Item 1. FINANCIAL STATEMENTS

The Cigna Group Consolidated Statements of Income
			Unaudited												Unaudited
			Three Months Ended June 30,												Six Months Ended June 30,
(In millions, except per share amounts)			2026						2025						2026						2025
Revenues
Pharmacy revenues			$	57,172					$	53,649					$	111,209					$	102,282
Premiums			9,859						9,156						19,671						21,892
Fees and other revenues			4,365						4,137						8,808						8,032
Net investment income			272						236						474						474
TOTAL REVENUES			71,668						67,178						140,162						132,680
Benefits and expenses
Pharmacy and other service costs			56,703						53,268						110,803						101,666
Medical costs and other benefit expenses			8,430						7,749						16,354						18,247
Selling, general and administrative expenses			3,470						3,433						7,192						7,646
Amortization of acquired intangible assets			389						422						779						844
TOTAL BENEFITS AND EXPENSES			68,992						64,872						135,128						128,403
Income from operations			2,676						2,306						5,034						4,277
Interest expense and other			(356)						(337)						(713)						(699)
Gain on sale of businesses			6						—						17						41
Net investment (losses) gains			(69)						52						189						50
Income before income taxes			2,257						2,021						4,527						3,669
TOTAL INCOME TAXES			382						389						791						628
Net income			1,875						1,632						3,736						3,041
Less: Net income attributable to noncontrolling interests			215						100						422						186
SHAREHOLDERS' NET INCOME			$	1,660					$	1,532					$	3,314					$	2,855
Shareholders' net income per share
Basic			$	6.31					$	5.76					$	12.61					$	10.63
Diluted			$	6.29					$	5.71					$	12.55					$	10.55

The accompanying Notes to the Consolidated Financial Statements (unaudited) are an integral part of these statements.

The Cigna Group Consolidated Statements of Comprehensive Income
			Unaudited						Unaudited
			Three Months Ended June 30,						Six Months Ended June 30,
(In millions)			2026			2025			2026			2025
Net income			$	1,875		$	1,632		$	3,736		$	3,041
Other comprehensive income (loss), net of tax
Net unrealized appreciation on securities and derivatives			249			321			120			221
Net long-duration insurance and contractholder liabilities measurement adjustments			(1,012)			(609)			(1,647)			(777)
Net translation (losses) gains on foreign currencies			(13)			65			(48)			78
Postretirement benefits liability adjustment			13			(3)			20			3
Other comprehensive loss, net of tax			(763)			(226)			(1,555)			(475)
Total comprehensive income			1,112			1,406			2,181			2,566
Less: Net income attributable to other noncontrolling interests			215			100			422			186
SHAREHOLDERS' COMPREHENSIVE INCOME			$	897		$	1,306		$	1,759		$	2,380

The accompanying Notes to the Consolidated Financial Statements (unaudited) are an integral part of these statements.

The Cigna Group Consolidated Balance Sheets
			Unaudited
			As of June 30,						As of December 31,
(In millions)			2026						2025
Assets
Cash and cash equivalents			$	6,298					$	7,676
Investments			959						1,056
Accounts receivable, net			30,800						28,768
Inventories			5,847						7,338
Other current assets			3,087						2,976
Total current assets			46,991						47,814
Long-term investments			19,037						18,471
Reinsurance recoverables			3,982						4,103
Property and equipment			3,736						3,651
Goodwill			45,534						44,924
Other intangible assets			26,931						28,560
Other assets			3,323						2,885
Separate account assets			7,548						7,511
TOTAL ASSETS			$	157,082					$	157,919
Liabilities
Current insurance and contractholder liabilities			$	6,689					$	5,710
Pharmacy and other service costs payable			26,225						30,333
Accounts payable			10,409						10,659
Accrued expenses and other liabilities			9,447						9,048
Short-term debt			2,792						592
Total current liabilities			55,562						56,342
Non-current insurance and contractholder liabilities			9,633						9,938
Deferred tax liabilities, net			6,731						7,145
Other non-current liabilities			5,612						4,238
Long-term debt			29,086						30,871
Separate account liabilities			7,548						7,511
TOTAL LIABILITIES			114,172						116,045
Contingencies — Note 14
Shareholders' equity
Common stock (1)			4						4
Additional paid-in capital			32,092						31,790
Accumulated other comprehensive loss			(4,361)						(2,806)
Retained earnings			50,355						47,865
Less: Treasury stock, at cost			(35,470)						(35,140)
TOTAL SHAREHOLDERS' EQUITY			42,620						41,713
Noncontrolling interests			290						161
Total equity			42,910						41,874
Total liabilities and equity			$	157,082					$	157,919

*(1)*Par value per share, $0.01; shares issued, 406 million as of June 30, 2026 and 405 million as of December 31, 2025; authorized shares, 600 million.

The accompanying Notes to the Consolidated Financial Statements (unaudited) are an integral part of these statements.

The Cigna Group
Consolidated Statements of Changes in Total Equity
Unaudited
Three Months Ended June 30, 2026
(In millions)			Common Stock			Additional Paid-in Capital			Accumulated Other Comprehensive (Loss)			Retained Earnings			Treasury Stock			Shareholders' Equity			Noncontrolling Interests			Total Equity
Balance at March 31, 2026			$	4		$	31,914		$	(3,598)		$	49,106		$	(35,216)		$	42,210		$	232		$	42,442
Effect of issuing stock for employee benefit plans						178									(4)			174						174
Other comprehensive loss									(763)									(763)						(763)
Net income												1,660						1,660			215			1,875
Common dividends declared (per share: $1.56)												(411)						(411)						(411)
Repurchase of common stock						—									(250)			(250)						(250)
Other transactions impacting noncontrolling interests						—												—			(157)			(157)
Balance at June 30, 2026			$	4		$	32,092		$	(4,361)		$	50,355		$	(35,470)		$	42,620		$	290		$	42,910
Three Months Ended June 30, 2025
(In millions)			Common Stock			Additional Paid-in Capital			Accumulated Other Comprehensive (Loss)			Retained Earnings			Treasury Stock			Shareholders' Equity			Noncontrolling Interests			Total Equity
Balance at March 31, 2025			$	4		$	31,443		$	(2,590)		$	44,434		$	(33,065)		$	40,226		$	188		$	40,414
Effect of issuing stock for employee benefit plans						145									(1)			144						144
Other comprehensive loss									(226)									(226)						(226)
Net income												1,532						1,532			100			1,632
Common dividends declared (per share: $1.51)												(402)						(402)						(402)
Repurchase of common stock						—									(1,060)			(1,060)						(1,060)
Other transactions impacting noncontrolling interests						—												—			(72)			(72)
Balance at June 30, 2025			$	4		$	31,588		$	(2,816)		$	45,564		$	(34,126)		$	40,214		$	216		$	40,430

The accompanying Notes to the Consolidated Financial Statements (unaudited) are an integral part of these statements.

The Cigna Group
Consolidated Statements of Changes in Total Equity
Unaudited
Six Months Ended June 30, 2026
(In millions)			Common Stock						Additional Paid-in Capital						Accumulated Other Comprehensive (Loss)						Retained Earnings						Treasury Stock						Shareholders' Equity						Other Non- controlling Interests						Total Equity
Balance at December 31, 2025			$	4					$	31,790					$	(2,806)					$	47,865					$	(35,140)					$	41,713					$	161					$	41,874
Effect of issuing stock for employee benefit plans									305																		(80)						225												225
Other comprehensive loss															(1,555)																		(1,555)												(1,555)
Net income																					3,314												3,314						422						3,736
Common dividends declared (per share: $3.12)																					(824)												(824)												(824)
Repurchase of common stock									—																		(250)						(250)												(250)
Other transactions impacting noncontrolling interests									(3)																								(3)						(293)						(296)
Balance at June 30, 2026			$	4					$	32,092					$	(4,361)					$	50,355					$	(35,470)					$	42,620					$	290					$	42,910
Six Months Ended June 30, 2025
(In millions)			Common Stock						Additional Paid-in Capital						Accumulated Other Comprehensive (Loss)						Retained Earnings						Treasury Stock						Shareholders' Equity						Other Non- controlling Interests						Total Equity
Balance at December 31, 2024			$	4					$	31,288					$	(2,341)					$	43,519					$	(31,437)					$	41,033					$	210					$	41,243
Effect of issuing stock for employee benefit plans									300																		(108)						192												192
Other comprehensive loss															(475)																		(475)												(475)
Net income																					2,855												2,855						186						3,041
Common dividends declared (per share: $3.02)																					(810)												(810)												(810)
Repurchase of common stock									—																		(2,581)						(2,581)												(2,581)
Other transactions impacting noncontrolling interests									—																								—						(180)						(180)
Balance at June 30, 2025			$	4					$	31,588					$	(2,816)					$	45,564					$	(34,126)					$	40,214					$	216					$	40,430

The accompanying Notes to the Consolidated Financial Statements (unaudited) are an integral part of these statements.

