The Cigna Group has reported shareholders’ net income of $5.16bn for the full year ended 31 December 2023, marking a 22% slump from $6.7bn in the prior year. 

Its adjusted income from operations was $7.44bn last year, an increase of 1.8% from $7.31bn in 2022.  

At a group level, adjusted revenues for 2023 totalled $195.32bn, up 8.1% from $180.64bn in 2022.  

Adjusted revenues of the company’s Evernorth Health Services and Cigna Healthcare segments in 2023 came in at $153.49bn and $51.20bn, respectively. 

In the fourth quarter (Q4) of 2023, the US-based health insurance company registered shareholders’ net income of $1.02bn, representing a decline of nearly 13% from $1.19bn in Q4 2022. 

Adjusted income from operations in the October to December 2023 quarter was $1.99bn, an increase of around 30% from $1.53bn in the same period in 2022.  

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By GlobalData

Adjusted revenues in Q4 2023 were $51.15bn, representing 11.8% growth from $45.74bn a year ago. 

Cigna attributed this increase in revenues to strong growth in the Evernorth Health Services and Cigna Healthcare segments. 

Adjusted revenues for the Evernorth Health Services segment increased 12% to $40.51bn in Q4 2023 from $36.18bn in the previous year, while the Cigna Healthcare segment’s adjusted revenues grew 17% to $13bn from $11.13bn. 

The Selling, General and Administrative (SG&A) expense ratio for Q4 2023 was 7.9%, compared with 7.6% in the prior year. 

The adjusted SG&A expense ratio for the reported quarter was 7.4% versus 7.6% in Q4 2022.  

The debt-to-capitalisation ratio of the group stood at 40.1% as of 31 December 2023. 

Cigna Group chairman and CEO David Cordani said: “2023 was another very strong year for our company with consistent execution and sustained growth. 

“We will accelerate our momentum in 2024 as we lead in improving value, affordability and clinical outcomes, as well as with expanding access and choice.” 

The Cigna Group has forecast adjusted revenues of at least $235bn for the full year 2024 and consolidated adjusted income from operations of $8.02bn.