CI - Earnings call transcript Q4 2019

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Operator

Good morning. Ladies and gentlemen, thank you for standing by for Cigna's Fourth Quarter 2019 Results Review. At this time, all callers are in a listen-only mode.

We will conduct a question-and-answer session later during the conference and review procedures on how to enter queue to ask question at that time. [Operator Instructions] As a reminder, ladies and gentlemen this conference including the Q&A session is being recorded.

turning over by Mr. begin will the to conference We Will McDowell. Mr. Please ahead, go McDowell.

William McDowell

me Palmer, David morning, for Executive President McDowell, With you and Officer; of morning today's Relations. Financial as XXXX. XXXX year financial Good our as thank well Will and Officer. remarks joining Eric Eric for David everyone and full Cigna's cover and our including Cordani, a Cigna's financial President call. I’m Investor this Chief are Vice Chief our outlook will number In today, of topics results,

States Cigna when are As from measures, certain our in accordance operations otherwise earnings noted Principles United income determined not in describing known release our adjusted as Accounting which financial results, Accepted with uses GAAP. and in revenues adjusted Generally financial the

these the to measures, section is contained directly comparable of income, total which reconciliation release Investor in earnings most measures is revenues GAAP and the posted Relations in respectively net shareholders cigna.com. A of today's

term you from our principle the Adjusted we and adjusted as financial I performance. income clients use Income of transitioning as revenue. basis from Earnings remind previously from will Operations per on adjusted exclude disclosed same measures labeled from We that Share this contributions operations, and

cause and including uncertainties filed release will results making we in could materially differ contained today, and and A reports most from description to is our remarks our In our SEC. some with statements recent our risks current Forward-Looking outlook cautionary these today's in note of the performance. the statements actual to be and are earnings that risks uncertainties Statements, These regarding future XXXX for subject to expectations.

a to pertaining David, Before results our items turning few and to disclosures. the I will financial over cover call

share special the integration recorded Regarding for or fourth item and per $X.XX quarter tax we our of related transaction $XXX results, costs. million charge after an in

improve our actions charge million to organizational $X.XX We special for series with a of a per also cost we're associated or share, $XXX recorded of taking item severance efficiency.

full-year of today’s Please from As that excluded comments, we with items adjusted consistent in financial regarding will prospective so results. that development prior of release, earnings special share outlook, XXXX when are any repurchases including of financial on from performance, discussion additional or future note make a practice, impact the income described medical year our do excludes our in costs. operations, basis we best

year Additionally, group from full disability our for life a of business. outlook Cigna's assumes XXXX and earnings

completed no in will clients that continue XXXX. We expect clients the that longer by for will our those of performance of you to as business measures XX, complete XXXX. be was substantially XXXX, contributions third we remind from December exclude divestiture transition beginning as disclosed previously I quarter our of transitioning to the as from

note of outlines will the strategy this the and resource. XXXX investor will track that you We capital operating guidance that that record, of strength morning, presentation and this relations cigna.com I details finally, a to we longer term find And section hope of four our helpful investor outlook. posted our our platforms, and growth

over will the I to that, With David. call turn

David Cordani

joining for $XX.XX. our today. $XXX delivered grew adjusted share of and consolidated call revenue per morning, you to and XX% good XXXX, Will earnings Thank by In Thanks everyone. we billion

earnings that for quarter the as XXXX result, guidance flow exceeded and cash during we'd from operations. a raised as As already we revenue, well each EPS

$XX the attractive to Medical in on $XX target we platforms Integrated and drive delivered per by Health four of we of are how on led comment these XXXX I'll strong also our contributions each made I'll and growth achieve growth our by XXXX positioned exceptionally discuss EPS Today results and share. segments. to how Services

of of choice focus partner in undisputed health point a of and differentiation future key care. our driver a the growth, on highlight I'll Finally, being