The Cigna Group

Consolidated Statements of Cash Flows

						Unaudited
						Six Months Ended June 30,
(In millions)						2026						2025
Cash Flows from Operating Activities
Net income						$	3,736					$	3,041
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization						1,305						1,356
Investment gains, net						(189)						(50)
Deferred income tax benefit						(170)						(292)
Gain on sale of businesses						(17)						(41)
Net changes in assets and liabilities, net of non-operating effects:
Accounts receivable, net						(2,044)						(6,398)
Inventories						1,490						726
Reinsurance recoverable and Other assets						(398)						(402)
Insurance liabilities						906						1,702
Pharmacy and other service costs payable						(4,108)						995
Accounts payable and Accrued expenses and other liabilities						230						(1,020)
Other, net						(31)						417
NET CASH PROVIDED BY OPERATING ACTIVITIES						710						34
Cash Flows from Investing Activities
Proceeds from investments sold:
Debt securities and equity securities						104						272
Investment maturities and repayments:
Debt securities and equity securities						399						553
Commercial mortgage loans						75						90
Other sales, maturities and repayments (primarily short-term and other long-term investments)						513						431
Investments purchased or originated:
Debt securities and equity securities						(668)						(1,512)
Commercial mortgage loans						(40)						(62)
Other (primarily short-term and other long-term investments)						(749)						(761)
Property and equipment purchases, net						(564)						(612)
Divestitures, net of cash sold						26						2,346
Renewable energy tax credit equity investments						(214)						(327)
Other, net						(22)						(18)
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES						(1,140)						400
Cash Flows from Financing Activities
Deposits and interest credited to contractholder deposit funds						74						74
Withdrawals and benefit payments from contractholder deposit funds						(158)						(137)
Net change in short-term debt						975						296
Repayment of long-term debt						(550)						(1,600)
Repurchase of common stock						(280)						(2,620)
Issuance of common stock						158						141
Common stock dividend paid						(826)						(813)
Other, net						(327)						(355)
NET CASH USED IN FINANCING ACTIVITIES						(934)						(5,014)
Effect of foreign currency rate changes on cash, cash equivalents and restricted cash						(16)						35
Net decrease in cash, cash equivalents and restricted cash						(1,380)						(4,545)
Cash, cash equivalents and restricted cash January 1, (1)						7,736						8,931
Cash, cash equivalents and restricted cash June 30, (1)						$	6,356					$	4,386

*(1)*Restricted cash and cash equivalents were reported in other long-term investments and Other assets.

The accompanying Notes to the Consolidated Financial Statements (unaudited) are an integral part of these statements.

THE CIGNA GROUP

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

TABLE OF CONTENTS

Note Number			Footnote			Page
B****USINESS AND C****APITAL S****TRUCTURE
1			Description of Business			10
2			Summary of Significant Accounting Policies			10
3			Accounts Receivable, Net			11
4			Supplier Finance Program			12
5			Earnings Per Share			12
6			Debt			13
I****NSURANCE I****NFORMATION
7			Insurance and Contractholder Liabilities			13
8			Reinsurance			16
I****NVESTMENTS
9			Investments			17
10			Fair Value Measurements			19
11			Accumulated Other Comprehensive Income (Loss)			22
W****ORKFORCE M****ANAGEMENT AND C****OMPENSATION
12			Strategic Optimization Program			23
COMPLIANCE, R****EGULATION AND C****ONTINGENCIES
13			Income Taxes			24
14			Contingencies and Other Matters			24
R****ESULTS D****ETAILS
15			Segment Information			25

Note 1 – Description of Business

The Cigna Group®, together with its subsidiaries (either individually or collectively referred to as the "Company," "we," "us" or "our"), is a global health company committed to creating a better future for every individual and every community. Powered by our dedicated people and valued brands, we advance our mission to improve the health and vitality of those we serve.

Our subsidiaries offer a differentiated set of pharmacy, medical, behavioral, dental, and related products and services. The majority of these products and services are offered through employers and other entities, such as governmental and nongovernmental organizations, unions and associations. Certain subsidiaries also offer health and dental insurance products to individuals in the United States and select international markets. In addition to these operations, The Cigna Group also has certain run-off operations.

A full description of our segments follows:

The Evernorth Health Services® reportable segment includes the Pharmacy Benefit Services and the 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.

The Cigna Healthcare**®** reportable 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 for 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. U.S. Healthcare also included the Medicare Advantage and related businesses until the divestiture of such businesses to Health Care Services Corporation ("HCSC") on March 19, 2025 ("HCSC transaction"). In April 2026, the Company announced its planned exit from the Individual and Family Plans medical business as of January 1, 2027.

Other Operations comprises the remainder of our business operations, which includes certain continuing business (corporate-owned life insurance ("COLI")), as well as run-off and other non-strategic businesses. Our run-off businesses include the (i) variable annuity reinsurance business that was effectively exited through reinsurance with Berkshire Hathaway Life Insurance Company of Nebraska ("Berkshire") in 2013; (ii) settlement annuity business; and (iii) individual life insurance and annuity and retirement benefits businesses, which were sold through reinsurance agreements.

Corporate reflects amounts not allocated to operating segments, including net interest expense (defined as interest on corporate financing less net investment income on investments not supporting segment and other operations), certain litigation matters, expense associated with our frozen pension plans, charitable contributions, operating severance, certain overhead and enterprise-wide project costs, and eliminations for products and services sold between segments.

Note 2 – Summary of Significant Accounting Policies

Basis of Presentation

The Consolidated Financial Statements include the accounts of The Cigna Group and its consolidated subsidiaries. Intercompany transactions and accounts have been eliminated in consolidation. These Consolidated Financial Statements were prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). Certain goodwill and other intangible assets amounts in the Consolidated Balance Sheet were reclassified in the first quarter of 2026. Amounts as of June 30, 2026 continue to reflect the reclassified presentation.

Amounts recorded in the Consolidated Financial Statements necessarily reflect management's estimates and assumptions about medical costs, investment, tax and receivable valuations, interest rates, and other factors. Significant estimates are discussed throughout these Notes; however, actual results could differ from those estimates. The impact of a change in estimate is generally included in earnings in the period of adjustment.

These interim Consolidated Financial Statements are unaudited but include all adjustments (including normal recurring adjustments) necessary, in the opinion of management, for a fair statement of financial position and results of operations for the periods reported. The interim Consolidated Financial Statements and Notes should be read in conjunction with the Consolidated Financial Statements

and Notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 ("2025 Form 10-K"). The Company has not included certain footnote disclosures that would substantially duplicate the disclosures contained in its 2025 Form 10-K, unless the information in those disclosures materially changed or is required by GAAP. The preparation of interim Consolidated Financial Statements necessarily relies heavily on estimates. This and other factors, including the seasonal nature of portions of the health care and related benefits business, as well as competitive and other market conditions, call for caution in estimating full-year results based on interim results of operations.

Recent Accounting Pronouncements

The Company's 2025 Form 10-K includes discussion of significant recent accounting pronouncements that either have impacted or may impact our financial statements in the future. There are no updates to significant accounting pronouncements recently adopted that have occurred since the Company filed its 2025 Form 10-K. There are no incremental significant accounting pronouncements recently issued and not yet adopted that are expected to impact our operations or financial statements beyond those described in the Company's 2025 Form 10-K*.* The Company continues to progress with its adoption plans, with no significant updates since the 2025 Form 10-K.

Note 3 – Accounts Receivable, Net

The following amounts were included within Accounts receivable, net:

(In millions)			June 30, 2026						December 31, 2025
Noninsurance customer receivables			$	15,097					$	14,707
Pharmaceutical manufacturers receivables			13,940						12,437
Insurance customer receivables			1,545						1,385
Other receivables			218						239
Total			$	30,800					$	28,768

These accounts receivable are reported net of our allowances of $7.4 billion and $6.8 billion as of June 30, 2026 and December 31, 2025, respectively. These allowances include contractual allowances for certain rebates receivable with pharmaceutical manufacturers and certain accounts receivable from third-party payors, discounts and claims adjustments issued to customers in the form of client credits, an allowance for current expected credit losses, and other non-credit adjustments.

The Company's allowance for current expected credit losses was $195 million and $199 million as of June 30, 2026 and December 31, 2025, respectively.

Accounts Receivable Factoring Facilities

The Company maintains uncommitted factoring facilities with a total capacity of $2.0 billion under which certain accounts receivable may be sold on a non-recourse basis to a financial institution. In the first quarter of 2026, the Company entered into a new accounts receivable factoring facility with an initial two-year term, in addition to the previously established accounts receivable factoring facility outlined in Note 3 to the Consolidated Financial Statements included in the Company's 2025 Form 10-K (together, the "Facilities"). The Facilities automatically renew and are subject to automatic one-year renewal terms following the expiration of the initial term unless terminated by either party. The transactions under the Facilities are accounted for as a sale and recorded as a reduction to accounts receivable in the Consolidated Balance Sheets because control of, and risk related to, the accounts receivable are transferred to the financial institution. Although the sale is made without recourse, we provide collection services related to the transferred assets. Amounts associated with the Facilities are reflected within Net cash provided by operating activities in the Consolidated Statements of Cash Flows. Factoring fees paid under the Facilities are reflected in Interest expense and other in the Consolidated Statements of Income.

