\nIn addition, AM Best has affirmed the Long-Term ICR of \u201cbbb+\u201d (Good) and the Long-Term Issue Credit Ratings (Long-Term IR) of Cigna. AM Best also has affirmed the Short-Term Issue Credit Rating (Short-Term IR) of Cigna. The outlook of these Credit Ratings (ratings) is stable. (Please see below for a detailed listing of the companies and ratings.)<\/p>\n
\nThe ratings reflect Cigna Life & Health Group\u2019s balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).<\/p>\n
\nCigna Life & Health Group\u2019s ratings continue to recognize its strongest level of risk-adjusted capitalization, as measured by Best\u2019s Capital Adequacy Ratio (BCAR). The group\u2019s balance sheet remains a core strength, characterized by strong liquidity and financial flexibility. Cigna Life & Health Group\u2019s invested assets are held predominantly in investment grade fixed income securities and cash\/cash equivalents, while maintaining moderate exposure to commercial mortgage-backed securities, private issues and below investment grade securities.<\/p>\n
\nAM Best notes that Cigna Life & Health Group\u2019s balance sheet strength assessment continues to be impacted by Cigna\u2019s elevated financial leverage of just over 43%, as measured by AM Best, as well as its very high level of goodwill and intangible assets. Cigna\u2019s debt service is supported by its strong earnings and dividends from the group\u2019s insurance entities, as well as solid non-regulated earnings from its Evernorth Health Services segment. Cigna\u2019s earnings before interest and taxes interest coverage remains good at over six times for 2025. Nevertheless, goodwill and intangibles assets remain high at approximately 176% of shareholder equity. The high goodwill\/intangibles are predominantly related to non-insurance operations, Evernorth Health Services, contributes material non- regulated cash flow, stable earnings and substantial business diversification for Cigna. Cigna has reported strong operating cash flows through 2025. Cigna has excellent financial flexibility supported by parent company cash, insurance subsidiary dividend capacity, non-regulated cash flow, a commercial paper program and a $6.5 billion revolving credit agreement.<\/p>\n
\nCigna Life & Health Group has reported a solid level of revenue and operating earnings in its business segments over the last several years, driven by a high membership base and premium rate increases. The group\u2019s revenues are geographically diversified across the United States, which supports the organization’s operational strength. The sale of Cigna Group\u2019s Medicare and CareAllies businesses in 2025 is expected to drive a decrease in overall revenues. Cigna Life & Health Group has consistently reported high levels of earnings and solid levels of return-on-equity measures among its peers. AM Best also notes that Cigna Life & Health Group continues to operate under a lower risk model as a majority of its business is commercial group health business with a high portion operated under self-funded\/administrative services only employer group contracts. Earnings from the insurance operations have been driven largely by the group\u2019s core commercial segment. AM Best expects Cigna Life & Health Group\u2019s operating performance to remain favorable with possible improvement from the sale of its Medicare business, which had been a drag on earnings.<\/p>\n
\nThe organization continues to maintain a strong market presence in its core commercial employer health products in the United States. Through its affiliated noninsurance service entities, Cigna provides pharmacy benefit management services, as well as a comprehensive suite of solutions for complex and chronic conditions to drive down the cost of care. Furthermore, Cigna has expanded its customer base through cross-selling opportunities via the Evernorth Health Services arm, with further opportunity for premium, revenue and earnings growth for the overall organization.<\/p>\n
