20 things to know about Cigna

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From its roots as one of the country's oldest insurers to its leading efforts in the pharmacy benefit management space, here are 20 things to know about Cigna. 

Company Basics

1. Cigna was founded in 1792 as the Insurance Company of North America, the country's first marine insurer and its oldest stockholder-owned payer. 

2. As the Insurance Company of North America, the company paid claims for 1871's Chicago Fire, covered those affected by the 1906 San Francisco earthquake and subsequent fires, and insured 30 members of the Manhattan Project in 1942.

3. Cigna was formed by a merger between Connecticut General Corp. (CG) and the Insurance Company of North America (INA). Its new name comes from a combination of the parties' abbreviated names. 

4. The payer is led by CEO and Chair David Cordani, who stepped into his role in 2009. 

5. Cigna operates globally in over 30 countries and territories. The payer reaches 180 million people through all of its services, which include health insurance, pharmacy benefit management and more. 

6. The insurer has Medicare prescription drug plans in all 50 states and Medicare Advantage plans in 16 states. 

7. Cigna had a total of 17 million medical customers worldwide, comprising 13.8 million U.S. commercial members, 1.5 million government members and 1.7 international members as of 2021's third quarter. The company also had nearly 40 million behavioral care customers. 

Financial Reports

8. Cigna reported $44.3 billion in revenue during 2021's third quarter, representing 8.6 percent year-over-year growth. 

9. The payer also posted $1.6 billion in profits that quarter, up 16.7 percent year-over-year. 

Reach

10. Globally, Cigna has 1.5 million relationships with healthcare providers. The payer's U.S. pharmacy network is over 67,000 strong, representing 99 percent of the country's pharmacies. 

11. Cigna has grown its mental and behavioral healthcare provider network by 70 percent since 2016. Its network includes more than 175,000 providers to date. 

Acquisitions

12. In 2015, Anthem made the move to acquire Cigna for $54.2 billion — a move that would have grown the companies' joint membership to 53 million people at the time. 

13. However, the proposed merger faced a slew of regulatory hurdles, from lawsuits to federal challenges. A judge would block the deal in 2017.  

14. In 2018, Cigna moved to purchase pharmacy benefit manager Express Scripts for $67 billion. Mr. Cordani said the move would make Cigna a leader in the pharmacy benefit management space, as well as ensure affordability for members.  

15. The Express Scripts acquisition closed in December 2018, bringing the pharmacy benefit manager's 85 million customers under Cigna's roof. 

16. Evernorth, a Cigna subsidiary that houses Express Scripts, acquired telehealth company MDLive for an undisclosed amount. The payer has since used the acquisition to expand telehealth services for millions of members.

Looking Ahead

17. In December, Cigna was part of a $750 million investment in Bright Health Group. Tom Richards, head of Cigna Ventures, said he hoped to explore how Bright Health's care delivery business and Cigna's health services arm could collaborate in the future. 

18. Evernorth CEO Eric Palmer said in October that the subsidiary's priorities included promoting affordability amid rising specialty pharmacy spending, connecting pieces of its business portfolio and continuing to promote innovation.

Rankings and Ratings

19. Cigna is ranked No. 13 on Fortune's U.S. 500 list and No. 28 on Fortune's global 500 list. 

20. The payer made the 2021 Dow Jones Sustainability Indices both nationally and internationally. Cigna, which earned a top Global Gold Class honor in 2021, has made the indices for five consecutive years.

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