We sold accounts receivable under the Facilities of $1.2 billion and $1.3 billion for the three months ended June 30, 2026 and 2025, respectively, and $1.5 billion and $2.7 billion for the six months ended June 30, 2026 and 2025, respectively. For the three and six months ended June 30, 2026 and 2025, factoring fees paid were not material. As of June 30, 2026, there were $0.9 billion of sold accounts receivable that have not been collected and have been removed from the Company's Consolidated Balance Sheets. As of December 31, 2025, all sold accounts receivable had been collected. As of June 30, 2026 and December 31, 2025, there were $0.3 billion and $0.4 billion, respectively, of collections that had not been remitted to the financial institution. Such amounts are recorded within Accrued expenses and other liabilities in the Consolidated Balance Sheets.

Note 4 – Supplier Finance Program

The Company facilitates a voluntary supplier finance program (the "Program") that provides suppliers the opportunity to sell their accounts receivable due from us (i.e., our payment obligations to the suppliers) to a financial institution, on a non-recourse basis, in order to be paid earlier than our payment terms require.

As of June 30, 2026 and December 31, 2025, $1.4 billion and $1.6 billion, respectively, of the Company's outstanding payment obligations were confirmed as valid within the Program by the financial institution and are reflected in Accounts payable in the Consolidated Balance Sheets. The amounts confirmed as valid for both periods are predominately associated with one supplier.

Note 5 – Earnings Per Share

Basic and diluted earnings per share were computed as follows:

			Three Months Ended
			June 30, 2026																		June 30, 2025
(Shares in thousands, dollars in millions, except per share amounts)			Basic						Effect of Dilution						Diluted						Basic						Effect of Dilution						Diluted
Shareholders' net income			$	1,660											$	1,660					$	1,532											$	1,532
Shares:
Weighted average			262,986												262,986						266,181												266,181
Common stock equivalents									976						976												1,973						1,973
Total shares			262,986						976						263,962						266,181						1,973						268,154
Earnings per share			$	6.31					$	(0.02)					$	6.29					$	5.76					$	(0.05)					$	5.71

			Six Months Ended
			June 30, 2026																		June 30, 2025
(Shares in thousands, dollars in millions, except per share amounts)			Basic						Effect of Dilution						Diluted						Basic						Effect of Dilution						Diluted
Shareholders' net income			$	3,314											$	3,314					$	2,855											$	2,855
Shares:
Weighted average			262,867												262,867						268,511												268,511
Common stock equivalents									1,123						1,123												2,029						2,029
Total shares			262,867						1,123						263,990						268,511						2,029						270,540
Earnings per share			$	12.61					$	(0.06)					$	12.55					$	10.63					$	(0.08)					$	10.55

The following outstanding employee stock options were not included in the computation of diluted earnings per share because their effect was anti-dilutive:

			Three Months Ended June 30,												Six Months Ended June 30,
(In millions)			2026						2025						2026						2025
Anti-dilutive options			2.2						1.5						2.3						1.9

On July 22, 2026, the Board of Directors of The Cigna Group (the "Board") declared the third quarter cash dividend of $1.56 per share of The Cigna Group common stock to be paid on September 23, 2026 to shareholders of record on September 8, 2026. The Company currently intends to pay regular quarterly dividends, with future declarations subject to approval by the Board and the Board's determination that the declaration of dividends remains in the best interests of The Cigna Group and its shareholders. The decision of whether to pay future dividends and the amount of any such dividends will be based on the Company's financial position, results of operations, cash flows, capital requirements, the requirements of applicable law and any other factors the Board may deem relevant.

The Company held approximately 142.3 million shares of common stock in treasury as of June 30, 2026, 141.1 million shares as of December 31, 2025 and 137.4 million shares as of June 30, 2025.

Note 6 – Debt

Short-Term and Long-Term Debt. During the six months ended June 30, 2026, the Company repaid $550 million 1.250% senior notes that matured in March 2026. For more information regarding our short-term and long-term debt, see Note 7 to the Consolidated Financial Statements in the Company's 2025 Form 10-K.

Revolving Credit Agreement. The Company maintains a $6.5 billion, five-year revolving credit and letter of credit agreement that will mature in April 2030, with an option to extend the maturity date for additional one-year periods, subject to consent of the banks (the "Credit Agreement"). Our Credit Agreement provides us with the ability to borrow amounts for general corporate purposes, including providing liquidity support if necessary under our commercial paper program discussed below. As of June 30, 2026, there was no outstanding balance under the Credit Agreement.

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 $1.0 billion outstanding as of June 30, 2026 and an average interest rate of 3.92%.

Interest Expense. Interest expense on long-term and short-term debt was $359 million for the three months ended and $716 million for the six months ended June 30, 2026, compared with $338 million for the three months ended and $700 million for the six months ended June 30, 2025.

Note 7 – Insurance and Contractholder Liabilities

**A.**Account Balances – Insurance and Contractholder Liabilities

The Company's insurance and contractholder liabilities were comprised of the following:

			June 30, 2026																		December 31, 2025																		June 30, 2025
(In millions)			Current						Non-current						Total						Current						Non-current						Total						Total
Unpaid claims and claim expenses
Cigna Healthcare			$	5,161					$	67					$	5,228					$	4,180					$	61					$	4,241					$	4,636
Other			165						139						304						167						176						343						355
Future policy benefits
Cigna Healthcare			39						154						193						38						153						191						192
Other Operations			140						2,989						3,129						142						3,081						3,223						3,292
Contractholder deposit funds			334						5,648						5,982						336						5,778						6,114						6,188
Market risk benefits			23						593						616						25						649						674						767
Unearned premiums			827						43						870						822						40						862						742
Total insurance and contractholder liabilities			$	6,689					$	9,633					$	16,322					$	5,710					$	9,938					$	15,648					$	16,172

Insurance and contractholder liabilities expected to be paid within one year are classified as current.

**B.**Unpaid Claims and Claim Expenses – Cigna Healthcare

This liability reflects estimates of the ultimate cost of claims that have been incurred but not reported, expected development on reported claims, claims that have been reported but not yet paid (reported claims in process), and other medical care expenses and services payable that are primarily comprised of accruals for incentives and other amounts payable to health care professionals and facilities.

The total of incurred but not reported liabilities plus expected development on reported claims and reported claims in process was $5.0 billion as of June 30, 2026 and $4.5 billion as of June 30, 2025.

Activity, net of intercompany transactions, in the unpaid claims liability for the Cigna Healthcare segment was as follows:

						Six Months Ended June 30,
			(In millions)			2026						2025 (1)
			Beginning balance			$	4,241					$	5,018
			Less: Reinsurance and other amounts recoverable			147						159
			Beginning balance, net			4,094						4,859
			Incurred costs related to:
			Current year			16,093						18,163
			Prior years			(268)						(297)
			Total incurred			15,825						17,866
			Paid costs related to:
			Current year			11,576						13,019
			Prior years			3,258						3,889
			Total paid			14,834						16,908
			Less: Divestiture and other			—						1,323
			Ending balance, net			5,085						4,494
			Add: Reinsurance and other amounts recoverable			143						142
			Ending balance			$	5,228					$	4,636

(1) Includes unpaid claims amounts classified as liabilities of businesses held for sale prior to the completion of the HCSC transaction. As of December 31, 2024, includes $983 million classified as liabilities of businesses held for sale.

Reinsurance and other amounts recoverable reflect amounts due from reinsurers and policyholders to cover incurred but not reported and pending claims of certain business for which the Company administers the plan benefits without any right of offset. See Note 8 to the Consolidated Financial Statements for additional information on reinsurance.

Variances in incurred costs related to prior years' unpaid claims and claim expenses that resulted from the differences between actual experience and the Company's key assumptions were as follows:

						Six Months Ended June 30,
						2026												2025
			(Dollars in millions)			$						% (1)						$						% (2)
			Actual completion factors and other			$	144					0.4			%			$	170					0.5			%
			Medical cost trend			124						0.4						127						0.3
			Total favorable variance			$	268					0.8			%			$	297					0.8			%

*(1)*Percentage of current year incurred costs as reported for the year ended December 31, 2025.

*(2)*Percentage of current year incurred costs as reported for the year ended December 31, 2024.

Favorable prior year development in both years primarily reflects lower than expected utilization of medical services as compared to our assumptions.

**C.**Future Policy Benefits

The weighted average interest rates applied and duration for future policy benefits in Other Operations, consisting of annuity and life insurance products, were as follows:

			As of
			June 30, 2026						June 30, 2025
Interest accretion rate			5.64		%				5.64		%
Current discount rate			5.38		%				5.27		%
Weighted average duration			10.7 years						10.6 years

Obligations for annuities represent discounted periodic benefits to be paid to an individual or groups of individuals over their remaining lives. Other Operations' traditional insurance contracts, which are in run-off, have no premium remaining to be collected; therefore, future policy benefit reserves represent the present value of expected future policy benefits, discounted using the current discount rate, and the remaining amortizable deferred profit liability.