XXXX and about details comments, financial results my we'll your will take share more then Following Eric full outlook, our and XXXX questions. year

in. dive Let's

At cost of decade a on and industry consistent long our record track effective building growth, year, of these leading last commitments. delivering delivered on XXXX, to trends, each we Investor committed capital Day we stewardship. In

on and remaining executed well businesses, Together deepened focused we outstanding of our performance. fueled integration and each customers our our customer achieved across our our this patients, While priorities. relationships

commercial the strong for market In leading by In another and select XXth the segment. in and year Health delivered consecutive the industry selling we in grew year, growth Services, XX% double we XXXX delivered prescriptions. medical client trend leading retention and season commercial, including customer retention again for medical growth our customers led of digit continued cost organic

recent enforced our most quality. of CMSs have clinical XXXX Medicare and business, plan a for to XX% as government satisfaction our of a customer our in of strong higher stared ratings high position customers And levels Advantage reinforcement

Additionally, significant in five made priorities. integration progress key advancing we our

First around customer relationships the we world the foremost, in promises more that million and the ensuring ongoing by our than kept marketplace high service throughout XXX quality year. experienced

clients, home pharmacy of and industry transition specialty completing and Scripts medical Accredo's pharmacy. friendly customers pharmacies delivery the including benefit for savings Second, to cost and Express our customer effectively solutions, their leading we pharmacy, delivered

than of Rx, with value have medical innovative for that programs of XX% an customers more based suite challenging improve value care customers our Additionally, access safeguard conditions. and to

Third was on a focus talent.

to and ongoing company, key and Service our engagement As performance growth. a talent our their Health is

strong one our pre-transaction already retention are year and levels into today, a above Our engagement levels. combination

toward we expense announced securing targets. made towards The is step base important plan today operating earlier synergies. organizational efficiency achieving significant progress these another we Fourth,

changing access the innovations our of simplicity, vision while top to dollar treatments. therapies, shock of program, price we that protection our finally, including affordability, And marketplace mind multimillion improve life clients improves embark benefit and predictability from accelerating gene by kept shielding which customer

pay value for of Our the XXX,XXX to marketplace program, from apps the in diabetes patient maximum health digital with patients insulin day a in of better insulin. assurance XX digital and formulary, health $XX carry a generate today supply dependent a where

savings. our are As of out a result customers this significant of realizing program, already pocket

ongoing beyond. XXXX for year strong for an was and attractive in momentum considerable Cigna exceptionally gives and us XXXX growth Overall,

to to well-being serve. health passion by commitment every and peace driven fulfill Our up of focus, the mind continue our the achievements be and those who improve we to employees of our wake day to were mission

and XXXX we In drive we well growth medical business, integrated year and for customer relationships, growth levels. we will continued are Advantage and over to remain strong flows. our five positioned a script XXXX as of as by Health XX% end earnings Medicare XX% medical, expect very track customer expect In cash years. for adjusted growth government we on attractive range customer growth next growth where to we the highlighted XX% XX% Services, our in significant EPS and In continue over to revenue,

first we company, activities track on very complete successful after as year. year to over Additionally, next combined a a the remain integration our

business In and normalized disability third We also levels commitments two close XXXX. XXXX. the expect by the debt when our of a we're years to to on our balance Life end York meet this of New made sheet we return sale to to Investor year ago, year. we commitments And and by quarter short, Day to meet group life track we're made the combination the the in pace of on at nearly we announced May

orientation point key proven toward in improved recent and Cigna and reach. Several forward simplicity Looking our and of to for is affordability, innovation, beyond XXXX expand a examples accelerated to demonstrate differentiation. growth our and predictability our achieve further partnering driver in order distribution differentiation

and Prime we with plans make networks for XXXX, pharmaceutical arrangement new Medicaid. our affordable, care by financing, Therapeutics. pharmacy million Medicare will manufacturer Prime's health Starting and who employer are more programs, is in including value covered XX together April pharmacy First members XX