\nThe organization has a comprehensive ERM program with mature governance. The program is integrated into day-to-day operations and strategic business planning. Each business unit has its own heat map, which rolls up to an enterprise-level heat map. The organization also employs a formal risk appetite statement that includes key principles and key tolerances and limits. Cigna utilizes economic capital modeling and stress testing.<\/p>\n
\nThe ratings reflect CIGNA Life Insurance Company of Europe S.A.-N.V.\u2019s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile, appropriate ERM and support from Cigna.<\/p>\n
\nThe ratings reflect CIGNA Global Insurance Company Limited\u2019s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile, appropriate ERM and support from Cigna.<\/p>\n
\nThe FSR of A (Excellent) and the Long-Term ICRs of \u201ca+\u201d (Excellent) have been affirmed with stable outlooks for the following key U.S. life\/health subsidiaries of The Cigna Life & Health Group:<\/p>\n
- \n
- \nConnecticut General Life Insurance Company<\/p>\n<\/li>\n
- \nCigna Health and Life Insurance Company<\/p>\n<\/li>\n
- \nCigna Worldwide Insurance Company<\/p>\n<\/li>\n
- \nCigna Dental Health Plan of Arizona, Inc.<\/p>\n<\/li>\n
- \nCigna Dental Health of California, Inc.<\/p>\n<\/li>\n
- \nCigna Dental Health of Florida, Inc.<\/p>\n<\/li>\n
- \nCigna Dental Health of Maryland, Inc.<\/p>\n<\/li>\n
- \nCigna Dental Health of Ohio, Inc.<\/p>\n<\/li>\n
- \nCigna Dental Health of Pennsylvania, Inc.<\/p>\n<\/li>\n
- \nCigna Dental Health of Texas, Inc.<\/p>\n<\/li>\n
- \nCigna Dental Health of New Jersey, Inc.<\/p>\n<\/li>\n
- \nCigna Dental Health of Missouri, Inc.<\/p>\n<\/li>\n
- \nCigna Dental Health of Virginia, Inc.<\/p>\n<\/li>\n
- \nCigna HealthCare of Indiana, Inc.<\/p>\n<\/li>\n
- \nCigna HealthCare of North Carolina, Inc.<\/p>\n<\/li>\n
- \nCigna HealthCare of South Carolina, Inc.<\/p>\n<\/li>\n
- \nCigna HealthCare of Georgia, Inc.<\/p>\n<\/li>\n
- \nCigna HealthCare of Texas, Inc.<\/p>\n<\/li>\n
- \nCigna HealthCare of Florida, Inc.<\/p>\n<\/li>\n
- \nCigna HealthCare of New Jersey, Inc.<\/p>\n<\/li>\n
- \nCigna HealthCare of Connecticut, Inc.<\/p>\n<\/li>\n
- \nCigna HealthCare of Illinois, Inc.<\/p>\n<\/li>\n
- \nCigna HealthCare of St. Louis, Inc.<\/p>\n<\/li>\n
- \nCigna HealthCare of Tennessee, Inc.<\/p>\n<\/li>\n
- \nCigna HealthCare of California, Inc<\/p>\n<\/li>\n<\/ul>\n
\nThe FSR of A (Excellent) and the Long-Term ICRs of \u201ca+\u201d (Excellent) have been affirmed with stable outlooks for the following Europe-based subsidiaries of The Cigna Group:<\/p>\n
- \n
- \nCIGNA Life Insurance Company of Europe S.A. \u2013 N.V.<\/p>\n<\/li>\n
- \nCIGNA Europe Insurance Company S.A. \u2013 N.V.<\/p>\n<\/li>\n
- \nCIGNA Global Insurance Company Limited<\/p>\n<\/li>\n<\/ul>\n
\nThe following Long-Term IRs have been affirmed with stable outlooks for The Cigna Group:<\/p>\n
\nThe Cigna Group\u2014<\/p>\n
\n– \u201cbbb+\u201d (Good) on $800 million ($550 million outstanding) of 1.25% senior unsecured notes, due 2026<\/p>\n
\n– \u201cbbb+\u201d (Good) on $1 billion of 5% senior unsecured notes, due 2029<\/p>\n
\n– \u201cbbb+\u201d (Good) on $1.5 billion ($1.4 billion outstanding) of 2.4% senior unsecured notes, due 2030<\/p>\n
\n– \u201cbbb+\u201d (Good) on $1 billion of 4.5% senior unsecured notes, due 2030<\/p>\n
\n– \u201cbbb+\u201d (Good) on $1.5 billion of 2.375% senior unsecured notes, due 2031<\/p>\n
\n– \u201cbbb+\u201d (Good) on $750 million of 5.125% senior unsecured notes, due 2031<\/p>\n
\n– \u201cbbb+\u201d (Good) on $1.25 billion of 4.875% senior unsecured notes, due 2032<\/p>\n
