

- “bbb+” (Good) on $1 billion of 4.5% senior unsecured notes, due 2030

- “bbb+” (Good) on $1.5 billion of 2.375% senior unsecured notes, due 2031

- “bbb+” (Good) on $750 million of 5.125% senior unsecured notes, due 2031

- “bbb+” (Good) on $1.25 billion of 4.875% senior unsecured notes, due 2032

- “bbb+” (Good) on $800 million of 5.4% senior unsecured notes, due 2033

- “bbb+” (Good) on $1.25 billion of 5.25% senior unsecured notes, due 2034

- “bbb+” (Good) on $1.5 billion of 5.25% senior unsecured notes, due 2036

- “bbb+” (Good) on $750 million of 3.2% senior unsecured notes, due 2040

- “bbb+” (Good) on $1.25 billion ($1.18 billion outstanding) of 3.4% senior unsecured notes, due 2050

- “bbb+” (Good) on $1.5 billion ($1.43 billion outstanding) of 3.4% senior unsecured notes, due 2051

- “bbb+” (Good) on $1.5 billion of 5.6% senior unsecured notes, due 2054

- “bbb+” (Good) on $750 million of 6% senior unsecured notes, due 2056

The following Short-Term IR has been affirmed:

The Cigna Group—

- AMB-2 (Satisfactory) on commercial paper program

The following indicative Long-Term IRs have been affirmed with stable outlooks:

The Cigna Group—

- “bbb+” (Good) on senior unsecured debt

- “bbb-” (Good) on preferred stock

The following Long-Term IRs have been affirmed with stable outlooks:

Cigna Holding Company—

- “bbb+” (Good) on $300 million ($81 million outstanding) of 7.875% of senior unsecured debentures, due 2027

- “bbb+” (Good) on $600 million ($50 million outstanding) of 3.05% senior unsecured notes, due 2027

- “bbb+” (Good) on $83 million ($13 million outstanding) of 8.08% senior unsecured step-down notes, due 2033

- “bbb+” (Good) on $500 million ($15 million outstanding) of 6.15% senior unsecured notes, due 2036

- “bbb+” (Good) on $300 million ($29 million outstanding) of 5.875% senior unsecured notes, due 2041

- “bbb+” (Good) on $750 million ($21 million outstanding) of 5.375% senior unsecured notes, due 2042

- “bbb+” (Good) on $1 billion ($32 million outstanding) of 3.875% senior unsecured notes, due 2047

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings . For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments .

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com .

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