Future policy benefits include deferred profit liability of $344 million as of June 30, 2026 and $353 million as of June 30, 2025. Future policy benefits excluding deferred profit liability were $2.8 billion as of June 30, 2026 and $2.9 billion as of December 31, 2025, June 30, 2025, and December 31, 2024. Undiscounted expected future policy benefits were $4.1 billion as of June 30, 2026 and $4.2 billion as of June 30, 2025. As of June 30, 2026 and June 30, 2025, $0.8 billion and $0.9 billion, respectively, of the future policy benefit reserve was recoverable through treaties with external reinsurers.

**D.**Contractholder Deposit Funds

Contractholder deposit fund liabilities within Other Operations were $6.0 billion as of June 30, 2026, $6.1 billion as of December 31, 2025, $6.2 billion as of June 30, 2025 and $6.3 billion as of December 31, 2024. Approximately 37% of the balance is reinsured externally. Activity in these liabilities is presented net of reinsurance in the Consolidated Statements of Cash Flows.

As of June 30, 2026, the weighted average crediting rate, net amount at risk and cash surrender value for contractholder deposit fund liabilities not effectively exited through reinsurance were 3.24%, $2.4 billion and $2.7 billion, respectively. The comparative amounts as of June 30, 2025 were 3.22%, $2.7 billion and $2.8 billion, respectively. More than 99% of the $3.8 billion liability as of June 30, 2026 and the $3.9 billion liability as of June 30, 2025 not reinsured externally is for contracts with guaranteed interest rates of 3% - 4%, and approximately $1.1 billion and $1.2 billion as of these period ends represented contracts with policies at the guarantee. At these same period ends, $1.0 billion and $1.1 billion was 50 - 150 basis points ("bps") above the guarantee, and the remaining $1.7 billion as of June 30, 2026 and $1.6 billion as of June 30, 2025 represented contracts above the guarantee that pay the policyholder based on the greater of a guaranteed minimum cash value or the actual cash value. As of both June 30, 2026 and June 30, 2025, more than 90% of these contracts have actual cash values of at least 110% of the guaranteed cash value.

**E.**Market Risk Benefits

Liabilities for market risk benefits ("MRBs") consist of variable annuity reinsurance contracts in Other Operations. These liabilities arise under annuities and riders to annuities written by ceding companies that guarantee the benefit received at death and, for a subset of policies, also provide contractholders the option, within 30 days of a policy anniversary after the appropriate waiting period, to elect minimum income payments. The Company's capital market risk exposure on variable annuity reinsurance contracts arises when the reinsured guaranteed minimum benefit exceeds the contractholder's account value in the related underlying mutual funds at the time the insurance benefit is payable under the respective contract. The Company receives and pays premium periodically based on the terms of the reinsurance agreements.

Market risk benefits activity was as follows:

			Six Months Ended June 30,
(In millions)			2026			2025
Balance, beginning of year			$	674		$	785
Balance, beginning of year, before the effect of nonperformance risk (own credit risk)			714			838
Changes due to expected run-off			(12)			(11)
Changes due to capital markets versus expected			(43)			(7)
Changes due to policyholder behavior versus expected			(9)			3
Balance, end of period, before the effect of changes in nonperformance risk (own credit risk)			650			823
Nonperformance risk (own credit risk), end of period			(34)			(56)
Balance, end of period			$	616		$	767
Reinsured market risk benefit, end of period			$	650		$	822

The following table presents the net amount at risk and the average attained age of contractholders (weighted by exposure) for contracts assumed by the Company. The net amount at risk is the amount the Company would have to pay to contractholders if all deaths or annuitizations occurred as of the earliest possible date in accordance with the insurance contract. The Company should be reimbursed in full for these payments unless the Berkshire reinsurance limit is exceeded, as discussed further in Note 8 to the Consolidated Financial Statements.

(Dollars in millions, excludes impact of reinsurance ceded)			June 30, 2026						June 30, 2025
Net amount at risk			$	1,019					$	1,236
Average attained age of contractholders (weighted by exposure)			78.5 years						78.0 years

Note 8 – Reinsurance

The Company's insurance subsidiaries enter into agreements with other insurance companies to limit losses from large exposures and to permit recovery of a portion of incurred losses. Reinsurance is ceded primarily in acquisition and disposition transactions when the underwriting company is not being acquired. Reinsurance does not relieve the originating insurer of liability. Therefore, reinsured liabilities must continue to be reported along with the related reinsurance recoverables. The Company regularly evaluates the financial condition of its reinsurers and monitors concentrations of its credit risk.

The majority of the Company's reinsurance recoverables resulted from acquisition and disposition transactions in which the underwriting company was not acquired. The Company bears the risk of loss if its reinsurers and retrocessionaires do not meet or are unable to meet their reinsurance obligations to the Company. The Company reviews its reinsurance arrangements and establishes reserves against the recoverables primarily for expected credit losses.

The Company's reinsurance recoverables as of June 30, 2026 are presented at amount due by range of external credit rating and collateral level in the following table, with reinsurance recoverables that are market risk benefits separately presented at fair value:

(In millions)						Fair Value of Collateral Contractually Required to Meet or Exceed Carrying Value of Recoverable						Collateral Provisions Exist That May Mitigate Risk of Credit Loss (1)						No Collateral						Total
Ongoing operations
A- equivalent and higher current ratings (2)						$	—					$	5					$	256					$	261
BBB- to BBB+ equivalent current credit ratings (2)						—						—						64						64
Not rated						77						5						4						86
Acquisition, disposition or run-off activities
BBB+ equivalent and higher current ratings (2)(3)						269						2,762						23						3,054
Not rated						—						5						1						6
Total reinsurance recoverables before market risk benefits						$	346					$	2,777					$	348					$	3,471
Allowance for uncollectible reinsurance																								(22)
Market risk benefits																								650
Total reinsurance recoverables (4)																								$	4,099

*(1)*Includes collateral provisions requiring the reinsurer to fully collateralize its obligation if its external credit rating is downgraded to a specified level.

*(2)*Certified by a nationally recognized statistical ratings organization ("NRSRO").

*(3)*Comprised of six reinsurers, of which 77% is held by two reinsurers, Lincoln National Life Insurance Company and Lincoln Life and Annuity Company of New York.

*(4)*Includes $117 million of current reinsurance recoverables that are reported in Other current assets.

The Company entered into an agreement with Berkshire to effectively exit the variable annuity reinsurance business via a reinsurance transaction in 2013. Variable annuity contracts are accounted for as assumed and ceded reinsurance and categorized as market risk benefits as discussed in Note 7 to the Consolidated Financial Statements. Berkshire reinsured 100% of the Company's future cash flows in this business, net of other reinsurance arrangements existing at that time. The reinsurance agreement is subject to an overall limit, with approximately $3.0 billion remaining as of June 30, 2026. As a result of the reinsurance transaction, amounts payable are offset by a corresponding reinsurance recoverable, provided the increased recoverable remains within the overall Berkshire limit. As of both June 30, 2026 and 2025, market risk benefits (shown in the table net of nonperformance risk as of June 30, 2026) were predominantly reinsured by Berkshire, which is rated AA+ by an NRSRO. As of June 30, 2026, approximately 100% of the Berkshire recoverable is secured by assets in a trust.

Note 9 – Investments

The following table summarizes the Company's investments by category and current or long-term classification:

						June 30, 2026																		December 31, 2025
(In millions)						Current						Long-Term						Total						Current						Long-Term						Total
Debt securities						$	549					$	7,901					$	8,450					$	691					$	7,671					$	8,362
Equity securities						17						3,756						3,773						22						3,534						3,556
Commercial mortgage loans						88						1,111						1,199						86						1,147						1,233
Policy loans						—						1,023						1,023						—						1,082						1,082
Other long-term investments						—						5,246						5,246						—						5,037						5,037
Short-term investments						305						—						305						257						—						257
Total						$	959					$	19,037					$	19,996					$	1,056					$	18,471					$	19,527

**A.**Investment Portfolio

Debt Securities

The amortized cost and fair value by contractual maturity periods for debt securities were as follows as of June 30, 2026:

(In millions)						Amortized Cost						Fair Value
Due in one year or less						$	600					$	574
Due after one year through five years						3,991						3,936
Due after five years through ten years						2,033						2,005
Due after ten years						1,872						1,708
Mortgage and other asset-backed securities						247						227
Total						$	8,743					$	8,450

Actual maturities of these securities could differ from their contractual maturities used in the table above because issuers may have the right to call or prepay obligations, with or without penalties.

Gross unrealized appreciation (depreciation) on debt securities by type of issuer is shown below:

(In millions)						Amortized Cost						Allowance for Credit Loss						Unrealized Appreciation						Unrealized Depreciation						Fair Value
June 30, 2026
Federal government and agency						$	217					$	—					$	12					$	(4)					$	225
State and local government						24						—						1						—						25
Foreign government						461						—						9						(6)						464
Corporate						7,794						(51)						135						(369)						7,509
Mortgage and other asset-backed						247						—						2						(22)						227
Total						$	8,743					$	(51)					$	159					$	(401)					$	8,450
December 31, 2025
Federal government and agency						$	215					$	—					$	15					$	(3)					$	227
State and local government						24						—						1						—						25
Foreign government						450						—						12						(6)						456
Corporate						7,704						(137)						175						(332)						7,410
Mortgage and other asset-backed						267						—						3						(26)						244
Total						$	8,660					$	(137)					$	206					$	(367)					$	8,362

Review of Declines in Fair Value. Management reviews debt securities in an unrealized loss position to determine whether a credit loss allowance is needed based on criteria that include severity of decline; financial health and specific prospects of the issuer; and changes in the regulatory, economic or general market environment of the issuer's industry or geographic region.

