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 27, 2025

			THE CIGNA GROUP
			By:			/s/ Brian C. Evanko
			Brian C. Evanko
			Executive Vice President, Chief Financial Officer, The Cigna Group, and President and Chief Executive Officer, Cigna Healthcare
			(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 27, 2025.

Signature						Title
/s/ David M. Cordani
David M. Cordani						Chairman and Chief Executive Officer of The Cigna Group
						(Principal Executive Officer)
/s/ Brian C. Evanko
Brian C. Evanko						Executive Vice President, Chief Financial Officer, The Cigna Group, and President and Chief Executive Officer, Cigna Healthcare
						(Principal Financial Officer)
/s/ Jamie Kates
Jamie Kates						Vice President and Global 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 B. McClellan, M.D., Ph.D.
Mark B. McClellan, M.D., Ph.D.						Director
/s/ Philip O. Ozuah, M.D., Ph.D.
Philip O. Ozuah, M.D., Ph.D.						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

THE CIGNA GROUP AND SUBSIDIARIES

INDEX TO FINANCIAL STATEMENT SCHEDULES

									PAGE
Schedules
			I			Condensed Financial Information of The Cigna Group (Registrant)			FS-2
						Statements of Income for the Years Ended December 31, 2024, 2023 and 2022			FS-2
						Balance Sheets as of December 31, 2024 and 2023			FS-3
						Statements of Cash Flows for the Years Ended December 31, 2024, 2023 and 2022			FS-4
						Notes to Condensed Financial Statements			FS-5
			II			Valuation and Qualifying Accounts and Reserves for the Years Ended December 31, 2024, 2023 and 2022			FS-7

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

THE CIGNA GROUP AND SUBSIDIARIES

SCHEDULE I

CONDENSED FINANCIAL INFORMATION OF THE CIGNA GROUP

(REGISTRANT)

STATEMENTS OF INCOME

						For the Years Ended December 31,
(In millions)						2024						2023						2022
Revenues
Net investment income and other revenue						$	26					$	22					$	5
Intercompany interest income						469						516						478
Total revenues						495						538						483
Operating expenses
Selling, general and administrative expenses						14						2						2
Total operating expenses						14						2						2
Income from operations						481						536						481
Interest expense and other						(1,388)						(1,332)						(1,215)
Intercompany interest expense						(2)						(118)						(147)
Loss before income taxes						(909)						(914)						(881)
Income tax benefits						(189)						(192)						(183)
Loss of parent company						(720)						(722)						(698)
Equity in income of subsidiaries						4,154						5,886						7,402
Shareholders' net income						3,434						5,164						6,704
Shareholders' other comprehensive income (loss), net of tax
Net unrealized appreciation (depreciation) on securities and derivatives						661						503						(1,598)
Net long-duration insurance and contractholder liabilities measurement adjustments						(1,067)						(715)						509
Net translation (losses) gains of foreign currencies						(49)						5						79
Postretirement benefits liability adjustment						(22)						1						420
Shareholders' other comprehensive loss, net of tax						(477)						(206)						(590)
Shareholders' comprehensive income						$	2,957					$	4,958					$	6,114

See Notes to Financial Statements on the following pages.

FS-2

THE CIGNA GROUP AND SUBSIDIARIES

SCHEDULE I

CONDENSED FINANCIAL INFORMATION OF THE CIGNA GROUP

(REGISTRANT)

BALANCE SHEETS

						As of December 31,
(In millions)						2024						2023
Assets
Cash and cash equivalents						$	164					$	303
Other current assets						103						6
Total current assets						267						309
Investments in subsidiaries						62,887						69,703
Intercompany receivable						10,546						11,475
Other non-current assets						71						77
TOTAL ASSETS						$	73,771					$	81,564
Liabilities
Short-term debt						$	2,848					$	2,448
Other current liabilities						1,528						1,854
Total current liabilities						4,376						4,302
Long-term debt						28,134						27,151
Intercompany payable						195						3,874
Other non-current liabilities						33						14
TOTAL LIABILITIES						32,738						35,341
Shareholders' equity
Common stock (shares issued, 403 and 400; authorized, 600)						4						4
Additional paid-in capital						31,288						30,669
Accumulated other comprehensive loss						(2,341)						(1,864)
Retained earnings						43,519						41,652
Less treasury stock, at cost						(31,437)						(24,238)
TOTAL SHAREHOLDERS' EQUITY						41,033						46,223
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY						$	73,771					$	81,564

See Notes to Financial Statements on the following pages.

