Cigna Group (CI) · Material Event (8-K) SEC Filing

EX-99.1 2 ef20078875_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 INVESTOR RELATIONS CONTACT: Ralph Giacobbe 860-787-7968 [email protected] MEDIA CONTACT: Justine Sessions 860-810-6523 [email protected] The Cigna Group Reports Strong Second Quarter 2026 Results, Raises 2026 Outlook Total revenues for the second quarter 2026 increased 7% to $71.7 billion Shareholders net income for the second quarter 2026 was $1.7 billion, or $6.29 per share Adjusted income from operations1 for the second quarter 2026 was $2.1 billion, or $7.78 per share 2026 outlook2 for adjusted income from operations1,2 increased to at least $30.45 per share2 BLOOMFIELD, CT, July 30, 2026 Global health company The Cigna Group (NYSE: CI) today reported second quarter 2026 results, reflecting solid operational performance across its diversified portfolio of businesses. Our purpose is to improve the lives of each and every customer and patient we serve, said Brian C. Evanko, President and Chief Executive Officer of The Cigna Group. By harnessing technology, data and AI to deliver more personalized experiences, improve access and lower costs, we are creating greater value every day. Our strong second quarter results reflect continued progress against these priorities and demonstrate the effectiveness of our strategy and execution. Shareholders net income for second quarter 2026 was $1.7 billion, or $6.29 per share compared to $1.5 billion, or $5.71 per share, for second quarter 2025, primarily reflecting growth in Cigna Healthcare. The Cigna Group s adjusted income from operations1 for second quarter 2026 was $2.1 billion, or $7.78 per share, compared with $1.9 billion, or $7.20 per share, for second quarter 2025. A reconciliation of shareholders net income to adjusted income from operations1 is provided on the following page and on Exhibit 1 of this earnings release. 2 CONSOLIDATED HIGHLIGHTS The following table includes highlights of results and reconciliations of total revenues to adjusted revenues3 and shareholders net income to adjusted income from operations1: Consolidated Financial Results (unaudited, dollars in millions): Three Months Ended Six Months Ended June 30, March 31, June 30, 2026 2025 2026 2026 Total Revenues $ 71,668 $ 67,178 $ 68,494 $ 140,162 Net Investment Results from Equity Method Investments3 (110 ) (44 ) 23 (87 ) Adjusted Revenues3 $ 71,558 $ 67,134 $ 68,517 $ 140,075 Consolidated Earnings, net of taxes Shareholders Net Income $ 1,660 $ 1,532 $ 1,654 $ 3,314 Net Investment (Gains)1 (55 ) (103 ) (233 ) (288 ) Amortization of Acquired Intangible Assets1 296 330 315 611 Special Items1 153 171 322 475 Adjusted Income from Operations1 $ 2,054 $ 1,930 $ 2,058 $ 4,112 Shareholders Net Income, per share $ 6.29 $ 5.71 $ 6.26 $ 12.55 Adjusted Income from Operations1, per share $ 7.78 $ 7.20 $ 7.79 $ 15.58 Total revenues for second quarter 2026 increased 7% relative to second quarter 2025, driven by growth in both Evernorth Health Services and Cigna Healthcare. Adjusted income from operations1 for second quarter 2026 increased 6% relative to second quarter 2025, driven by higher contributions from Cigna Healthcare. The SG&A expense ratio4 and adjusted SG&A expense ratio4 were 4.8% and 4.6% for second quarter 2026, compared to 5.1% and 4.9%, respectively, in second quarter 2025, primarily reflecting operating efficiency. Year to date through July 29, 2026, the company repurchased 0.9 million shares of common stock for approximately $250 million. 3 CUSTOMER RELATIONSHIPS The following table summarizes The Cigna Group s medical customers and overall customer relationships: Customer Relationships (in thousands): As of the Periods Ended June 30, March 31, December 31, 2026 2025 2026 2025 Total Pharmacy Customers 118,243 121,892 121,020 123,603 U.S. Healthcare 16,678 16,355 16,623 16,423 International Health 1,735 1,691 1,711 1,695 Total Medical Customers5 18,413 18,046 18,334 18,118 Behavioral Care 27,621 23,852 27,558 28,269 Dental 18,488 18,446 18,558 18,438 Total Customer Relationships 182,765 182,236 185,470 188,428 Total customer relationships at June 30, 2026 decreased 3% from December 31, 2025 to 182.8 million. Total pharmacy customers at June 30, 2026 decreased 4% from December 31, 2025 to 118.2 million, reflecting expected client transitions and lower membership from health plan clients. Total medical customers5 at June 30, 2026 increased 2% from December 31, 2025 to 18.4 million reflecting growth in Middle and Select markets, partially offset by lower membership in National Accounts. 