The table below summarizes debt securities with a decline in fair value from amortized cost for which an allowance for credit losses has not been recorded (by investment grade and the length of time these securities have been in an unrealized loss position). Unrealized depreciation on these debt securities is primarily due to declines in fair value resulting from increasing interest rates since these securities were purchased.

						June 30, 2026																								December 31, 2025
(Dollars in millions)						Fair Value						Amortized Cost						Unrealized Depreciation						Number of Issues						Fair Value						Amortized Cost						Unrealized Depreciation						Number of Issues
One year or less
Investment grade						$	1,902					$	1,925					$	(23)					640						$	384					$	386					$	(2)					149
Below investment grade						214						219						(5)						472						120						125						(5)						239
More than one year
Investment grade						2,637						2,998						(361)						703						3,044						3,382						(338)						799
Below investment grade						105						117						(12)						67						185						207						(22)						86
Total						$	4,858					$	5,259					$	(401)					1,882						$	3,733					$	4,100					$	(367)					1,273

Equity Securities

The following table provides the values of the Company's equity security investments:

						June 30, 2026												December 31, 2025
(In millions)						Cost						Carrying Value						Cost						Carrying Value
Equity securities with readily determinable fair values						$	88					$	106					$	78					$	92
Equity securities with no readily determinable fair value						6,974						3,667						6,792						3,464
Total						$	7,062					$	3,773					$	6,870					$	3,556

Commercial Mortgage Loans

Mortgage loans held by the Company are made exclusively to commercial borrowers and are diversified by property type, location and borrower. Loans are generally issued at fixed rates of interest and are secured by high-quality, primarily completed and substantially leased operating properties.

The Company regularly evaluates and monitors credit risk from the initial mortgage loan underwriting and throughout the investment holding period. The annual portfolio review performed in the second quarter of 2026 confirmed ongoing strong overall credit quality in line with the previous year's results. For more information on the Company's accounting policies and methodologies regarding these investments, see Note 11 to the Consolidated Financial Statements in the Company's 2025 Form 10-K.

The following table summarizes the credit risk profile of the Company's commercial mortgage loan portfolio:

(Dollars in millions)						June 30, 2026																		December 31, 2025
Loan-to-Value Ratio						Carrying Value						Average Debt Service Coverage Ratio						Average Loan-to-Value Ratio						Carrying Value						Average Debt Service Coverage Ratio						Average Loan-to-Value Ratio
Below 60%						$	379					2.08												$	355					2.13
60% to 79%						634						1.72												694						1.81
80% to 100%						186						0.84												184						0.79
Total						$	1,199					1.67						72			%			$	1,233					1.72						71			%

Other Long-Term Investments

Other long-term investments include investments in unconsolidated entities, including certain limited partnerships and limited liability companies holding real estate, securities or loans. These investments are carried at cost plus the Company's ownership percentage of reporting income or loss, based on the financial statements of the underlying investments that are generally reported at fair value.

Income or loss from these investments is reported on a one-quarter lag due to the timing of when financial information is received from the general partner or manager of the investments.

Other long-term investments also include investment real estate carried at depreciated cost less any impairment write-downs to fair value when cash flow estimates indicate that the carrying value may not be recoverable. Additionally, statutory and other restricted deposits and foreign currency swaps carried at fair value are reported in the table below as Other. The following table provides the carrying value information for these investments:

						Carrying Value as of
(In millions)						June 30, 2026						December 31, 2025
Real estate investments						$	1,971					$	1,895
Securities partnerships						3,082						2,948
Other						193						194
Total						$	5,246					$	5,037

**B.**Derivative Financial Instruments

The Company uses derivative financial instruments to manage the characteristics of investment assets (such as duration, yield, currency and liquidity) to meet the varying demands of the related insurance and contractholder liabilities. The Company also uses derivative financial instruments to hedge the risk of changes in the net assets of certain of its foreign subsidiaries due to changes in foreign currency exchange rates and to hedge the interest rate risk of certain long-term debt. The Company also has derivative instruments associated with certain equity securities; see Note 12A to the Consolidated Financial Statements in the Company’s 2025 Form 10-K for further information.

As of June 30, 2026, the notional value of interest rate swap contracts increased to $3.8 billion compared with $3.2 billion as of December 31, 2025. There were no other material changes to the Company's individual derivative hedging strategies during the three and six months ended June 30, 2026. See Note 11B to the Consolidated Financial Statements in the Company's 2025 Form 10-K for further discussion of the types of derivative financial instruments and associated accounting policies. The effects of derivative financial instruments used in our individual hedging strategies were not material to the Consolidated Financial Statements as of June 30, 2026 and December 31, 2025. The gross fair values of our derivative financial instruments are presented in Note 10 to the Consolidated Financial Statements.

**C.**Investment Gains and Losses

Net investment gains (losses), before income taxes were $(69) million and $189 million, respectively, for the three and six months ended June 30, 2026, versus $52 million and $50 million, respectively, for the three and six months ended June 30, 2025. Net investment results for the three and six months ended June 30, 2026 primarily reflect fair value changes of derivative instruments associated with certain equity securities. These amounts exclude investment gains and losses attributed to the Company's separate accounts because those gains and losses generally accrue directly to separate account policyholders.

Note 10 – Fair Value Measurements

For a description of the policies, methods and assumptions that are used to estimate fair value and determine the fair value hierarchy for each class of financial instruments, see Note 12 to the Consolidated Financial Statements in the Company's 2025 Form 10-K.

**A.**Financial Assets and Financial Liabilities Carried at Fair Value

The following table provides information about the Company's investment and derivative financial assets and liabilities carried at fair value on a recurring basis. Further information regarding insurance assets and liabilities carried at fair value is provided in Note 9E to the Consolidated Financial Statements in the Company's 2025 Form 10-K. Separate account assets are also recorded at fair value on the Company's Consolidated Balance Sheets and are reported separately in the Separate Accounts section below as gains and losses related to these assets generally accrue directly to contractholders.

(In millions)						Quoted Prices in Active Markets for Identical Assets (Level 1)												Significant Other Observable Inputs (Level 2)												Significant Unobservable Inputs (Level 3)												Total
						June 30, 2026						December 31, 2025						June 30, 2026						December 31, 2025						June 30, 2026						December 31, 2025						June 30, 2026						December 31, 2025
Financial assets at fair value
Debt securities
Federal government and agency						$	103					$	105					$	122					$	122					$	—					$	—					$	225					$	227
State and local government						—						—						25						25						—						—						25						25
Foreign government						—						—						464						446						—						10						464						456
Corporate						—						—						7,246						7,133						263						277						7,509						7,410
Mortgage and other asset-backed						—						—						194						206						33						38						227						244
Total debt securities						103						105						8,051						7,932						296						325						8,450						8,362
Equity securities (1)						77						54						27						36						2						2						106						92
Short-term investments						—						—						305						257						—						—						305						257
Derivative assets						—						—						84						68						1,210						923						1,294						991
Financial liabilities at fair value
Derivative liabilities						$	—					$	—					$	10					$	22					$	456					$	354					$	466					$	376

*(1)*Excludes certain equity securities that have no readily determinable fair value.

Level 3 Financial Assets and Financial Liabilities

Certain inputs for instruments classified in Level 3 are unobservable (supported by little or no market activity) and significant to their resulting fair value measurement. Unobservable inputs reflect the Company's best estimate of what hypothetical market participants would use to determine a transaction price for the asset or liability at the reporting date. Additionally, as discussed in Note 9E to the Consolidated Financial Statements in the Company's 2025 Form 10-K, the Company classifies variable annuity assets and liabilities in Level 3 of the fair value hierarchy.

Information about Debt Securities. The significant unobservable input used to value our corporate and government debt securities, and mortgage and other asset-backed securities, is an adjustment for liquidity. This adjustment is needed to reflect current market conditions and issuer circumstances when there is limited trading activity for the security.

The following table summarizes the fair value and significant unobservable inputs that were developed directly by the Company and used in pricing these debt securities. The range and weighted average basis point amounts for liquidity reflect the Company's best estimates of the unobservable adjustments a market participant would make to calculate these fair values. An increase in liquidity spread adjustments would result in a lower fair value measurement, while a decrease would result in a higher fair value measurement.