FS-3

THE CIGNA GROUP AND SUBSIDIARIES

SCHEDULE I

CONDENSED FINANCIAL INFORMATION OF THE CIGNA GROUP

(REGISTRANT)

STATEMENTS OF CASH FLOWS

						For the Years Ended December 31,
(In millions)						2024						2023						2022
Cash Flows from Operating Activities
Shareholders' net income						$	3,434					$	5,164					$	6,704
Adjustments to reconcile shareholders' net income
to net cash provided by operating activities
Equity in income of subsidiaries						(4,154)						(5,886)						(7,402)
Dividends received from subsidiaries						2,916						1,381						2,056
Other liabilities						(306)						540						5
Other, net						243						640						298
NET CASH PROVIDED BY OPERATING ACTIVITIES						2,133						1,839						1,661
Cash Flows from Investing Activities
Net change in amounts due from affiliates						—						622						(901)
Net proceeds from short-term investments sold						—						—						99
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES						—						622						(802)
Cash Flows from Financing Activities
Net change in amounts due to affiliates						4,761						1,473						10,392
Net change in commercial paper						(357)						1,237						(2,027)
Repayment of long-term debt						(2,731)						(2,822)						(430)
Net proceeds on issuance of long-term debt						4,462						1,491						—
Issuance of common stock						305						187						389
Common dividends paid						(1,567)						(1,450)						(1,384)
Repurchase of common stock						(7,034)						(2,284)						(7,607)
Tax withholding on stock compensation and other						(117)						(110)						(73)
NET CASH USED IN FINANCING ACTIVITIES						(2,278)						(2,278)						(740)
Net (decrease) increase in cash, cash equivalents and restricted cash						(145)						183						119
Cash, cash equivalents and restricted cash, beginning of year						335						152						33
Cash, cash equivalents and restricted cash, end of year (1)						$	190					$	335					$	152
Noncash Investing and Financing Activities:
Net amounts due from affiliates settled through capital transactions						(7,565)						(5,221)						(5,037)

(1) Includes restricted cash reported in Other non-current assets.

See Notes to Financial Statements on the following pages.

FS-4

THE CIGNA GROUP AND SUBSIDIARIES

SCHEDULE I

CONDENSED FINANCIAL INFORMATION OF THE CIGNA GROUP

(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, wholly owned and majority-owned subsidiaries of The Cigna Group (the "Company") are recorded using the equity method of accounting. The Cigna Group, through its predecessor companies, was incorporated in Delaware in 1981. Cigna Corporation was renamed The Cigna Group in February 2023.

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 The Cigna Group and its subsidiaries.

Short-term and Credit Facilities Debt

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, 2024, there were no outstanding balances under these revolving credit agreements.

In April 2024, The Cigna Group replaced its previous revolving credit agreements and entered into the following revolving credit agreements (the "Credit Agreements"):

• A $5.0 billion five-year revolving credit and letter of credit agreement that will mature in April 2029 with an option to extend the maturity date for additional one-year periods, subject to consent of the banks. The Company can borrow up to $5.0 billion under the credit agreement for general corporate purposes, with up to $500 million available for issuance of letters of credit.

• A $1.5 billion 364-day revolving credit agreement that will mature in April 2025. The Company can borrow up to $1.5 billion under the credit agreement for general corporate purposes. This 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 Credit Agreements includes an option to increase commitments in an aggregate amount of up to $1.5 billion across both facilities for a maximum total commitment of $8.0 billion. The Credit Agreements allow for borrowings at either a base rate or an adjusted term Secured Overnight Funding Rate ("SOFR") plus, in each case, an applicable margin based on the Company's senior unsecured credit ratings.

Each facility also contains 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.

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 $6.5 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 program had approximately $0.9 billion outstanding as of December 31, 2024 and an average interest rate of 4.65%.