4 HIGHLIGHTS OF SEGMENT RESULTS See Exhibit 1 for a reconciliation of adjusted income from operations1 to shareholders net income. Evernorth Health Services This segment includes the Pharmacy Benefit Services and Specialty and Care Services operating segments, which provide independent and coordinated health solutions and capabilities to enable the health care system to work better and help people live healthier lives. Pharmacy Benefit Services drives high-quality, cost-effective pharmacy care through various services such as drug claim adjudication, retail pharmacy network administration, benefit design consultation, drug utilization review, drug formulary management and access to our home delivery pharmacy. Specialty and Care Services provides specialty drugs for the treatment of complex and rare diseases, specialty distribution of pharmaceuticals and medical supplies, as well as clinical programs to help our clients drive better whole-person health outcomes through care services. Financial Results (dollars in millions): Three Months Ended Six Months Ended June 30, March 31, June 30, 2026 2025 2026 2026 Total Adjusted Revenues Pharmacy Benefit Services $ 34,496 $ 31,954 $ 33,002 $ 67,498 Specialty and Care Services $ 26,972 $ 25,871 $ 25,440 $ 52,412 Adjusted Revenues3 $ 61,468 $ 57,825 $ 58,442 $ 119,910 Adjusted Income from Operations, Pre-Tax Pharmacy Benefit Services $ 609 $ 833 $ 394 $ 1,003 Specialty and Care Services $ 1,054 $ 863 $ 1,072 $ 2,126 Adjusted Income from Operations, Pre-Tax1 $ 1,663 $ 1,696 $ 1,466 $ 3,129 Margin, Pre-Tax6 2.7 % 2.9 % 2.5 % 2.6 % Evernorth Health Services second quarter 2026 adjusted revenues3 increased 6% and adjusted income from operations, pre-tax1, decreased 2%, relative to second quarter 2025. For Pharmacy Benefit Services second quarter 2026 relative to second quarter 2025: Adjusted revenues3 increased 8% primarily due to drug mix. Adjusted income from operations, pre-tax1, decreased 27%, primarily reflecting client-focused initiatives, including large client contract renewals, and customer-focused initiatives, consistent with prior commentary. For Specialty and Care Services second quarter 2026 relative to second quarter 2025: Adjusted revenues3 increased 4% reflecting strong specialty volume growth. Adjusted income from operations, pre-tax1, increased 22% primarily reflecting strong organic growth in specialty businesses, including higher generic and biosimilar adoption which benefits clients and patients by delivering lower costs, and operating efficiencies. 5 Cigna Healthcare This segment includes the U.S. Healthcare and International Health operating segments, which provide comprehensive medical and coordinated solutions to clients and customers. U.S. Healthcare provides medical plans and other benefits and solutions for insured and self-insured clients as well as individual and family plan customers. International Health provides health care solutions in our international markets, as well as health solutions for globally mobile individuals and employees of multinational organizations. In April 2026, the Company announced its planned exit from the Individual and Family Plans medical business as of January 1, 2027. Financial Results (dollars in millions): Three Months Ended Six Months Ended June 30, March 31, June 30, 2026 2025 2026 2026 Adjusted Revenues3,7 $ 11,728 $ 10,754 $ 11,477 $ 23,205 Adjusted Income from Operations, Pre-Tax1 $ 1,276 $ 1,094 $ 1,514 $ 2,790 Margin, Pre-Tax6 10.9 % 10.2 % 13.2 % 12.0 % Second quarter 2026 adjusted revenues3 increased 9% relative to second quarter 2025, primarily reflecting premium rate increases to cover expected increases in medical costs. Second quarter 2026 adjusted income from operations, pre-tax1, increased 17% relative to second quarter 2025, primarily due to an improved margin within our U.S. Employer business. The Cigna Healthcare MCR4 was 84.5% for second quarter 2026, compared to 83.2% for second quarter 2025, primarily reflecting higher prior year risk adjustment benefits within our Individual and Family Plans business recognized in second quarter 2025. Cigna Healthcare net medical costs payable8 was $5.09 billion at June 30, 2026, $4.78 billion at March 31, 2026, and $4.49 billion at June 30, 2025. The sequential increase reflects typical stop loss seasonality. Favorable prior year reserve development on a gross pre-tax basis was $268 million and $297 million for the six months ended June 30, 2026 and 2025, respectively. Corporate and Other Operations Corporate reflects interest expense, amounts not allocated to operating segments and includes intersegment