						Fair Value as of																		Unobservable Adjustment Range (Weighted Average by Quantity) as of
(Fair value in millions)						June 30, 2026						December 31, 2025						Unobservable Input June 30, 2026						June 30, 2026						December 31, 2025
Debt securities
Corporate						$	262					$	286					Liquidity						60 - 920 (140)			bps			60 - 920 (175)			bps
Mortgage and other asset-backed securities						33						38						Liquidity						115 - 350 (160)			bps			105 - 350 (160)			bps
Other debt securities						1						1
Total Level 3 debt securities						$	296					$	325

Information about Derivative Instruments. See Note 12A to the Consolidated Financial Statements in the Company’s 2025 Form 10-K for further information regarding our Level 3 derivative instruments.

Changes in Level 3 Financial Assets and Financial Liabilities Carried at Fair Value

The following table summarizes the changes in financial assets and financial liabilities classified in Level 3. Gains and losses reported in the table may include net changes in fair value that are attributable to both observable and unobservable inputs.

			Three Months Ended June 30,												Six Months Ended June 30,
(In millions)			2026						2025						2026						2025
Beginning balance			$	1,146					$	373					$	896					$	417
(Losses) gains included in Shareholders' net income			(83)						(4)						175						(14)
Gains (losses) included in Other comprehensive loss			2						3						(1)						10
Purchases, sales and settlements
Purchases			35						25						50						27
Sales			(29)						(2)						(35)						(2)
Settlements			—						(49)						(2)						(80)
Total purchases, sales and settlements			6						(26)						13						(55)
Transfers into / (out of) Level 3
Transfers into Level 3			14						31						40						49
Transfers out of Level 3			(33)						(15)						(71)						(45)
Total transfers into / (out of) Level 3			(19)						16						(31)						4
Ending balance			$	1,052					$	362					$	1,052					$	362
Total (losses) gains included in Shareholders' net income attributable to instruments held at the reporting date			$	(83)					$	(4)					$	175					$	(17)
Change in unrealized gain or (loss) included in Other comprehensive loss for assets held at the end of the reporting period			$	2					$	4					$	(1)					$	7

Total gains and losses included in Shareholders' net income in the table above are reflected in the Consolidated Statements of Income as Net investment gains/losses and as Net investment income/losses. Gains and losses included in Other comprehensive loss, net of tax, in the table above are reflected in Net unrealized appreciation on securities and derivatives in the Consolidated Statements of Comprehensive Income.

Transfers into or out of the Level 3 category occur when unobservable inputs, such as the Company's best estimate of what a market participant would use to determine a current transaction price, become more or less significant to the fair value measurement. Market activity typically decreases during periods of economic uncertainty, and this decrease in activity reduces the availability of market observable data. As a result, the level of unobservable judgment that must be applied to the pricing of certain instruments increases and is typically observed through the widening of liquidity spreads. Transfers between Level 2 and Level 3 during 2026 and 2025 primarily reflected changes in liquidity estimates for certain private placement issuers across several sectors. See discussion under Level 3 Financial Assets and Financial Liabilities above for more information.

Separate Accounts

The investment income and fair value gains and losses of Separate account assets generally accrue directly to the contractholders and, together with their deposits and withdrawals, are excluded from the Company's Consolidated Statements of Income and Cash Flows. The separate account activity for the six months ended June 30, 2026 and 2025 was primarily driven by changes in the market values of the underlying separate account investments.

Fair values of Separate account assets were as follows:

			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total
(In millions)			June 30, 2026			December 31, 2025			June 30, 2026			December 31, 2025			June 30, 2026			December 31, 2025			June 30, 2026			December 31, 2025
Guaranteed separate accounts (see Note 14)			$	252		$	247		$	331		$	330		$	—		$	—		$	583		$	577
Non-guaranteed separate accounts (1)			264			271			5,859			5,769			160			209			6,283			6,249
Subtotal			$	516		$	518		$	6,190		$	6,099		$	160		$	209		6,866			6,826
Non-guaranteed separate accounts priced at net asset value as a practical expedient (1)																					659			661
Total																					$	7,525		$	7,487

*(1)*Non-guaranteed separate accounts include $3.7 billion as of June 30, 2026 and $3.8 billion as of December 31, 2025 in assets supporting the Company's pension plans, including $0.1 billion classified in Level 3 as of June 30, 2026 and $0.2 billion as of December 31, 2025. Non-guaranteed separate accounts are primarily comprised of securities partnerships, real estate and real estate funds.

Separate account assets classified in Level 3 primarily support the Company's pension plans and include certain newly issued, privately placed, complex or illiquid securities that are priced using methods discussed above, as well as commercial mortgage loans. Activity, including transfers into and out of Level 3, was not material for the three and six months ended June 30, 2026 or 2025.

**B.**Assets and Liabilities Measured at Fair Value under Certain Conditions

Some financial assets and liabilities are not carried at fair value, such as commercial mortgage loans that are carried at unpaid principal, investment real estate that is carried at depreciated cost and equity securities with no readily determinable fair value when there are no observable market transactions. However, these financial assets and liabilities may be measured using fair value under certain conditions, such as when investments become impaired and are written down to their fair value, or when there are observable price changes from orderly market transactions of equity securities that otherwise had no readily determinable fair value.

For the six months ended June 30, 2026 and 2025, impairments recognized requiring the assets and liabilities described above to be measured at fair value were not material. Observable price changes for equity securities with no readily determinable fair value were not material for the six months ended June 30, 2026 or 2025.

**C.**Fair Value Disclosures for Financial Instruments Not Carried at Fair Value

The following table includes the Company's financial instruments not recorded at fair value but for which fair value disclosure is required. In addition to universal life products and finance leases, financial instruments that are carried in the Company's Consolidated Balance Sheets at amounts that approximate fair value are excluded from the following table.

						Classification in Fair Value Hierarchy						June 30, 2026												December 31, 2025
(In millions)									Fair Value						Carrying Value						Fair Value						Carrying Value
Commercial mortgage loans						Level 3						$	1,154					$	1,199					$	1,195					$	1,233
Long-term debt, including current maturities, excluding finance leases						Level 2						$	28,941					$	31,768					$	29,907					$	31,352

Note 11 – Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss) ("AOCI") includes net unrealized appreciation/depreciation on securities and derivatives, change in discount rate and instrument-specific credit risk for certain long-duration insurance contractholder liabilities (see Note 7 to the Consolidated Financial Statements), foreign currency translation, and the net postretirement benefits liability adjustment. AOCI includes the Company's share from unconsolidated entities reported on the equity method. Generally, tax effects in AOCI are established at the currently enacted tax rate and reclassified to Shareholders' net income in the same period that the related pre-tax AOCI reclassifications are recognized.

Shareholders' other comprehensive loss, net of tax, for the three and six months ended June 30, 2026 and June 30, 2025 is primarily attributable to the change in discount rates for certain long-duration liabilities, including the impacts from unconsolidated entities reported on the equity method.

Changes in the components of AOCI were as follows:

																					Three Months Ended June 30,						Six Months Ended June 30,
						(In millions)															2026			2025			2026			2025
						Securities and derivatives
						Beginning balance															$	465		$	732		$	594		$	832
						Unrealized appreciation on securities and derivatives, before reclassification, net of tax (expense) of $(76), $(93), $(32) and $(44), respectively															249			303			116			169
						Amounts reclassified to Shareholders' net income, net of tax (benefit) of $—, $(4), $(1) and $(13), respectively															—			18			4			52
						Other comprehensive income, net of tax															249			321			120			221
						Ending balance															$	714		$	1,053		$	714		$	1,053
						Net long-duration insurance and contractholder liabilities measurement adjustments
						Beginning balance															$	(2,964)		$	(2,206)		$	(2,329)		$	(2,038)
						Net current period change in discount rate for certain long-duration liabilities, before reclassification, net of tax benefit of $336, $205, $550 and $238, respectively															(1,007)			(615)			(1,643)			(723)
						Amounts reclassified to Shareholders' net income, net of tax expense of $—, $—, $— and $16, respectively															—			—			—			(56)
						Net current period change in discount rate for certain long-duration liabilities, net of tax benefit of $336, $205, $550 and $254, respectively															(1,007)			(615)			(1,643)			(779)
						Net current period change in instrument-specific credit risk for market risk benefits, net of tax benefit (expense) of $2, $(2), $2 and $(1), respectively															(5)			6			(4)			2
						Other comprehensive (loss), net of tax															(1,012)			(609)			(1,647)			(777)
						Ending balance															$	(3,976)		$	(2,815)		$	(3,976)		$	(2,815)
						Translation of foreign currencies
						Beginning balance															$	(162)		$	(185)		$	(127)		$	(198)
						Net translation of foreign currencies, before reclassification, net of tax (expense) benefit of $—, $(2), $2 and $(8), respectively															(13)			65			(48)			78
						Ending balance															$	(175)		$	(120)		$	(175)		$	(120)
						Postretirement benefits liability
						Beginning balance															$	(937)		$	(931)		$	(944)		$	(937)
						Amounts reclassified to Shareholders' net income, net of tax (benefit) of $(2), $(2), $(4) and $(4), respectively															6			6			13			12
						Net change due to valuation update, before reclassification, net of tax (expense) benefit of $(3), $3, $(3) and $3, respectively															7			(9)			7			(9)
						Other comprehensive income (loss), net of tax															13			(3)			20			3
						Ending balance															$	(924)		$	(934)		$	(924)		$	(934)
						Total Accumulated other comprehensive loss
						Beginning balance															$	(3,598)		$	(2,590)		$	(2,806)		$	(2,341)
						Shareholders' other comprehensive (loss), net of tax benefit of $257, $105, $514 and $187, respectively															(763)			(226)			(1,555)			(475)
						Ending balance															$	(4,361)		$	(2,816)		$	(4,361)		$	(2,816)

Note 12 – Strategic Optimization Program

In the first quarter of 2025, the Company commenced an enterprise-wide initiative to evolve our business and deliver a more efficient and improved experience for our patients, providers and customers. The Company expects that the program will continue through 2028 and is continuing to evaluate additional opportunities to improve the overall efficiency and effectiveness of our operations. The program includes severance and other employee costs, asset impairments and accelerated asset amortization, and the operating results of certain small non-strategic businesses that we plan to discontinue.

