Healthcare · Profile from Healthcare Research Companion
The Cigna Group
A Connecticut insurer with roots in two of America's oldest insurance companies that turned itself, through the 2018 purchase of Express Scripts, into a company that earns most of its revenue from pharmacy benefits and specialty pharmacy (Evernorth) rather than from insuring medical risk. It is the clearest example of a "payer" that became a health-services and PBM business, and since 2024 it has deliberately shrunk its insurance footprint (selling its Medicare business) while betting that PBMs can survive the political attack on rebates by abandoning them.
At a glance
- Founded
- 1982, by merger of INA Corporation (Insurance Company of North America, founded 1792, Philadelphia) and Connecticut General Corporation (Connecticut General Life Insurance, founded 1865, Hartford)
- Founders
- Merger architects: Robert D. Kilpatrick (Connecticut General) and Ralph S. Saul (INA), who became co-leaders of the combined company (reported)
- Headquarters
- Bloomfield, Connecticut (Philadelphia was the early corporate seat; verify current legal domicile)
- Ownership / structure
- Public company, NYSE: CI. Renamed from Cigna Corporation to The Cigna Group in February 2023. Two growth platforms: Evernorth Health Services (Express Scripts PBM, Accredo specialty pharmacy, care services) and Cigna Healthcare (US commercial employer business, individual ACA plans, international health)
- Leadership (2026)
- Brian Evanko, CEO from July 1, 2026 (previously president and COO, earlier CFO); David M. Cordani, executive chair (CEO 2009–June 2026). Evanko's appointment was announced March 3, 2026 (verify other current titles)
- Segment and buyer
- Payer and pharmacy & PBM. Buyers are employers (mostly self-insured, ASO), health plans and government programs that hire Express Scripts, individuals in ACA markets, and multinational employers and expatriates abroad
- Scale
- 2025 total revenue ~$274.9bn (+11%, reported); adjusted EPS $29.84 (+9%); Cigna Healthcare ~18m US medical customers (after the 2025 Medicare sale, approximate); Express Scripts serves ~100m+ people (company descriptions, approximate); ~70,000+ employees (verify)
- Capital / valuation / market cap
- Market cap roughly ~$75–95bn in 2025–26 (trading range, verify); ~$67bn Express Scripts deal (incl. ~$15bn assumed debt) is the defining capital event; large, steady buybacks funded by divestitures
- Signature moves (incl. failures)
- INA–Connecticut General merger (1982); sale of P&C to ACE (1999); HealthSpring (2012); failed Anthem merger (2015–17, years of litigation, no damages either way); Express Scripts (2018); Evernorth brand (2020); sale of group life and disability (2020) and Asia-Pacific life business to Chubb (2022); VillageMD investment written off (2022–24); aborted Humana talks (2023, 2024); sale of Medicare business to HCSC (2024–25); rebate-free PBM model and FTC settlement (2025–26)
8 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
1982
INA Connecticut General Merger
Founding / merger
2015
Failed Anthem Merger
Merger (agreed, blocked by court) / litigation
2018
Express Scripts Acquisition
Acquisition (vertical)
2020
Evernorth Launch
Restructuring / brand launch
2021
International Business Sale to Chubb
Divestiture
2023
Humana Merger Talks
Merger (explored, abandoned twice)
2024
Medicare Business Sale to HCSC
Divestiture
2025
Rebate Free PBM Model and FTC Settlement
Pricing change / regulatory settlement