eliminations. Other Operations is comprised of Corporate Owned Life Insurance ( COLI ), the Company s run-off operations and other non-strategic businesses. Financial Results (dollars in millions): Three Months Ended Six Months Ended June 30, March 31, June 30, 2026 2025 2026 2026 Adjusted (Loss) from Operations, Pre-Tax1 $ (389 ) $ (357 ) $ (377 ) $ (766 ) 6 2026 OUTLOOK2 The Cigna Group s outlook for full year 2026 consolidated adjusted income from operations1,2 is at least $30.45 per share2. Additionally, this outlook includes the impact of expected future share repurchases and anticipated 2026 dividends. (dollars in millions, except where noted and per share amounts) 2026 Consolidated Metrics Projection for Full Year Ending December 31, 2026 Change from Prior Projection Adjusted Income from Operations, per share1,2 at least $30.45 +$0.10 Evernorth Adjusted Income from Operations, Pre-Tax1,2 at least $6,900 Cigna Healthcare Adjusted Income from Operations, Pre-Tax1,2 at least $4,550 +$25 Cigna Healthcare Medical Care Ratio2,4 83.7% to 84.7% 7 The foregoing statements represent the Company s current estimates of The Cigna Group s 2026 consolidated and segment adjusted income from operations1,2 and other key metrics as of the date of this release. Actual results may differ materially depending on a number of factors. Investors are urged to read the Cautionary Note Regarding Forward-Looking Statements included in this release. Management does not assume any obligation to update these estimates. This quarterly earnings release and the Quarterly Financial Supplement are available on The Cigna Group s website in the Investor Relations section (https://investors.thecignagroup.com/overview/default.aspx). Management will be hosting a conference call to review second quarter 2026 results and discuss full year 2026 outlook beginning today at 8:30 a.m. ET. A link to the conference call is available in the Investor Relations section of The Cigna Group s website located at https://investors.thecignagroup.com/events-and-presentations/default.aspx. The call-in numbers for the conference call are as follows: Live Call (888) 566-1889 (Domestic) (773) 799-3989 (International) Passcode: 07302026 Replay (866) 405-7290 (Domestic) (203) 369-0603 (International) It is strongly suggested you dial in to the conference call by 8:15 a.m. ET. About The Cigna Group The Cigna Group (NYSE: CI) is a global health company committed to creating a better future built on the vitality of every individual and every community. We relentlessly challenge ourselves to partner and innovate solutions for better health. The Cigna Group includes products and services marketed under Evernorth Health Services, Cigna Healthcare, or its subsidiaries. The Cigna Group maintains sales capabilities in more than 30 markets and jurisdictions, and has over 180 million customer relationships around the world. Learn more at thecignagroup.com. Notes: 1. Adjusted income (loss) from operations is a principal financial measure of profitability used by The Cigna Group s management because it presents the underlying results of operations of the Company s businesses and facilitates analysis of trends in underlying revenue, expenses and shareholders net income. Adjusted income (loss) from operations is defined as shareholders net income (or income before income taxes less pre-tax income (loss) attributable to noncontrolling interests for the segment metric) excluding net investment gains/losses, amortization of acquired intangible assets and special items. The Cigna Group s share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting are also excluded. Special items are matters that management believes are not representative of the underlying results of normal, recurring operations due to their nature or size. Adjusted income (loss) from operations is measured on an after-tax basis for consolidated results and on a pre-tax basis for segment results. Consolidated adjusted income (loss) from operations is not determined in accordance with GAAP and should not be viewed as a substitute for the most directly comparable GAAP measure, shareholders net income. See Exhibit 1 for a reconciliation of consolidated adjusted income from operations to shareholders net income. 