\n– \u201cbbb+\u201d (Good) on $800 million of 5.4% senior unsecured notes, due 2033<\/p>\n
\n– \u201cbbb+\u201d (Good) on $1.25 billion of 5.25% senior unsecured notes, due 2034<\/p>\n
\n– \u201cbbb+\u201d (Good) on $1.5 billion of 5.25% senior unsecured notes, due 2036<\/p>\n
\n– \u201cbbb+\u201d (Good) on $750 million of 3.2% senior unsecured notes, due 2040<\/p>\n
\n– \u201cbbb+\u201d (Good) on $1.25 billion ($1.18 billion outstanding) of 3.4% senior unsecured notes, due 2050<\/p>\n
\n– \u201cbbb+\u201d (Good) on $1.5 billion ($1.43 billion outstanding) of 3.4% senior unsecured notes, due 2051<\/p>\n
\n– \u201cbbb+\u201d (Good) on $1.5 billion of 5.6% senior unsecured notes, due 2054<\/p>\n
\n– \u201cbbb+\u201d (Good) on $750 million of 6% senior unsecured notes, due 2056<\/p>\n
\nThe following Short-Term IR has been affirmed:<\/p>\n
\nThe Cigna Group\u2014<\/p>\n
\n– AMB-2 (Satisfactory) on commercial paper program<\/p>\n
\nThe following indicative Long-Term IRs have been affirmed with stable outlooks:<\/p>\n
\nThe Cigna Group\u2014<\/p>\n
\n– \u201cbbb+\u201d (Good) on senior unsecured debt<\/p>\n
\n– \u201cbbb-\u201d (Good) on preferred stock<\/p>\n
\nThe following Long-Term IRs have been affirmed with stable outlooks:<\/p>\n
\nCigna Holding Company\u2014<\/p>\n
\n– \u201cbbb+\u201d (Good) on $300 million ($81 million outstanding) of 7.875% of senior unsecured debentures, due 2027<\/p>\n
\n– \u201cbbb+\u201d (Good) on $600 million ($50 million outstanding) of 3.05% senior unsecured notes, due 2027<\/p>\n
\n– \u201cbbb+\u201d (Good) on $83 million ($13 million outstanding) of 8.08% senior unsecured step-down notes, due 2033<\/p>\n
\n– \u201cbbb+\u201d (Good) on $500 million ($15 million outstanding) of 6.15% senior unsecured notes, due 2036<\/p>\n
\n– \u201cbbb+\u201d (Good) on $300 million ($29 million outstanding) of 5.875% senior unsecured notes, due 2041<\/p>\n
\n– \u201cbbb+\u201d (Good) on $750 million ($21 million outstanding) of 5.375% senior unsecured notes, due 2042<\/p>\n
\n– \u201cbbb+\u201d (Good) on $1 billion ($32 million outstanding) of 3.875% senior unsecured notes, due 2047<\/p>\n
This press release relates to Credit Ratings that have been published on AM Best\u2019s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best\u2019s <\/b>Recent Rating Activity<\/b><\/a> web page. For additional information regarding the use and limitations of Credit Rating opinions, please view <\/b>Guide to Best’s Credit Ratings<\/b><\/a>. For information on the proper use of Best\u2019s Credit Ratings, Best\u2019s Performance Assessments, Best\u2019s Preliminary Credit Assessments and AM Best press releases, please view <\/b>Guide to Proper Use of Best\u2019s Ratings & Assessments<\/b><\/a>.<\/b><\/p>\n
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit <\/b>www.ambest.com<\/b><\/a>.<\/b><\/p>\n
Copyright \u00a9 2026 by A.M. Best Rating Services, Inc. and\/or its affiliates. ALL RIGHTS RESERVED.<\/b><\/p>\n
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View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20260304847549\/en\/<\/a><\/span><\/p>\n
Jennifer Asamoah
\n<\/b>
Senior Financial Analyst
\n<\/b>
+1 908 882 1637
\n<\/b>
jennifer.asamoah@ambest.com
\n<\/a><\/p>\nBridget Maehr
\n<\/b>
Director
\n<\/b>
+1 908 882 2080
\n<\/b>
bridget.maehr@ambest.com
\n<\/a><\/p>\nJames Kenfack
\n<\/b>
Financial Analyst
\n<\/b>
+3 120 808 2272
\n<\/b>
james.kenfack@ambest.com
\n<\/a><\/p>\nChristopher Sharkey
\n<\/b>
Associate Director, Public Relations
\n<\/b>
+1 908 882 2310
\n<\/b>
christopher.sharkey@ambest.com
\n<\/a><\/p>\nAl Slavin
\n<\/b>
Senior Public Relations Specialist
\n<\/b>
+1 908 882 2318
\n<\/b>
al.slavin@ambest.com<\/a><\/p>\nKEYWORDS:<\/b> New Jersey Europe United States North America<\/p>\n
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