Cigna in headlines: 9 updates in 60 days

Nine Cigna updates over the last 60 days:

  1. Definitive Healthcare, a company that tracks metrics on over 1,200 payer and payer subsidiary organizations, ranked the largest healthcare insurance companies by total incurred claims. Cigna ranked ninth on the list, having paid $11,628,634,678 in claims and covered 2,203,802 patients.
  2. Cigna is using artificial intelligence and data analytics from data from claims documents, EMRs and other sources of information, to determine when an individual may be at risk for a particular condition and encourage access support.
  3. Cigna was among multiple companies that stated they will pay for employees' travel expenses to get out-of-state abortions in response to the overturning of Roe v. Wade.
  4. The annual Fortune 500 list of the largest corporations in the U.S. ranked by revenue for the 2021 fiscal year included 77 healthcare companies. Out of these 77, Cigna ranked 12th, with 2021 revenue equaling $174.07 billion, a 8.5 percent change in revenue compared to fiscal year 2020.
  5. Cigna reported over $44 billion in total revenue in the first quarter of 2022, with the strongest growth in the company's Evernorth business. Projected revenue at year end stands at $177 billion.
  6. Cigna Medical Group, a division of the payer's Arizona business, named Jeff Holt president and general manager.
  7. Cigna is buying back $3.5 billion in common stock through accelerated repurchase agreements with Mizuho Markets Americas and Morgan Stanley, expected to be completed in the fourth quarter of 2022.
  8. Cigna was hit with a proposed class-action lawsuit May 17 alleging the payer improperly denied COVID-19 testing claims.
  9. Cigna's shareholders' net income for the first quarter of 2022 was $1.2 billion, slightly more than the first quarter of 2021, or a 1.2 percent increase.

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