8 2. Management is not able to provide a reconciliation of adjusted income from operations to shareholders net income, on a forward-looking basis because it is unable to predict, without unreasonable effort, certain components thereof including (i) future net investment results and (ii) future special items. These items are inherently uncertain and depend on various factors, many of which are beyond The Cigna Group s control. As such, any associated estimate and its impact on shareholders net income and total revenues could vary materially. The Company s outlook excludes the potential effects of any other business combinations that may occur after the date of this earnings release. The Company s outlook includes the potential effects of expected future share repurchases and anticipated 2026 dividends. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and alternate uses of capital. The share repurchase program may be effected through open market purchases in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, including through Rule 10b5-1 trading plans, or privately negotiated transactions. The program may be suspended or discontinued at any time. 3. Adjusted revenues is used by The Cigna Group s management because it facilitates analysis of trends in underlying revenue. The Company defines adjusted revenues as total revenues excluding the following adjustments: special items and The Cigna Group s share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting. Special items are matters that management believes are not representative of the underlying results of normal, recurring operations due to their nature or size. We exclude these items from this measure because management believes they are not indicative of past or future underlying performance of the business. Adjusted revenues is not determined in accordance with GAAP and should not be viewed as a substitute for the most directly comparable GAAP measure, total revenues. See Exhibit 1 for a reconciliation of consolidated adjusted revenues to total revenues. 4. Operating ratios are defined as follows: The Cigna Healthcare medical care ratio ( MCR ) represents medical costs as a percentage of premiums for all Cigna Healthcare risk products provided through guaranteed cost or experience-rated funding arrangements. Changes in percentages may be expressed in basis points ( bps ). SG&A expense ratio on a GAAP basis for the second quarter 2026 represents enterprise selling, general and administrative expenses of $3,470 million as a percentage of total revenue of $71.7 billion at a consolidated level. SG&A expense ratio on a GAAP basis for the second quarter 2025 represents enterprise selling, general and administrative expenses of $3,433 million as a percentage of total revenue of $67.2 billion at a consolidated level. Adjusted SG&A expense ratio for the second quarter 2026 represents enterprise selling, general and administrative expenses of $3,290 million excluding special items of $180 million as a percentage of adjusted revenue at a consolidated level. Adjusted SG&A expense ratio for the second quarter 2025 represents enterprise selling, general and administrative expenses of $3,271 million excluding special items of $162 million as a percentage of adjusted revenue at a consolidated level. 9 5. Customer relationships are defined as follows: Total medical customers includes individuals who meet any one of the following criteria: (i) are covered under a medical insurance policy, managed care arrangement, or administrative services agreement issued by Cigna Healthcare; (ii) have access to Cigna Healthcare s provider network for covered services under their medical plan; or (iii) have medical claims that are administered by Cigna Healthcare. 6. Margin, pre-tax, is calculated by dividing adjusted income (loss) from operations, pre-tax by adjusted revenues for each segment. 7. The Cigna Group owns noncontrolling interests in certain operating joint ventures. As such, the adjusted revenues for the Cigna Healthcare segment only include the Company s share of the joint ventures earnings reported in Fees and Other Revenues using the equity method of accounting under GAAP. 8. Medical costs payable within the Cigna Healthcare segment are presented net of reinsurance and other recoverables. The gross medical costs payable balance was $5.23 billion as of June 30, 2026, $4.92 billion as of March 31, 2026, and $4.64 billion as of June 30, 2025. 