Item 16. FORM 10-K SUMMARY

None.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: February 24, 2022

			CIGNA CORPORATION
			By:			/s/ Brian C. Evanko
			Brian C. Evanko
			Executive Vice President and Chief Financial Officer
			(Principal Financial Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated as of February 24, 2022.

Signature						Title
/s/ David M. Cordani
David M. Cordani						Chief Executive Officer and Chairman of the Board
						(Principal Executive Officer)
/s/ Brian C. Evanko
Brian C. Evanko						Executive Vice President and Chief Financial Officer
						(Principal Financial Officer)
/s/ Mary T. Agoglia Hoeltzel
Mary T. Agoglia Hoeltzel						Senior Vice President, Tax and Chief Accounting Officer
						(Principal Accounting Officer)
/s/ William J. DeLaney
William J. DeLaney						Director
/s/ Eric J. Foss
Eric J. Foss						Director
/s/ Elder Granger, M.D.
Elder Granger, M.D.						Director
/s/ Neesha Hathi
Neesha Hathi						Director

/s/ George Kurian
George Kurian						Director
/s/ Kathleen M. Mazzarella
Kathleen M. Mazzarella						Director
/s/ Mark McClellan, M.D.
Mark McClellan, M.D.						Director
/s/ John M. Partridge
John M. Partridge						Director
/s/ Kimberly A. Ross
Kimberly A. Ross						Director
/s/ Eric C. Wiseman
Eric C. Wiseman						Lead Independent Director
/s/ Donna F. Zarcone
Donna F. Zarcone						Director

CIGNA CORPORATION AND SUBSIDIARIES

INDEX TO FINANCIAL STATEMENT SCHEDULES

									PAGE
Report of Independent Registered Public Accounting Firm on Financial Statement Schedules									FS-2
Schedules
			I			Condensed Financial Information of Cigna Corporation (Registrant)			FS-3
						Statements of Income for the Years Ended December 31, 2021, 2020 and 2019			FS-3
						Balance Sheets as of December 31, 2021 and 2020			FS-4
						Statements of Cash Flows for the Years Ended December 31, 2021, 2020 and 2019			FS-5
						Notes to Condensed Financial Statements			FS-6
			II			Valuation and Qualifying Accounts for the Years Ended December 31, 2021, 2020 and 2019			FS-8

Schedules other than those listed above are omitted because they are not required or are not applicable, or the required information is shown in the financial statements or notes thereto.

FS-1

Report of Independent Registered Public Accounting Firm on

Financial Statement Schedules

To the Board of Directors and Shareholders of Cigna Corporation

Our audits of the consolidated financial statements referred to in our report dated February 24, 2022 appearing in the 2021 Annual Report to Shareholders of Cigna Corporation (which report and consolidated financial statements are included under Item 8 in this Annual Report on Form 10-K) also included an audit of the financial statement schedules listed in Item 15(a)(2) of this Form 10-K. In our opinion, these financial statement schedules present fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements.

/s/ PricewaterhouseCoopers LLP

Hartford, Connecticut

February 24, 2022

FS-2

CIGNA CORPORATION AND SUBSIDIARIES

SCHEDULE I

CONDENSED FINANCIAL INFORMATION OF CIGNA CORPORATION

(REGISTRANT)

STATEMENTS OF INCOME

						For the years ended
						December 31,
(In millions)						2021						2020						2019
Revenues
Net investment income						$	—					$	1					$	—
Intercompany interest income						471						475						6
Total revenues						471						476						6
Operating expenses
Selling, general and administrative expenses						8						4						(85)
Total operating expenses						8						4						(85)
Income from operations						463						472						91
Interest and other (expense)						(1,197)						(1,324)						(1,032)
Intercompany interest (expense)						(13)						(48)						(127)
Debt extinguishment costs						(131)						(171)						—
Loss before income taxes						(878)						(1,071)						(1,068)
Income tax (benefit)						(180)						(234)						(251)
Loss of Parent Company						(698)						(837)						(817)
Equity in income of subsidiaries						6,063						9,295						5,921
Shareholders' net income						5,365						8,458						5,104
Shareholders' other comprehensive income (loss), net of tax
Net unrealized appreciation (depreciation) on securities and derivatives						(215)						(75)						957
Net translation (losses) gains of foreign currencies						(218)						260						(54)
Postretirement benefits liability adjustment						410						(105)						(133)
Shareholders' other comprehensive income (loss), net of tax						(23)						80						770
Shareholders' comprehensive income						$	5,342					$	8,538					$	5,874

See Notes to Financial Statements on the following pages.