patients. by and Scripts will improve individual Express the improve seek deliver country and healthcare other continue innovative solutions Prime plans to affordability, high those with the for Together in employers, the who to and benefit to ability to help governmental new and health. agreement to to increased to services quality and access innovating grow solutions shows partner market customers This our of medicine agencies health across work each across health further and

new that example for second a highly work which our solutions with left companies. partnership often is recent too businesses, our options are we with highly example will deliver A innovative With great innovative A this of Health. of emerging priced. small with Oscar are limited is Oscar, partnership orientation all and

plans small prioritize whole affordable, health. health businesses in will brought choice access person to and We fully insured offer that

our will We Oscar this and take later we'll to year with framework tessellated accelerated four proven geographies in focus time. over growth

with A professionals. our relationships trusted healthcare third example is

Cigna's long businesses, a history markets both in arrangements innovative our have value more including are accountable arrangements of across top payments value with care We commercial in government collaborative our medical healthcare professionals more markets. Medicare and all XX% XX and based US than XXX commercial relationships. Today, based than our

These focus providers the deep And collaborative believe in commercial our programs relationships are place. delivering industry where Medicare on healthcare in levels drive this our leader where has area. of high of we in growth, care XX% XX% our of geographies, is in accountable aligned Advantage Cigna healthcare particularly Importantly, providers partnerships quality. business already performing differentiated

XX% deep seniors in Medicare to Medicare Advantage accelerating and presence Medicare today. have to our business meaningful systems, where new in for in geographies capitalize growth bringing by that opportunity market. our geographic commercial provides of XXXX has no begun That business expansion ties Approximately live eligible but Advantage solutions we we delivery PPO a have

make the of XX customer us star view our which our to for are in gives the partner and on across sustained stakeholders view of over and of XXXX annualized to how growth, an the This choice range high to plans four XX% being success XX% greater of which combined customers basis with clear growth marketplace fact about excited as Each of levels, in our their contribute differentiated or our a time. customer we the years. Advantage these will all in healthcare diverse in five best examples of partner be healthcare XX% approximate our markets, how future project Cigna next over that Medicare and future PS

as Services briefly, Cigna flexibility, in year across with our to $XX These with Now EPS financial led four and XXXX goal performance deliver we drove step exceptional to us results at platforms of track strategic and growth Health our remain financial full we in considerable Integrated financial results $XX into strong provide XXXX. XXXX per to on we outstanding segments. by XXXX and Medical share delivered momentum our and summarize,

call I'll With to the over Eric. turn that,

Eric Palmer

for year XXXX share XX% XXXX. more In and Good highlights $X.X David. $XX.XX consolidated XXXX Thanks, review our after this morning, businesses to adjusted Key XXXX. of financial consistent our These than Cigna's billion, doubled flows across $XXX for throughout operating earnings provide outlook results tax, remarks revenue billion cash per earnings execution include results of my of today, to strong $X.X billion. growth and reflect everyone. I'll

retention client revenues segments, for of customers, XXXX outstanding progress Full earnings our XXXX $XX.X our in specialty billion performed and pharmacy and volumes billion. first organic X.X scripts addition $X.X year with were and the with Results adjusted X.XX strong I'll Regarding growth million Health pre-tax growth, line fulfilled pharmacy well comment expectations reflect across Services. Health on were reflecting in with significant and Services billion Overall, results in integration our activities. pharmacy. XXXX with

expense specialty lives. in to medical revenues driven Part and and to XX% premium Full Turning to global our growth select with XXXX, $XX.X our million $X.X enrollment underlying Medicare customer double specialty relationships, to inclusion of and in XXXX growth delivered organically strong digit X% we In medical billion XX.X customer gains the grew year Medical, trends, grew management. billion earnings We continued reflecting relationships, cost growth the customer once base expansion and medical operating continued commercial organic Scripts growth again D cost effective business. grew Integrated by market. in of customers Express discipline, reflecting middle segment

of Cigna trend cost Turning business, for full to which approximately year was the has cost, commercial delivered industry X%, for medical leading our consecutive year marks an book total medical seventh XXXX result. US