Long-Term Debt

Debt Issuance and Debt Tender Offers. In February 2024, we issued $4.5 billion of new senior notes. The proceeds from this debt were used to pay the consideration for the cash tender offers as described below. We used the remaining net proceeds to fund the

FS-5

repayment of our senior notes that matured in March 2024 and for general corporate purposes, including repayment of indebtedness and repurchases of shares of our common stock. Interest on this debt is paid semiannually.

Principal						Maturity Date						Interest Rate						Net Proceeds						Redeemable Date**(1)**						"Make Whole" Premium (2)
$1,000 million						May 15, 2029						5.000%						$995 million						April 15, 2029						15
$750 million						May 15, 2031						5.125%						$746 million						March 15, 2031						15
$1,250 million						February 15, 2034						5.250%						$1,244 million						November 15, 2033						20
$1,500 million						February 15, 2054						5.600%						$1,485 million						August 15, 2053						20

(1) Redeemable at any time prior to this date at a "make whole" premium, defined below. Redeemable at par on or after this date.

(2) "Make whole" premium calculated using the most directly comparable U.S. Treasury rate plus the amount of basis points set forth in this column.

In the first quarter of 2024, the Company completed the repurchase of $1.7 billion in aggregate principal amount of existing senior notes that were tendered to the Company pursuant to cash tender offers.

Debt Maturities. Maturities of the Company's long-term debt are as follows:

(In millions)
2025						$	1,973
2026						$	2,301
2027						$	2,056
2028						$	3,800
2029						$	1,000
Maturities after 2029						$	19,292

Debt Covenants. The Company was in compliance with its debt covenants as of December 31, 2024.

Note 3 - The Company's intercompany receivables consist primarily of net intercompany loan amounts due from Evernorth Health, Inc. of $8.5 billion as of December 31, 2024 and 2023. Interest income on the loan receivable was accrued at an average rate of 5.50% in 2024.

The Company's intercompany payables primarily reflect intercompany balances due to affiliates as of December 31, 2024. During the year ended December 31, 2024, the Company settled the majority of outstanding intercompany payables via non-cash capital transactions.

Note 4 - The Company guaranteed approximately $9.4 billion primarily related to intercompany indebtedness and financial obligations of certain direct and indirect wholly-owned subsidiaries. There were immaterial liabilities required for these guarantees as of December 31, 2024.

Note 5 - In February 2024, as part of our existing share repurchase program, we entered into separate accelerated share repurchase agreements with Deutsche Bank AG and Bank of America, N.A. to repurchase $3.2 billion of common stock in aggregate. The total number of shares of our common stock repurchased under the agreements was approximately 9.3 million.

FS-6

THE CIGNA GROUP 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
2024
Investment asset valuation reserves
Available-for-sale debt securities						$	33					$	87					$	—					$	(9)					$	111
Commercial mortgage loans						$	31					$	(1)					$	—					$	—					$	30
Accounts receivable, net						$	163					$	176					$	(1)					$	(152)					$	186
Deferred tax asset valuation allowance						$	1,498					$	866					$	(32)					$	—					$	2,332
Reinsurance recoverables						$	35					$	(5)					$	—					$	—					$	30
2023
Investment asset valuation reserves
Available-for-sale debt securities						$	44					$	11					$	—					$	(22)					$	33
Commercial mortgage loans						$	21					$	10					$	—					$	—					$	31
Accounts receivable, net						$	160					$	90					$	1					$	(88)					$	163
Deferred tax asset valuation allowance						$	208					$	1,286					$	4					$	—					$	1,498
Reinsurance recoverables						$	35					$	—					$	—					$	—					$	35
2022
Investment asset valuation reserves
Available-for-sale debt securities						$	23					$	43					$	—					$	(22)					$	44
Commercial mortgage loans						$	6					$	15					$	—					$	—					$	21
Accounts receivable, net						$	126					$	99					$	—					$	(65)					$	160
Deferred tax asset valuation allowance						$	246					$	(13)					$	(25)					$	—					$	208
Reinsurance recoverables						$	28					$	7					$	—					$	—					$	35

FS-7