FS-3

CIGNA CORPORATION AND SUBSIDIARIES

SCHEDULE I

CONDENSED FINANCIAL INFORMATION OF CIGNA CORPORATION

(REGISTRANT)

BALANCE SHEETS

						As of December 31,
(In millions)						2021						2020
Assets
Cash and cash equivalents						$	33					$	4,157
Short-term investments						99						49
Other current assets						9						4
Total current assets						141						4,210
Intercompany receivable						8,962						1,666
Investments in subsidiaries						70,896						76,040
Other noncurrent assets						17						22
TOTAL ASSETS						$	80,016					$	81,938
Liabilities
Short-term debt						$	2,453					$	3,278
Other current liabilities						775						616
Total current liabilities						3,228						3,894
Intercompany payable						5						5
Long-term debt						29,671						27,718
TOTAL LIABILITIES						32,904						31,617
Shareholders' Equity
Common stock (shares issued, 394 and 390; authorized, 600)						4						4
Additional paid-in capital						29,574						28,975
Accumulated other comprehensive loss						(884)						(861)
Retained earnings						32,593						28,575
Less treasury stock, at cost						(14,175)						(6,372)
TOTAL SHAREHOLDERS' EQUITY						47,112						50,321
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY						$	80,016					$	81,938

See Notes to Financial Statements on the following pages.

FS-4

CIGNA CORPORATION AND SUBSIDIARIES

SCHEDULE I

CONDENSED FINANCIAL INFORMATION OF CIGNA CORPORATION

(REGISTRANT)

STATEMENTS OF CASH FLOWS

						For the years ended
			December 31,
(In millions)						2021						2020						2019
Cash Flows from Operating Activities
Shareholders' net income						$	5,365					$	8,458					$	5,104
Adjustments to reconcile shareholders' net income
to net cash provided by operating activities
Equity in income of subsidiaries						(6,063)						(9,295)						(5,921)
Debt extinguishment costs						131						171						—
Dividends received from subsidiaries						2,751						8,627						2,457
Other liabilities						184						112						43
Other, net						414						500						20
NET CASH PROVIDED BY OPERATING ACTIVITIES						2,782						8,573						1,703
Cash Flows from Investing Activities
Net change in loans due to (from) affiliates						(1,007)						(265)						—
Short-term investment purchased, net						(50)						(19)						(30)
NET CASH (USED IN) INVESTING ACTIVITIES						(1,057)						(284)						(30)
Cash Flows from Financing Activities
Net change in amounts due to affiliates						2,062						2,262						2,015
Proceeds on issuance of commercial paper						997						86						944
Payments for debt extinguishment						(126)						(181)						—
Repayment of long-term debt						(4,199)						(5,996)						(3,002)
Net proceeds on issuance of long-term debt						4,260						3,465						—
Issuance of common stock						326						376						224
Common dividends paid						(1,341)						(15)						(15)
Repurchase of common stock						(7,742)						(4,042)						(1,987)
Tax withholding on stock compensation and other						(86)						(87)						(82)
Other						—						—						(13)
NET CASH (USED IN) FINANCING ACTIVITIES						(5,849)						(4,132)						(1,916)
Net (decrease) increase in cash and cash equivalents						(4,124)						4,157						(243)
Cash and cash equivalents, beginning of year						4,157						—						243
Cash and cash equivalents, end of year						$	33					$	4,157					$	—

See Notes to Financial Statements on the following pages.

FS-5

CIGNA CORPORATION AND SUBSIDIARIES

SCHEDULE I

CONDENSED FINANCIAL INFORMATION OF CIGNA CORPORATION

(REGISTRANT)

NOTES TO CONDENSED FINANCIAL STATEMENTS

The accompanying condensed financial statements should be read in conjunction with the Consolidated Financial Statements and the accompanying notes thereto contained in this Annual Report on Form 10-K ("Form 10-K").

Note 1 — For purposes of these condensed financial statements, Cigna Corporation's (the "Company") wholly-owned and majority-owned subsidiaries are recorded using the equity method of accounting.

Note 2 — See Note 7 – Debt included in Part II, Item 8 of this Form 10-K for a description of the short-term and long-term debt obligations of Cigna Corporation and its subsidiaries.

Debt Issuance and Redemption. In order to decrease future interest expense and reduce future refinancing risk, the Company entered into the following transactions during 2021:

• Debt issuance: On March 3, 2021, the Company issued $4.3 billion of new senior notes. The proceeds of this issuance were mainly used to redeem outstanding debt securities. The remaining proceeds are available for general corporate purposes. Interest on this debt is paid semi-annually.

Principal						Maturity Date						Interest Rate						Net Proceeds
$500 million (1)						March 15, 2024						0.613%						$499 million
$800 million (2)						March 15, 2026						1.250%						$797 million
$1,500 million (3)						March 15, 2031						2.375%						$1,492 million
$1,500 million (4)						March 15, 2051						3.400%						$1,479 million

(1) Redeemable at any time discounted at the U.S. Treasury rate plus 7.5 basis points. Redeemable at par on or after March 15, 2022.

(2) Redeemable at any time discounted at the U.S. Treasury rate plus 10 basis points. Redeemable at par on or after February 15, 2026.

(3) Redeemable at any time discounted at the U.S. Treasury rate plus 15 basis points. Redeemable at par on or after December 15, 2030.

(4) Redeemable at any time discounted at the U.S. Treasury rate plus 20 basis points. Redeemable at par on or after September 15, 2050.

