Goodwill and Intangible Asset Disclosure
Adjustments to Financial Statements: Removal of Goodwill
Adjusted Financial Ratios: Removal of Goodwill (Summary)
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Cigna Group, balance sheet: goodwill and intangible assets

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Goodwill	44,259)	45,811)	46,045)	44,648)	4,602)
Customer relationships	29,978)	29,974)	29,997)	29,432)	31,184)
Trade Name - Express Scripts	8,400)	8,400)	8,400)	8,400)	8,400)
Other	317)	348)	447)	475)	383)
Other intangible assets, cost	38,695)	38,722)	38,844)	38,307)	39,967)
Accumulated amortization	(7,755)	(6,230)	(4,620)	(3,128)	(3,405)
Other intangible assets, net carrying value	30,940)	32,492)	34,224)	35,179)	36,562)
Goodwill and other intangibles	75,199)	78,303)	80,269)	79,827)	41,164)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
Goodwill	Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.	Cigna Group goodwill decreased from 2021 to 2022 and from 2022 to 2023.
Other intangible assets, net carrying value	Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Cigna Group other intangible assets, net carrying value decreased from 2021 to 2022 and from 2022 to 2023.
Goodwill and other intangibles	Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Cigna Group goodwill and other intangibles decreased from 2021 to 2022 and from 2022 to 2023.

Cigna Group, adjustments to financial statements

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Adjustment to Total Assets
Total assets (as reported)	152,761)	143,932)	154,889)	155,451)	155,774)
Less: Goodwill	44,259)	45,811)	46,045)	44,648)	4,602)
Total assets (adjusted)	108,502)	98,121)	108,844)	110,803)	151,172)
Adjustment to Shareholders’ Equity
Shareholders’ equity (as reported)	46,223)	44,872)	47,112)	50,321)	45,338)
Less: Goodwill	44,259)	45,811)	46,045)	44,648)	4,602)
Shareholders’ equity (adjusted)	1,964)	(939)	1,067)	5,673)	40,736)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Cigna Group, Financial Data: Reported vs. Adjusted

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Cigna Group, adjusted financial ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Total Asset Turnover
Reported total asset turnover	1.27	1.25	1.11	1.02	0.98
Adjusted total asset turnover	1.79	1.83	1.59	1.44	1.01
Financial Leverage
Reported financial leverage	3.30	3.21	3.29	3.09	3.44
Adjusted financial leverage	55.25	—	102.01	19.53	3.71
Return on Equity (ROE)
Reported ROE	11.17%	14.86%	11.39%	16.81%	11.26%
Adjusted ROE	262.93%	—	502.81%	149.09%	12.53%
Return on Assets (ROA)
Reported ROA	3.38%	4.63%	3.46%	5.44%	3.28%
Adjusted ROA	4.76%	6.80%	4.93%	7.63%	3.38%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Cigna Group adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Cigna Group adjusted ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Cigna Group, Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Revenues from external customers	194,099)	179,361)	172,529)	159,157)	152,176)
Total assets	152,761)	143,932)	154,889)	155,451)	155,774)
Activity Ratio
Total asset turnover¹	1.27	1.25	1.11	1.02	0.98
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Revenues from external customers	194,099)	179,361)	172,529)	159,157)	152,176)
Adjusted total assets	108,502)	98,121)	108,844)	110,803)	151,172)
Activity Ratio
Adjusted total asset turnover²	1.79	1.83	1.59	1.44	1.01

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Total asset turnover = Revenues from external customers ÷ Total assets
= 194,099 ÷ 152,761 = 1.27

² Adjusted total asset turnover = Revenues from external customers ÷ Adjusted total assets
= 194,099 ÷ 108,502 = 1.79

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Cigna Group adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets	152,761)	143,932)	154,889)	155,451)	155,774)
Shareholders’ equity	46,223)	44,872)	47,112)	50,321)	45,338)
Solvency Ratio
Financial leverage¹	3.30	3.21	3.29	3.09	3.44
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets	108,502)	98,121)	108,844)	110,803)	151,172)
Adjusted shareholders’ equity	1,964)	(939)	1,067)	5,673)	40,736)
Solvency Ratio
Adjusted financial leverage²	55.25	—	102.01	19.53	3.71

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Financial leverage = Total assets ÷ Shareholders’ equity
= 152,761 ÷ 46,223 = 3.30

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity
= 108,502 ÷ 1,964 = 55.25

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Shareholders’ net income	5,164)	6,668)	5,365)	8,458)	5,104)
Shareholders’ equity	46,223)	44,872)	47,112)	50,321)	45,338)
Profitability Ratio
ROE¹	11.17%	14.86%	11.39%	16.81%	11.26%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Shareholders’ net income	5,164)	6,668)	5,365)	8,458)	5,104)
Adjusted shareholders’ equity	1,964)	(939)	1,067)	5,673)	40,736)
Profitability Ratio
Adjusted ROE²	262.93%	—	502.81%	149.09%	12.53%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ ROE = 100 × Shareholders’ net income ÷ Shareholders’ equity
= 100 × 5,164 ÷ 46,223 = 11.17%

² Adjusted ROE = 100 × Shareholders’ net income ÷ Adjusted shareholders’ equity
= 100 × 5,164 ÷ 1,964 = 262.93%

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Shareholders’ net income	5,164)	6,668)	5,365)	8,458)	5,104)
Total assets	152,761)	143,932)	154,889)	155,451)	155,774)
Profitability Ratio
ROA¹	3.38%	4.63%	3.46%	5.44%	3.28%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Shareholders’ net income	5,164)	6,668)	5,365)	8,458)	5,104)
Adjusted total assets	108,502)	98,121)	108,844)	110,803)	151,172)
Profitability Ratio
Adjusted ROA²	4.76%	6.80%	4.93%	7.63%	3.38%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ ROA = 100 × Shareholders’ net income ÷ Total assets
= 100 × 5,164 ÷ 152,761 = 3.38%

² Adjusted ROA = 100 × Shareholders’ net income ÷ Adjusted total assets
= 100 × 5,164 ÷ 108,502 = 4.76%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Cigna Group adjusted ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Cigna Group (NYSE:CI)

Analysis of Goodwill and Intangible Assets

Goodwill and Intangible Asset Disclosure

Adjustments to Financial Statements: Removal of Goodwill

Cigna Group, Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

Cigna Group, Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)