was at year XX.X%, guidance ratio year low of our the total XXXX care full end medical MCR or range. the Our finishing

favorable year net health and Our delivered benefited our affordability medical Cigna's million financial Overall, tax segment MCR trends XXXX, Medical and prior $XX results Full government earning effect of development. year of and across stable reserve Integrated to reflects suspension. initiatives in pre-tax insurance XXXX. pricing the Integrated from businesses focused performance strong execution of commercial the

growth, a international offset pre-tax impacts. currency our on business, reflecting continued And X% business grew basis. to unfavorable XXXX markets revenues $X.X $XXX currency full year million an foreign In billion, grew adjusted to earnings partially by increase of

earnings for group our segments, Full $X.X continued were full $XXX performance operations and by in partially year claims. For revenues billion. life administrative were pre-tax segment XXXX and efficiencies, with strong higher disability year other disability this offset million

costs. primarily billion, full $X.X was of billion $X.X For our corporate segment, XXXX the driven loss year interest by

actions fourth to during we Under severance implement efficiency organizational mentioned, quarter, efficiency charge will Will $XXX identified the this through our quality solutions we plan, within initiatives are of previously after These plan commitment million we work. savings our the reported related that the affordable included As our communicated. expense for with we plan. a integration item special costs administrative primarily associated to multi-year to tax providing reflect this synergy that marketplace and targets

results XXXX businesses. of our focused across Cigna's each Overall, reflect execution

our discussing growth this continued year, quarter per would adjustments you Before that the earnings our remind outlook I we quantified on for earnings attractive XXXX call. third share of baseline

be per three for items. earnings Cigna's in following Specifically, share adjusted the XXXX should performance

First, of we've XXXX. quarter item the for $X.XX second share favorably tax the in settled

XXXX, recent $X.XX XXXX per but with prior share share per industry associated final which for of in returns was tax, increased $X.XX for Second, incremental per favorable net suspended the XXXX to $XX.XX. reserve the And the is repeal a impacts, development. year finally, reflect was the of When Cigna's impact This share these earnings timing industry of tax. effect year. baseline adjusting

outlook, well positioned and entered have innovation. to growth Turning to we both XXXX drive continued

activities We Express also expect Scripts integration associated complete to the next combination the with over year. our

expect we of growth to in adjusted of to XX% XX%. billion, XXXX, the year $XXX revenues consolidate representing full million range $XXX For

operations We represents $XX.XX in to range billion XXXX billion $X income share. full $XX per XXXX year X% This baseline. our from expect consolidated adjusted growth be to to $X.X or over XX% of to the

into in patterns We the of consideration share the and be XXXX within taking earnings half first the seasonality in half second our of approximately expect the per year, businesses. cadence XX% to XX%

project in XXXX, in tax X.X%, X.X% and rates ratio the expense XX% of consolidated of to For we range to XX%. an range adjusted the the

and of in no December and contributions previously will And life assumes client Additionally, group since transitioning prior and were contributions longer substantially our we outlook transitions excludes reserve year any year XX, contribution communicated full development of XXXX. from business. as repurchases, a from share disability future those XXXX, our report as complete

our discuss now our will segments. I XXXX for outlook

billion. For full of our over we earnings we expect range $X.XX X% year range quarter represents XXXX growth to $X.X XXXX In Health by year-over-year This expect Services a to X%. percentage in Services, Health first first business the quarter to mid-single the grow earnings XXXX. in of billion digit

that This the to be first year-over-year XXXX client we discussed growth our outlook expense the collaboration increased reflecting our expense and first quarter benefits also reflects XXXX including expect Services solid underlying Health previously transitions Prime administrative than of quarter I'd of SG&A we've Therapeutics. ratio startup synergies. note with impacts higher and costs associated with

adjusted X.XX expect completing we in scripts This range of XXXX X.XX Cigna sourcing the For pharmacy the growth in the of reflects impact to pharmacy associated services, billion of claims. billion XX%. represents scripts. Prime of growth of this year growth to organic XX million XX% All in first the million the with and collaboration adjusted pharmacy XX a additional year-over-year to of

benefits over XX% in For the billion XXXX to represents medical, organic earnings included This and of strength administrative of relationships year of growth, which XX% This our customer growth management. cost outlook reflects the outlook effective medical full driven expect customer synergies. and range continued also billion, deepening XXXX $X.X the to benefit growth in by $X integrated we from of businesses, expense baseline.