During the three and six months ended June 30, 2026, we reported total costs of $70 million ($53 million after-tax) and $450 million ($343 million after-tax), respectively, associated with this initiative, compared with $129 million ($98 million after-tax) and $344 million ($261 million after-tax), respectively, for the three and six months ended June 30, 2025.

The total costs for the three and six months ended June 30, 2026 included $69 million and $446 million, respectively, pre-tax in Selling, general and administrative expenses, which was primarily associated with severance ($33 million and $370 million, respectively). Comparatively, the total costs for the three and six months ended June 30, 2025 included $88 million and $286 million, respectively, pre-tax in Selling, general and administrative expenses, which was primarily associated with severance ($23 million and $194 million, respectively).

Program-to-date total costs of $1,199 million pre-tax ($908 million after-tax) included $1,062 million in Selling, general and administrative expenses, which were primarily associated with severance ($748 million) and asset impairments ($109 million). The remainder of the total program costs reflects the operating results of certain non-strategic businesses. We expect substantially all of the accrued liability to be paid by the end of 2026. See Note 15 to the Consolidated Financial Statements for further details of the strategic optimization program by segment.

The following table presents a roll forward of the accrued liability recorded in Accrued expenses and other liabilities:

(In millions)
Balance, December 31, 2025			$	140
2026 charges			370
2026 payments			(241)
Balance, June 30, 2026			$	269

Note 13 – Income Taxes

Income Tax Expense. The effective tax rate of 16.9% for the three months ended June 30, 2026 was lower than the effective tax rate of 19.2% for the three months ended June 30, 2025. The decrease was primarily driven by tax benefits related to equity investments and the absence of prior-period charges related to state tax audits. The effective tax rate of 17.5% for the six months ended June 30, 2026 was higher than the effective tax rate of 17.1% for the six months ended June 30, 2025. The increase was primarily due to the absence of a prior-period benefit related to the HCSC transaction, partially offset by the absence of prior-period charges related to state tax audits.

Note 14 – Contingencies and Other Matters

The Company, through its subsidiaries, is contingently liable for various guarantees provided in the ordinary course of business.

**A.**Financial Guarantees: Retiree and Life Insurance Benefits

The Company guarantees that separate account assets will be sufficient to pay certain life insurance or retiree benefits. For the majority of these benefits, the sponsoring employers are primarily responsible for ensuring that assets are sufficient to pay these benefits and are required to maintain assets that exceed a certain percentage of benefit obligations. If employers fail to do so, the Company or an affiliate of the buyer of the retirement benefits business has the right to redirect the management of the related assets to provide for benefit payments. As of June 30, 2026, employers maintained assets that generally exceeded the benefit obligations under these arrangements of approximately $390 million. An additional liability is established if management believes that the Company will be required to make payments under the guarantees; there were no additional liabilities required for these guarantees, net of reinsurance, as of June 30, 2026. Separate account assets supporting these guarantees are classified in Levels 1 and 2 of the GAAP fair value hierarchy.

The Company does not expect that these financial guarantees will have a material effect on the Company's consolidated results of operations, liquidity or financial condition.

**B.**Certain Other Guarantees

The Company had indemnification obligations as of June 30, 2026 in connection with acquisition and disposition transactions. These indemnification obligations are triggered by the breach of representations or covenants provided by the Company, such as representations for the presentation of financial statements, filing of tax returns, compliance with laws or regulations, or identification of outstanding litigation. These obligations are typically subject to various time limitations, defined by the contract or by operation of law, such as statutes of limitation. In some cases, the maximum potential amount due is subject to contractual limitations based on a stated dollar amount or a percentage of the transaction purchase price, while in other cases limitations are not specified or applicable. The Company does not believe that it is possible to determine the maximum potential amount due under these obligations because not all amounts due under these indemnification obligations are subject to limitation. There were no recorded liabilities for these indemnification obligations as of June 30, 2026.

**C.**Guaranty Fund Assessments

The Company operates in a regulatory environment that may require its participation in assessments under state insurance guaranty association laws. The Company's exposure to assessments for certain obligations of insolvent insurance companies to policyholders and claimants is based on its share of business written in the relevant jurisdictions. There were no material charges or credits resulting from existing or new guaranty fund assessments for the six months ended June 30, 2026.

**D.**Legal and Regulatory Matters

The Company is routinely involved in numerous claims, lawsuits, regulatory inquiries and audits, government investigations, including under the federal False Claims Act and state false claims acts initiated by a government investigating body or by a qui tam relator's filing of a complaint under court seal, and other legal matters arising, for the most part, in the ordinary course of managing a global health services business. Additionally, the Company has received and is cooperating with subpoenas or similar processes from various governmental agencies requesting information, all arising in the normal course of its business. Disputed tax matters arising from audits by the Internal Revenue Service or other state and foreign jurisdictions, including those resulting in litigation, are accounted for under GAAP guidance for uncertain tax positions.

Note 15 – Segment Information

See Note 1 to the Consolidated Financial Statements for a description of our segments. A description of our basis for reporting segment operating results is outlined below. Intersegment revenues primarily reflect pharmacy and care services transactions between the Evernorth Health Services and Cigna Healthcare segments. The President and Chief Executive Officer is the chief operating decision maker ("CODM") responsible for making decisions about resources to be allocated to each segment and assessing its performance.

The Company uses "pre-tax adjusted income (loss) from operations" and "adjusted revenues" as its principal financial measures of segment operating performance because management, including the CODM, believes these metrics reflect the underlying results of business operations and facilitate analysis of trends in underlying revenue, expenses and profitability to enable resource allocation decisions. We define pre-tax adjusted income (loss) from operations as income (loss) before income taxes excluding pre-tax income (loss) attributable to noncontrolling interests, 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, including the CODM, 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.

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, including the CODM, 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, including the CODM, believes they are not indicative of past or future underlying performance of the business.

The Company does not report total assets by segment because this is not a metric used by the CODM to allocate resources or evaluate segment performance.

The following table presents the special items charges (benefits) recorded by the Company, as well as the respective financial statement line items impacted:

												Three Months Ended June 30,																								Six Months Ended June 30,
												2026												2025												2026												2025
									(In millions)			Pre-tax						After-tax						Pre-tax						After-tax						Pre-tax						After-tax						Pre-tax						After-tax
									Strategic optimization program (primarily Selling, general and administrative expenses)			$	70					$	53					$	129					$	98					$	450					$	343					$	344					$	261
									Integration and transaction-related costs (Selling, general and administrative expenses)			34						26						74						56						69						53						290						220
									Charges associated with litigation matters (Selling, general and administrative expenses)			77						60						—						—						66						52						—						—
									Deferred tax expenses, net (Income taxes, less amount attributable to noncontrolling interests)			—						17						—						17						—						33						—						34
									(Gain) on sale of businesses			(6)						(3)						—						—						(6)						(6)						(41)						(115)
									Total impact from special items			$	175					$	153					$	203					$	171					$	579					$	475					$	593					$	400

Summarized segment financial information was as follows:

			(In millions)						Evernorth Health Services						Cigna Healthcare						Other Operations						Corporate and Eliminations						Total
			Three months ended June 30, 2026
			Revenues from external customers						$	61,077					$	10,268					$	51					$	—					$	71,396
			Intersegment revenues						372						1,395						7						(1,774)
			Net investment income						19						175						73						5						272
			Total revenues						61,468						11,838						131						(1,769)						71,668
			Net investment results from certain equity method investments						—						(110)						—						—						(110)
			Adjusted revenues						$	61,468					$	11,728					$	131					$	(1,769)					$	71,558
			Pharmacy and other service costs						58,531						—
			Medical costs						—						8,161
			Selling, general and administrative expenses						1,044						2,293
			Other segment items (1)
			Interest (expense) and other						—						2
			Less: Income attributable to noncontrolling interests						230						—
			Pre-tax adjusted income (loss) from operations						1,663						1,276						21						(410)						2,550
			Income (loss) before income taxes						$	1,423					$	1,308					$	10					$	(484)					$	2,257
			Pre-tax adjustments to reconcile to adjusted income from operations
			(Income) attributable to noncontrolling interests						(230)						—						—						—						(230)
			Net investment losses (gains) (2)						76						(127)						10						—						(41)
			Amortization of acquired intangible assets						387						2						—						—						389
			Special items
			Charges associated with litigation matters						—						77						—						—						77
			Strategic optimization program						7						22						1						40						70
			Integration and transaction-related costs						—						—						—						34						34
			(Gain) on sale of businesses						—						(6)						—						—						(6)
			Pre-tax adjusted income (loss) from operations						$	1,663					$	1,276					$	21					$	(410)					$	2,550
			Other segment information
			Depreciation and amortization						564						83						2						6						655

(1) Other segment items represent the difference between segment adjusted revenues less significant segment expenses and pre-tax adjusted income (loss) from operations, and they do not represent significant segment items relative to the CODM's review and oversight.