• Debt redemption: During 2021, the Company completed the redemption of a total of $4.2 billion in aggregate principal amount of certain of its outstanding debt securities. The Company recorded a pre-tax loss of $131 million ($101 million after-tax), consisting primarily of premium payments.

Revolving Credit Agreements. Our revolving credit agreements provide us with the ability to borrow amounts for general corporate purposes, including for the purpose of providing liquidity support if necessary under our commercial paper program discussed below. As of December 31, 2021, there were no outstanding balances under these revolving credit agreements.

In April 2021, Cigna entered into a $3.0 billion five-year revolving credit and letter of credit agreement that matures in April 2026 and a $1.0 billion three-year revolving credit agreement that matures in April 2024, which are diversified among 23 banks and replaced the five-year revolving credit and letter of credit agreement that was scheduled to mature in April 2023. Under the current agreements, Cigna can borrow up to $3.0 billion and $1.0 billion, respectively, for general corporate purposes, with up to $500 million available under the five-year facility for issuance of letters of credit. The revolving credit agreements also include an option to extend the termination date for an additional one-year period, subject to consent of the banks.

Additionally, in April 2021, Cigna entered into a $1.0 billion 364-day revolving credit agreement that will mature in April 2022 and is diversified among 23 banks. This agreement replaced the prior $1.0 billion 364-day revolving credit agreement that was scheduled to expire in October 2021. Pursuant to this revolving credit agreement, Cigna can borrow up to $1.0 billion for general corporate purposes. The agreement includes the option to "term out" any revolving loans that are outstanding at maturity by converting them into a term loan maturing on the one-year anniversary of conversion.

Each of the five-year facility, the three-year facility and the 364-day facility include an option to increase commitments in an aggregate amount of up to $1.5 billion across all three facilities. Each of the three facilities also contain customary covenants and restrictions including a financial covenant that the Company's leverage ratio, as defined in the credit agreements, may not exceed 60%, subject to certain exceptions upon the consummation of an acquisition.

FS-6

Commercial Paper. Under our commercial paper program we may issue short-term, unsecured commercial paper notes privately placed on a discounted basis through certain broker dealers at any time not to exceed an aggregate amount of $5.0 billion. Amounts available under the program may be borrowed, repaid and re-borrowed from time to time. The net proceeds of issuances have been and are expected to be used for general corporate purposes. The commercial paper average interest rate was 0.26% at December 31, 2021.

The Company was in compliance with its debt covenants as of December 31, 2021.

Maturity of the Company's long-term debt is as follows:

(In millions)
2022						$	430
2023						$	2,754
2024						$	1,214
2025						$	2,957
2026						$	2,034
Maturities after 2026						$	20,947

Note 3 — Intercompany receivables of the Company consist primarily of net amounts due from Express Scripts Holdings of $7.8 billion as of December 31, 2021 and $1.4 billion (consisting of an $8.2 billion receivable offset by a $6.8 billion payable) as of December 31, 2020. Interest income on the receivable was accrued at an annual fixed rate of 5.50%. Interest expense on the payable was accrued at an average rate of 0.20% in 2021.

Note 4 — The Company had guarantees of approximately $86 million as of December 31, 2021. These guarantees are primarily related to outstanding letters of credit. In 2021, no payments have been made on these guarantees.

FS-7

CIGNA CORPORATION AND SUBSIDIARIES

SCHEDULE II

VALUATION AND QUALIFYING ACCOUNTS AND RESERVES

(In millions)						Balance at beginning of year						Charged (Credited) to costs and expenses						Charged (Credited) to other accounts						Other deductions						Balance at end of year
Description
2021
Investment asset valuation reserves
Available-for-sale debt securities						$	26					$	29					$	—					$	(32)					$	23
Commercial mortgage loans						$	6					$	—					$	—					$	—					$	6
Accounts receivable, net						$	156					$	54					$	—					$	(84)					$	126
Deferred tax asset valuation allowance						$	207					$	23					$	16					$	—					$	246
Reinsurance recoverables						$	32					$	(2)					$	—					$	—					$	30
2020
Investment asset valuation reserves
Available-for-sale debt securities						$	—					$	82					$	—					$	(56)					$	26
Commercial mortgage loans (1)						$	—					$	(1)					$	7					$	—					$	6
Accounts receivable, net						$	252					$	(50)					$	(12)					$	(34)					$	156
Deferred tax asset valuation allowance						$	196					$	10					$	1					$	—					$	207
Reinsurance recoverables (2)						$	2					$	(1)					$	31					$	—					$	32
2019
Accounts receivable, net						$	217					$	51					$	—					$	(16)					$	252
Deferred tax asset valuation allowance						$	199					$	(6)					$	3					$	—					$	196
Reinsurance recoverables						$	2					$	—					$	—					$	—					$	2

(1) The Company recorded an additional allowance of $7 million on January 1, 2020 upon the adoption of ASU 2016-13.

(2) The Company recorded an additional allowance of $31 million on January 1, 2020 upon the adoption of ASU 2016-13.

FS-8