organic range by growth selected middle business, reflected in customers, Medical partially the offset we our following, outlook XXXX commercial lower expect assumptions accounts led driven in in earnings XXX,XXX growth continued include enrollment. Key by to XXXX customers, regarding XXX,XXX segments, by medical global of the national our for Integrated market the

expect growth We XX% Medicare Advantage XX%. of customer also to

individual lower includes enrollment resulting XX,XXX also an Medicaid our contracts expectation of of the Texas a collectively approximately Our loss US and our customers. reduction business, growth in expected in of outlook

of the employer full trend commercial be expect medical book XXXX cost US X.X% to business, we our of for costs, in year range medical to to Turning X.X%.

offset the mix and We to our margins Advantage health XXXX our in in continued XXXX, expect of and normalized businesses, of the be performance in XX.X% Medicare range by new medical individual reflecting US care the government life ratio and XX.X%, the the of of strong insurance to business. commercial impact tax return

deliver they strong more continue serve. businesses and those we that disability We provide for from markets predictability and other enhance simplified and to with contributions also as experience solutions expect a international our affordability

in interest approximately pre-tax $X.X expense, billion Regarding we of XXXX. costs expect

year So $X.X a to to XXXX, all contributions adjusted per expect prior our full share. I development, life income operations or $X in for years disability year of group $XX.XX you of excludes assumes full from consolidated of share business. we of billion also from remind outlook $XX billion our would and the and impact that purchases and future

attractive us aided portfolio our share. results $XX expected expected per outlook, differentiated earnings position of results a target of performance these These to XXXX our Overall, businesses. the across $XX by achieve share strong per very represent well to also

shares our strong $X.X ended to to we XX.X capital an moving basis of to we $X cash capitalization XXXX repay even XX.X% and XXX to position Now, of of continue them returns growth to long-term stock year XXXX. remain XXXX, reinvesting ratio as We debt to expect capital outlook, support we drive billion debt, our and million and a well capitalized subsidiaries and exceptional management improvement over for points innovation. continue we deployed billion. and In with repurchased flow a on with

we greater performing of the reflecting cash capital businesses. operations flow billion than well expect from efficiency strong $X.X For of XXXX, our

XXs As to In with return remain debt and to upper to repayment, XXXX, billion expenditures. by to capital accelerated to end billion $X XXXX. and term the deploy to ratio previously track discussed, near focus a on expect we debt capitalization to our of repayment $X on $X.X debt the

of $XXX for M&A Year-to-date, drive to to shares shareholders, a we've and further remaining of priorities a our capital $X.XX February Reinvestment into and done repurchased XXXX, million reminder, businesses which innovation back primarily have follows. through X.X basis million repurchase billion we historically capital share strategic X, growth, have and targeted our As on we as authorization. as returning share remain repurchase.

sheet efficient look a drive flexibility, Our service returns and strong strategic benefiting cash on and attractive balance margins flow highly from based orientation remain strong, to capital.

XXXX reflects to platforms of our consolidated strategy. considerable results growth momentum Now, our continued our full execution recap, year and and focus effective across strength four

deliver our earnings XXXX our We in to are year ability outlook. confident full

businesses to targets $XX and value Further, earnings our We will for to revenue, EPS. remain differentiated our on for in our proposition give flexibility $XX target in XXXX. achieve strategic outstanding continued earnings us long-term share growth financial across and confidence per our clear track focus,

With to of the that, for we'll the turn it operator Q&A over portion the call.

