Cigna is buying back $2 billion in common stock through accelerated repurchase agreements with Morgan Stanley and JPMorgan Chase Bank.
The buyback initiative comes from approval for stock repurchasing as of Aug. 4, according to the Aug. 24 announcement.
The move brings 7.7 million of Cigna's shares back under its control. The final settlement as per the agreement is poised to be completed in the fourth quarter of 2021.
"Today's announcement is further evidence of the confidence of the management team and our Board of Directors in Cigna's financial strength and long-term growth strategy," said David Cordani, Cigna president and CEO. "This accelerated share repurchase is consistent with our commitment to return a significant amount of capital to shareholders. When combined with our previously completed share repurchase and a greatly increased dividend, we will have returned more than $7 billion of capital to shareholders in calendar year 2021."