Similar to UnitedHealth Group, offering a broad range of health insurance plans and managing pharmacy benefits for millions.

Think of it as CVS Health (without the retail stores), focusing on providing health insurance and integrated pharmacy benefit management.

• Medical Insurance Plans: Provides comprehensive health coverage to individuals, employers, and government-sponsored programs.
• Dental and Vision Insurance Plans: Offers specific insurance coverage for routine dental and vision care services.
• Pharmacy Benefit Management (PBM): Manages prescription drug programs through Express Scripts, aiming to reduce costs and improve access to medications.
• Group Disability, Life, and Accident Insurance: Provides financial protection and income replacement benefits for employees in cases of illness, injury, or death.
• International Health and Employee Benefits: Delivers health coverage and employee benefit programs for globally mobile individuals and expatriates worldwide.
• Behavioral Health Services: Offers support, resources, and access to care for mental health and substance use disorders.
• Care Management and Wellness Programs: Provides programs designed to help members manage chronic conditions, improve overall health, and navigate the healthcare system more effectively.

Cigna (symbol: CI) primarily sells its health services and solutions to other companies and organizations, rather than directly to individuals as its main channel. However, due to the confidential nature of client relationships and the expansive, diversified base of its B2B customers, specific "major customer companies" are not publicly disclosed by Cigna, and no single or small group of customers accounts for a disproportionate share of its revenue.

While individual company names cannot be listed, Cigna's major customer segments (which primarily consist of companies or corporate entities that purchase Cigna's services) include:

• Employers: This category encompasses thousands of large, medium, and small businesses across a multitude of industries. These companies purchase Cigna's group health insurance plans, self-funded administration services, pharmacy benefits, and other health and wellness programs for their employees and their dependents. Specific employer names are proprietary.
• Government Entities: Cigna is a significant provider of health services to various governmental bodies. These include:
  • The U.S. Federal Government (e.g., for Federal Employee Health Benefits Program).
  • State Governments (e.g., for administering Medicaid managed care programs in specific states).
  • The Centers for Medicare & Medicaid Services (CMS) (for offering Medicare Advantage and Part D prescription drug plans to eligible seniors and individuals with disabilities).
  It is important to note that these are governmental organizations, not public companies with stock symbols.
• Other Health Plans and Payers: Through its Evernorth Health Services segment, Cigna provides pharmacy benefit management (PBM), specialty pharmacy, care management, and other solutions to other commercial health plans, managed care organizations, health systems, and accountable care organizations (ACOs). As with direct employer clients, the specific names of these customer companies are proprietary.

David M. Cordani, Chairman and Chief Executive Officer

Mr. Cordani has served as Cigna's President and CEO since 2009 and assumed the additional role of Chairman in January 2022. He joined Cigna in 1991 and has held various finance and operating positions within the company, including President and Chief Operating Officer, and President of Cigna HealthCare. Before joining Cigna, he worked at the accounting firm Coopers & Lybrand (now PricewaterhouseCoopers). Cordani co-authored a book on leadership titled "The Courage to Go Forward: The Power of Micro Communities" and is a triathlete. There is no information in the provided search results to indicate that he founded or sold other companies, or has a pattern of managing companies backed by private equity firms.

Brian Evanko, President and Chief Operating Officer, The Cigna Group

Mr. Evanko serves as President and Chief Operating Officer (COO) for The Cigna Group, a role he assumed in March 2025. Prior to this, he was President and Chief Executive Officer of Cigna Healthcare and Chief Financial Officer (CFO) of The Cigna Group, having served as CFO since 2021. He joined Cigna in 1998 and has held numerous financial and operational leadership roles across the company's U.S. and international businesses, including serving as Business Financial Officer for Cigna's Global Individual Health, Life & Accident operations in Hong Kong and Singapore from 2009-2013, and leading Cigna Healthcare's U.S. Government business from 2017-2021. Evanko also serves on the Board of Directors for TriNet (NYSE: TNET). There is no information in the provided search results to indicate that he founded or sold other companies, or has a pattern of managing companies backed by private equity firms.

Ann Dennison, Executive Vice President and Chief Financial Officer

Ms. Dennison was appointed Executive Vice President and Chief Financial Officer in March 2025. In this role, she oversees all enterprise financial operations and functions. Before joining Cigna, she served as Executive Vice President and CFO at Nasdaq, and prior to that, she was a Managing Director and Head of Financial Reporting at Goldman Sachs.

Nicole Jones, Executive Vice President, Chief Administrative Officer, and General Counsel

Ms. Jones oversees all legal, regulatory, compliance, government affairs, and communications functions for Cigna. She also takes on additional responsibilities overseeing enterprise marketing. She has been with Cigna since 2011, serving as Executive Vice President and General Counsel since June 2011.

David J. Brailer, MD, PhD, Executive Vice President, Chief Health Officer, and Chief Transformation Officer

Dr. Brailer became Cigna's first Chief Health Officer in September 2022. He was the founder and chairman of Health Evolution, an organization that convenes healthcare leaders as they navigate industry changes.