Operator

you. Thank from Justin question Research. Wolfe is [Operator Our with Instructions] open. first Lake, Lake your line Mr. is

Justin Lake

morning. I wanted then ask Good and numbers the a question to about a bit capital little deployment. quick Thanks.

just the have on there. first, I in So sale numbers. disability group in it of terms know you

to – a understand begin of might earnings the that share buying XXXX. stock this the company the – capital the want deploy neutral Just you to how you to take away keep given back go yet capital moment and or ASR time, doing have in early receive you for deployment keep time. earnings Wouldn't at

Eric Palmer

the Eric, on it's for question that. thanks Justin

so year. of quarter. on to we terms of first capital just year. in and billion things for billion agreement, group Since for back, flexibility $X.X timing we're how into we the we tax We've that So the track deploy flow entered got we December, $X.X for proceeds, step in will the how and incremental that be transaction, to operating the the noted, of to cash disability after the for we in third close deploy and life as expect

by year got the the and do debt on to to begin that below of we've Our throughout what XX% beyond and end to is to share ratio such. repurchase achieving primary year flexibility focus the of capitalization our and

in specific of any we We get timing have that the share provided but do advanced repurchase, of the exact guidance the close. flexibility with as started on to haven't terms even

Justin Lake

the Okay, the combination deployment? but disability it through year, and will be to earnings the capital anything neutral of

Eric Palmer

we guidance transaction. the expectation, that provided announced That's when our we the back that's and

Justin Lake

Prime focus, the could then do in opportunity things, existing somewhat but blues time. and of about the that on look I customers broader and understand have Okay, expand Congratulations it's relationship. a of relationship potentially if it somewhat and be that with opportunities versus to a Wanted itself, obviously. sounds and terms Scripts ask the just we being one, kind move you How question of could of your that like dilutive to expand relationship, in narrow could Express kind two some at Prime over risk. partnership some risk offset therefore versus that to the to these of risk much work

David Cordani

Justin, it's David. good morning,

pleased more committed and that opportunity and differentiated so. to any growing Two, validation servicing to as foremost, broader of a plans First serve customers me The of on A, relationship. and of health entered are based able opposite our patients retain plans, deliver drive your those basic have health how tenets. And doing actually to and otherwise is forward. our lives, be further and partnership to our value; health let health maybe you C, to individual identified. a reach portfolio re-underscore a innovate we go we just partnering relationships. alignment; ability deep the B, with This We're couple that to the and of we plans are commitment both view together? commercial risk one we relationship broadens

beginning delighted year. by quarter second to forward we serve we're and look the securing So relationship to of this in this that

Justin Lake

color. for Thanks the

Operator

the for you Thank question.

question from is with Bank America. Kevin Our of next Fischbeck

line sir. open, Your is

Kevin Fischbeck

Actually a question. Okay, numbers great. it's quick Thanks.

what the you two, to saying were got First drag it with right the another basically being QX, just in is main that similar Do saying have I this that's XXXX. sounds you've that from that change initial $X.XX QX you're but outlook? removed versus guidance like

Eric Palmer

drag of benefit share incremental the we that few cents’ small are from Those noted time its completed there, think Kevin a as really two of have the count Eric, a we of period. you to the about because lower few repurchase two and things cents differences. the the pickup

Kevin Fischbeck

was in the year, think little disappointing. I that bit I guys most that growth. XX%, presentation some to you be beginning Medicaid, of Or the of than And X% that individual, initial is in membership which of that the able number now individual your commercial when think as the of national accounts commercial that top to by and its guess turn line but starting of kind clear guidance question about if some to driven that middle How long-term its Okay, have you selected people at being, growth of think you as accounts? higher need do a then is market growth this provided it's I much be far just you do around? over to do term? so, grow kind to and of And how long achieve how you – a

Eric Palmer

Kevin its Eric, start on I'll that.