(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.

			(In millions)						Evernorth Health Services						Cigna Healthcare						Other Operations						Corporate and Eliminations						Total
			Three months ended June 30, 2025
			Revenues from external customers						$	57,486					$	9,358					$	98					$	—					$	66,942
			Intersegment revenues						308						1,313						13						(1,634)
			Net investment income						31						127						73						5						236
			Total revenues						57,825						10,798						184						(1,629)						67,178
			Net investment results from certain equity method investments						—						(44)						—						—						(44)
			Adjusted revenues						$	57,825					$	10,754					$	184					$	(1,629)					$	67,134
			Pharmacy and other service costs						54,939						—
			Medical costs						—						7,482
			Selling, general and administrative expenses						1,074						2,180
			Other segment items (1)
			Interest (expense) and other						1						2
			Less: Income attributable to noncontrolling interests						117						—
			Pre-tax adjusted income (loss) from operations						$	1,696					$	1,094					$	25					$	(382)					$	2,433
			Income (loss) before income taxes						$	1,430					$	1,098					$	(20)					$	(487)					$	2,021
			Pre-tax adjustments to reconcile to adjusted income from operations
			(Income) attributable to noncontrolling interests						(117)						—						—						—						(117)
			Net investment (gains) losses (2)						(80)						(20)						4						—						(96)
			Amortization of acquired intangible assets						416						6						—						—						422
			Special items
			Strategic optimization program						47						10						41						31						129
			Integration and transaction-related costs						—						—						—						74						74
			Pre-tax adjusted income (loss) from operations						$	1,696					$	1,094					$	25					$	(382)					$	2,433
			Other segment information
			Depreciation and amortization						$	587					$	81					$	9					$	5					$	682

(1) Other segment items represent the difference between segment adjusted revenues less significant segment expenses and pre-tax adjusted income (loss) from operations, and they do not represent significant segment items relative to the CODM's review and oversight.

(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.

			(In millions)						Evernorth Health Services						Cigna Healthcare						Other Operations						Corporate and Eliminations						Total
			Six months ended June 30, 2026
			Revenues from external customers						$	119,283					$	20,307					$	98					$	—					$	139,688
			Intersegment revenues						583						2,707						10						(3,300)
			Net investment income						44						278						143						9						474
			Total revenues						119,910						23,292						251						(3,291)						140,162
			Net investment results from certain equity method investments						—						(87)						—						—						(87)
			Adjusted revenues						$	119,910					$	23,205					$	251					$	(3,291)					$	140,075
			Pharmacy and other service costs						114,231						—
			Medical costs						—						15,825
			Selling, general and administrative expenses						2,093						4,594
			Other segment items (1)
			Interest (expense) and other						(1)						4
			Less: Income attributable to noncontrolling interests						456						—
			Pre-tax adjusted income (loss) from operations						3,129						2,790						48						(814)						5,153
			Income (loss) before income taxes						$	2,984					$	2,789					$	34					$	(1,280)					$	4,527
			Pre-tax adjustments to reconcile to adjusted income from operations
			(Income) attributable to noncontrolling interests						(456)						—						—						—						(456)
			Net investment (gains) losses (2)						(185)						(98)						10						(3)						(276)
			Amortization of acquired intangible assets						775						4						—						—						779
			Special items
			Strategic optimization program						11						35						4						400						450
			Integration and transaction-related costs						—						—						—						69						69
			Charges associated with litigation matters						—						66						—						—						66
			(Gain) on sale of businesses						—						(6)						—						—						(6)
			Pre-tax adjusted income (loss) from operations						$	3,129					$	2,790					$	48					$	(814)					$	5,153
			Other segment information
			Depreciation and amortization						$	1,124					$	166					$	4					$	11					$	1,305

*(1)*Other segment items represent the difference between segment adjusted revenues less significant segment expenses and pre-tax adjusted income (loss) from operations, and they do not represent significant segment items relative to the CODM's review and oversight.

*(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.

			(In millions)						Evernorth Health Services						Cigna Healthcare						Other Operations						Corporate and Eliminations						Total
			Six months ended June 30, 2025
			Revenues from external customers						$	109,488					$	22,526					$	192					$	—					$	132,206
			Intersegment revenues						1,956						2,544						25						(4,525)
			Net investment income						62						260						142						10						474
			Total revenues						111,506						25,330						359						(4,515)						132,680
			Net investment results from certain equity method investments						—						(94)						—						—						(94)
			Adjusted revenues						$	111,506					$	25,236					$	359					$	(4,515)					$	132,586
			Pharmacy and other service costs						106,060						—
			Medical costs						—						17,867
			Selling, general and administrative expenses						2,098						4,992
			Other segment items (1)
			Interest (expense) and other						1						4
			Less: Income attributable to noncontrolling interests						219						—
			Pre-tax adjusted income (loss) from operations						3,130						2,381						25						(793)						4,743
			Income (loss) before income taxes						$	2,538					$	2,462					$	(40)					$	(1,291)					$	3,669
			Pre-tax adjustments to reconcile to adjusted income from operations
			(Income) attributable to noncontrolling interests						(219)						—						—						—						(219)
			Net investment (gains) losses (2)						(84)						(67)						7						—						(144)
			Amortization of acquired intangible assets						831						13						—						—						844
			Special items
			Strategic optimization program						68						10						58						208						344
			Integration and transaction-related costs						—						—						—						290						290
			(Gain) on sale of businesses						(4)						(37)						—						—						(41)
			Pre-tax adjusted income (loss) from operations						$	3,130					$	2,381					$	25					$	(793)					$	4,743
			Other segment information
			Depreciation and amortization						$	1,171					$	164					$	11					$	10					$	1,356

*(1)*Other segment items represent the difference between segment adjusted revenues less significant segment expenses and pre-tax adjusted income (loss) from operations, and they do not represent significant segment items relative to the CODM's review and oversight.

*(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.

Revenue from external customers includes Pharmacy revenues, Premiums, and Fees and other revenues. The following table presents these revenues by product, premium and service type:

			Three Months Ended June 30,												Six Months Ended June 30,
(In millions)			2026						2025						2026						2025
Products (Pharmacy revenues) (ASC 606)
Network revenues			$	33,326					$	30,582					$	64,406					$	58,794
Home delivery and specialty revenues			20,444						19,974						40,232						38,911
Other revenues			3,720						3,433						7,146						6,510
Total Evernorth Health Services			57,490						53,989						111,784						104,215
Other Operations			—						14						—						27
Corporate and eliminations			(318)						(354)						(575)						(1,960)
Total Pharmacy revenues			57,172						53,649						111,209						102,282
Insurance premiums (ASC 944)
Cigna Healthcare
U.S. Healthcare
Employer insured			4,989						4,684						9,985						9,372
Medicare Advantage			—						—						—						2,363
Stop loss			2,138						1,879						4,254						3,747
Individual and Family Plans			860						941						1,733						1,800
Other			525						462						1,032						2,334
U.S. Healthcare			8,512						7,966						17,004						19,616
International Health			1,144						1,026						2,257						2,004
Total Cigna Healthcare			9,656						8,992						19,261						21,620
Other Operations			55						78						108						159
Corporate and eliminations			148						86						302						113
Total Premiums			9,859						9,156						19,671						21,892
Services (Fees) (ASC 606) and other revenues (1)
Evernorth Health Services			3,959						3,805						8,082						7,229
Cigna Healthcare			2,007						1,679						3,753						3,450
Other Operations			3						19						—						31
Corporate and eliminations			(1,604)						(1,366)						(3,027)						(2,678)
Total Fees and other revenues (1)			4,365						4,137						8,808						8,032
Total revenues from external customers			$	71,396					$	66,942					$	139,688					$	132,206

*(1)*Other revenues for the three months ended June 30, 2026 and 2025 were $315 and $114 million, respectively and for the six months ended June 30, 2026 and 2025, were $474 million and $276 million, respectively.

Financial and performance guarantees. Evernorth Health Services may also provide certain financial and performance guarantees, including a minimum level of discounts a client may receive, generic utilization rates and various service levels. Clients may be entitled to receive compensation if we fail to meet the guarantees. Actual performance is compared to the contractual guarantee for each measure throughout the period, and the Company defers revenue for any estimated payouts within Accrued expenses and other liabilities (current). These estimates are adjusted and paid following the end of the annual guarantee period. Historically, adjustments to original estimates have not been material. This guarantee liability was $1.7 billion as of June 30, 2026 and $1.8 billion as of December 31, 2025.