10 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This press release, and oral statements made in connection with this release, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on The Cigna Group s current expectations and projections about future trends, events and uncertainties. These statements are not historical facts. Forward-looking statements may include, among others, statements concerning our projected outlook for 2026 (including adjusted revenues; adjusted income from operations, including on a per share, and segment basis; adjusted SG&A expense ratio; adjusted effective tax rate; cash flow from operations; capital expenditures; shareholder dividends; weighted average shares outstanding; medical care ratio; and total medical customers); future financial or operating performance, including our ability to improve the health and vitality of those we serve; future growth, business strategy and strategic or operational initiatives, including our ability to successfully implement actions across our business to strengthen our platform and build a more sustainable model for healthcare; economic, regulatory or competitive environments; capital deployment plans and amounts available for future deployment; our prospects for growth in the coming years; and other statements regarding The Cigna Group s future beliefs, expectations, plans, intentions, liquidity, cash flows, financial condition or performance. You may identify forward-looking statements by the use of words such as believe, expect, project, plan, intend, anticipate, estimate, predict, potential, may, should, will or other words or expressions of similar meaning, although not all forward-looking statements contain such terms. Forward-looking statements are subject to risks and uncertainties, both known and unknown, that could cause actual results to differ materially from those expressed or implied in forward-looking statements. Such risks and uncertainties include, but are not limited to: our ability to manage health care costs and respond to price competition, inflation and other pressures that could compress our margins or result in premiums that are insufficient to cover the cost of services delivered to our customers; our ability to compete effectively, differentiate our products and services from those of our competitors and adapt to changes in an evolving and rapidly changing industry; our ability to develop and effectively implement products and services to improve the accessibility, affordability and transparency of health care; changes in drug pricing or industry pricing benchmarks; our ability to maintain relationships with one or more key pharmaceutical manufacturers or if payments made or discounts provided decline; changes in the pharmacy provider marketplace or pharmacy networks; the potential for actual claims to exceed our estimates related to expected medical claims; our ability to develop and maintain satisfactory relationships with health care payors, physicians, hospitals, other health service providers and with producers and consultants; potential liability in connection with managing medical practices and operating pharmacies, onsite clinics and other types of medical facilities; uncertainties surrounding participation in government-sponsored programs and providing services to payors who participate in government-sponsored programs; the substantial level of government regulation over our business and the potential effects of new laws or regulations or changes in existing laws or regulations; compliance with applicable privacy, security and data laws, regulations and standards; the outcome of litigation, regulatory audits and investigations; compliance costs and potential failure of our prevention, detection and control systems; our ability to invest in and properly maintain our information technology and other business systems; our ability to prevent or contain effects of a potential cyberattack or other privacy or data security incident; risks related to our use of artificial intelligence and machine learning; dependence on success of relationships with third parties; risk of significant disruption within our operations or among key suppliers or third parties; political, legal, operational, regulatory, economic and other risks that could affect our multinational operations, including currency exchange rates; risks related to strategic transactions and realization of the expected benefits of such transactions, as well as integration or separation difficulties or underperformance relative to expectations which could lead to an impairment charge; our ability to achieve our strategic and operational initiatives; unfavorable economic and market conditions, the risk of a recession or other economic downturn and resulting impact on employment metrics, stock market or changes in interest rates; risks related to a downgrade in financial strength ratings of our insurance subsidiaries; the impact of our significant indebtedness and the potential for further indebtedness in the future; credit risk related to our reinsurers; as well as more specific risks and uncertainties discussed in our most recent report on Form 10-K and subsequent reports on Forms 10-Q and 8-K available through the Investor Relations section of www.thecignagroup.com. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made, are not guarantees of future performance or results, and are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. The Cigna Group undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by law. THE CIGNA GROUP Exhibit 1 COMPARATIVE SUMMARY OF FINANCIAL RESULTS (unaudited) Three Months Ended Six Months Ended Three Months Ended June 30, June 30, March 31, (Dollars in millions, except per share amounts) 2026 2025 2026 2025 2026 REVENUES Pharmacy revenues $ 57,172 $ 53,649 $ 111,209 $ 102,282 $ 54,037 Premiums 9,859 9,156 19,671 21,892 9,812 Fees and other revenues 4,365 4,137 8,808 8,032 4,443 Net investment income 272 236 474 474 202 Total revenues 71,668 67,178 140,162 132,680 68,494 Net investment results from certain equity method investments (110 ) (44 ) (87 ) (94 ) 23 Adjusted revenues (1) $ 71,558 $ 67,134 $ 140,075 $ 132,586 $ 68,517 Shareholders net income $ 1,660 $ 1,532 $ 3,314 $ 2,855 $ 1,654 Pre-tax adjusted income (loss) from operations by segment Evernorth Health Services $ 1,663 $ 1,696 $ 3,129 $ 3,130 $ 1,466 Cigna Healthcare 1,276 1,094 2,790 2,381 1,514 Corporate and Other Operations (389 ) (357 ) (766 ) (768 ) (377 ) Adjusted income tax expense (496 ) (503 ) (1,041 ) (973 ) (545 ) Consolidated after-tax adjusted income from operations $ 2,054 $ 1,930 $ 4,112 $ 3,770 $ 2,058 Weighted average shares (in thousands) 263,962 268,154 263,990 270,540 264,017 Common shares outstanding (in thousands) 264,154 266,901 264,498 SHAREHOLDERS EQUITY at June 30, $ 42,620 $ 40,214 SHAREHOLDERS EQUITY PER SHARE at June 30, $ 161.35 $ 150.67 Three Months Ended Six Months Ended Three Months Ended June 30, June 30, March 31, 2026 2025 2026 2025 2026 (Dollars in millions, except per share amounts) Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax SHAREHOLDERS NET INCOME Shareholders net income $ 1,660 $ 1,532 $ 3,314 $ 2,855 $ 1,654 Adjustments to reconcile to adjusted income from operations Net investment (gains) (2) $ (41 ) (55 ) $ (96 ) (103 ) $ (276 ) (288 ) $ (144 ) (151 ) $ (235 ) (233 ) Amortization of acquired intangible assets 389 296 422 330 779 611 844 666 390 315 Special Items Strategic optimization program 70 53 129 98 450 343 344 261 380 290 Integration and transaction-related costs 34 26 74 56 69 53 290 220 35 27 Charges (benefits) associated with litigation matters 77 60 66 52 (11 ) (8 ) Deferred tax expenses, net 17 17 33 34 16 (Gain) on sale of businesses (6 ) (3 ) (6 ) (6 ) (41 ) (115 ) (3 ) Adjusted income from operations (3) $ 2,054 $ 1,930 $ 4,112 $ 3,770 $ 2,058 DILUTED EARNINGS PER SHARE Shareholders net income $ 6.29 $ 5.71 $ 12.55 $ 10.55 $ 6.26 Adjustments to reconcile to adjusted income from operations Net investment (gains) (2) $ (0.16 ) (0.21 ) $ (0.36 ) (0.38 ) $ (1.05 ) (1.09 ) $ (0.53 ) (0.56 ) $ (0.89 ) (0.88 ) Amortization of acquired intangible assets 1.48 1.12 1.57 1.23 2.96 2.32 3.12 2.47 1.48 1.19 Special Items Strategic optimization program 0.27 0.20 0.48 0.37 1.70 1.29 1.27 0.97 1.44 1.10 Integration and transaction-related costs 0.13 0.10 0.28 0.21 0.26 0.20 1.07 0.81 0.13 0.10 Charges (benefits) associated with litigation matters 0.28 0.23 0.25 0.20 (0.04 ) (0.03 ) Deferred tax expenses, net 0.06 0.06 0.13 0.13 0.06 (Gain) on sale of businesses (0.02 ) (0.01 ) (0.02 ) (0.02 ) (0.15 ) (0.43 ) (0.01 ) Adjusted income from operations (3) $ 7.78 $ 7.20 $ 15.58 $ 13.94 $ 7.79 (1) Adjusted revenues is defined as total revenues excluding the following adjustments: special items and The Cigna Group s share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting. These items are excluded because they are not indicative of past or future underlying performance of our businesses. (2) Includes Net investment gains/losses as presented in our Consolidated Statements of Income, as well as the Company s share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting, which are presented within Fees and other revenues in our Consolidated Statements of Income. (3) Adjusted income (loss) from operations is defined as shareholders net income (or income before income taxes less pre-tax income (loss) attributable to noncontrolling interests for the segment metric) excluding the following adjustments: net investment gains/losses, amortization of acquired intangible assets and special items. The Cigna Group s share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting are also excluded.