Cigna Cigna Week Day 2: Cigna Healthcare Overview

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Cigna Cigna Week Day 2: Cigna Healthcare Overview

J P M O R G A N North America Equity Research

18 May 2026

Cigna Overweight

CI, CI US

Cigna Week Day 2: Cigna Healthcare Overview Price (15 May 26):$285.27

Managed Care and Facilities

For Day 2 of Cigna Week, we take a deeper dive into the Cigna Healthcare segment, Lisa C. Gill AC

which includes the company’s domestic and international healthcare benefits (1-212) 622-6466

businesses, and provide an overview of key product lines, financial profiles, and lisa.c.gill@jpmorgan.com

CI’s strategy for each. While CI has trimmed businesses in recent years, we see CI’s John Stansel, CFA

scaled employer solutions representing a solid baseline for go-forward growth. We (1-212) 622-0083

are holding a call this morning with CI CEO David Cordani at 9am Eastern, please john.stansel@jpmorgan.com

reach out to your J.P. Morgan sales rep for details. Benjamin Rossi

(1-212) 622-9603

• U.S. Employer is a foundational business for CI, which should continue to benjamin.rossi@jpmorgan.com

benefit from Select growth over the coming years. The U.S. Employer unit Cole Harris

is a scaled business contributing steady growth for CI. Within the Employer (1-212) 622-9068

cole.harris@jpmorgan.com

segment, CI’s strongest market segments have historically been the National J.P. Morgan Securities LLC

Accounts and Middle Market segments (~11-13% market share within

National and Middle Markets per CI’s 2024 investor day), but the company has

significantly grown its presence in the Select segment in recent years (from

~5% market share in 2018 to ~7% in 2024). CI targets 6%-8% annual earnings

growth in its U.S. Employer business, driven by continued growth in the

National Accounts and Middle Market segments and outsized growth in the

Select segment.