There are two clear emerging threats to Cigna (CI):

1. Amazon's expanding healthcare initiatives: Amazon has entered the pharmacy space with Amazon Pharmacy, directly competing with Cigna's Express Scripts PBM for certain segments of drug fulfillment. Furthermore, Amazon's acquisition of One Medical signals a strategic move into primary care, which could evolve into broader healthcare service offerings that challenge traditional insurer and provider models over time. This represents a well-funded, tech-driven disruption from a major player.
2. Increased legislative and regulatory pressure on Pharmacy Benefit Managers (PBMs): There is growing bipartisan scrutiny and legislative momentum targeting PBM practices, including those of Cigna's Express Scripts. Proposed reforms and investigations into PBM transparency, pricing, and rebate models could fundamentally alter the PBM business model, potentially reducing profitability or imposing significant operational changes. This systemic threat could diminish a key revenue and profit driver for Cigna.

Cigna (CI) operates through two primary divisions: Cigna Healthcare and Evernorth Health Services, offering a diverse range of products and services. These include health insurance plans, pharmacy benefit management (PBM) services, specialty care, and international health solutions.

Addressable Markets for Cigna's Main Products and Services:

1. Pharmacy Benefit Management (PBM) Services (Evernorth Health Services)

• Global Market: The global pharmacy benefit management market was valued between approximately USD 560.99 billion and USD 747.08 billion in 2024, with projections to reach between USD 950.67 billion and USD 1,726.27 billion by 2033, demonstrating a Compound Annual Growth Rate (CAGR) ranging from 4.77% to 9.9% over the forecast period.
• U.S. Market: The U.S. pharmacy benefit management market is a significant portion of the global market. In 2024, its value was estimated at approximately USD 555.84 billion. Other estimates placed the U.S. market at USD 482.4 billion in 2022, growing to USD 934.0 billion by 2030, or USD 490.29 billion in 2023, expected to reach USD 853.50 billion by 2033. North America holds a dominant share of the global PBM market, estimated between 37.8% and 97.14%.

2. Health Insurance Services (Cigna Healthcare)

• U.S. Health and Medical Insurance Market: The U.S. health and medical insurance market was valued at approximately USD 1.23 trillion in 2024, with projections to reach USD 1.77 trillion by 2030. Other estimates indicate the market was valued at USD 1.57 trillion in 2025, expected to grow to USD 2.1 trillion by 2030.
• International Health Insurance Market: Cigna operates its international health business in over 200 countries and jurisdictions, serving approximately 17 million customer relationships globally. A specific overall market size for global "international health insurance" comparable to national health insurance markets was not readily available in the search results.

Cigna (CI) is expected to drive future revenue growth over the next two to three years through several key strategies:

1. Continued Growth and Expansion of Evernorth Health Services: Cigna's Evernorth segment, which includes Pharmacy Benefit Services (Express Scripts) and Specialty and Care Services, is a primary driver of revenue growth. This growth is anticipated to come from strong specialty volume, significant client wins, and the increasing adoption of biosimilars. For example, Evernorth's pharmacy benefit services saw a 46% jump in adjusted revenue in 2024, and specialty and care services recorded an 18% increase. The company plans to have a Humira biosimilar available for $0 out-of-pocket to eligible Accredo patients, which is expected to drive significant long-term affordability and access. Evernorth is a key growth driver, with adjusted revenues increasing 15% in Q3 2025, and Pharmacy Benefit Services revenue jumping 18% year-over-year.
2. Strategic Focus on Fee-Rich Engines and Commercial Medical Business: Cigna is strategically shifting its focus away from more volatile government programs, such as Medicare Advantage and Medicaid (having divested its MA business), towards "fee-rich engines" like its commercial medical plans and Evernorth's pharmacy benefits and specialty distribution arm. This pivot aims for more predictable earnings. The company expects growth in its Cigna Healthcare segment to be driven by repricing its stop-loss business and optimizing its exchange business. Cigna Healthcare's adjusted revenues, excluding Individual and Family Plans premiums, were $12.396 billion in Q4 2024, up from $11.687 billion in Q4 2023.
3. Innovation and Affordability Initiatives: Cigna is investing in innovative solutions to enhance affordability and member experience, which are expected to attract and retain customers. This includes initiatives like an AI-powered virtual assistant for members and a groundbreaking GLP-1 weight-loss benefit that caps patient out-of-pocket costs. The company has also introduced a new rebate-free pharmacy benefit model designed to lower costs and improve transparency for customers. Cigna aims to transition 50% of its business to this new model by 2028.
4. Leveraging the Specialty Drug Market and Biosimilars: The specialty drug market, valued at around $400 billion and growing in the high single digits, presents a significant growth opportunity for Cigna. Cigna's dual presence in pharmacy benefits and medical benefits segments allows it to capture the entire market. The company anticipates long-term average annual earnings growth for its Specialty and Care Services, driven by secular industry growth and share gains, with key drivers including the adoption of biosimilars, representing a potential $100 billion opportunity by the end of the decade, and drug innovation in rare diseases. Evernorth's leadership in biosimilars is noted as crucial in addressing major healthcare challenges.