in First all, results number we've a the And the is I commercial we for driven are markets target of that very things. brinks the consistent in being by business really three those of that in think the growth – targets with now. that years driven

segments. We've The lot got continued one, select to next first opportunity continue market I'd in our category would on of would we customer grow be be continue segments. the existing deepening relationships. client’s a middle to those in around to The as growth grow say

of new work on that to again, third around, And track that number we market. deepen and the And and lot we've more and category So broadly. the innovate services. that's recipe solutions used and now. of to commercial be I of solutions in new other years a to continue see opportunity existing for sales But deliver a as we think solutions again product then working the about to programs our in would identify new terms

Kevin Fischbeck

or And need of you platform? is account se don't the massive per that growth together part growth

David Cordani

put its maybe the Kevin much in when David, than you total. to we think remind market national more about in back defined it accounts, you that context, narrow segment

are employers, strategy So Integrated view Medical, employees on as we XXXX a on strategy shrinking somewhat based that that and multi-state. to Medical. for within Based marketplace that commercial its or our more our Integrated definition marketplace flat

quite ability platform, Eric's lastly, continue about able actually services. then is broader point to off broadly and point two how Even And adding today, that. do accounts. to to national of grow three more Health excited offer to our coordinated Now, reinforce deepen with relationships we're Services and successfully we that the we're

relationships medical ability could even we with see Health our of further and we the Services membership that accounts, deepening portfolio. you're relationships to performance making reference to. with time, And even accelerate So broadening see of the national the by over leveraging that

contributor that as net So will be well. a

Operator

Thank comes from next you Dave Jefferies. with Windley your Instructions] question [Operator for question. Our

Mr. open, Windley, you Your line is perhaps on mute? are sir.

Dave Windley

Thank was mute. on Sorry. you. I

that. for question Thanks about Advantage. Sorry my Medicare taking on

As any that you look at your here and your that's margin. I'm a expectations growth multiple double sometimes can put I for little think in trajectory expectation come wondering you That or cohorts platform on and pressure Advantage are and into mitigate around of and Medicare what larger years. assess get pressure. risk what place programs to risk to kind onboard and resources have initial members margin in new digit

David Cordani

it's David. Good morning,

to XXXX. we're the pleased really with start foremost, and First

we this do XX% and XX% on to expect to track grow to XX XX. we're platform XXXX, we indicated in As to

of Just well back XXXX. context to remind me the positioned of we're today some in

greater further our of broad net XX to picks XX% our Our are yet rating tracking across tad promoter is score plans. Stars up And enforced over our yet portfolio. lives

us rate geographies draw growth feel that. and or balance margin that portfolios. opening in counties may end toward range at pressure our basis. broadening We'll margin put our both and a our adjacent platforms, a below PPO the it markets tad that and maybe grow our markets times, are being new the this low of little go Clearly pace of on to new in on forward ability net a So and platform and will drive

value have aggregate we We and continue to of The today. maybe are we growth reinforced as by the stars profile we coordinate sub the last the our and like note by margin et invest relationships like provider based positioned the overall are to rating well engagement reinforced the in as outlook, terms to of and otherwise, high care programs and to our But we like performance. as coding cetera sustainability. services there our

good outlook forward. So the and for trajectory going the this year we about feel

Dave Windley

Thank you.

Operator

question. Thank you your for

from Our Steve Sachs. next question Tanal is Goldman with

sir. open, Your line is

Steve Tanal

Oscar. offer Cigna costly on but sounds This to or business one to elements of guess what I understand build are interesting their a difficult their partnership, So for very like trying independently.

So companies context the will just really understand me. functions in of are the each do the partnership. of to trying maybe what that's the it for And

David Cordani

Steve thanks, David. it's

back, stepping my I remarks. as prepared in So noted

wonderful our philosophical view a is choice of broaden under the up you be not that partnering, level, Why? case infrastructure, have philosophy, pace and of level, and be and then the it speed build employer partner but value of it minded it partnering When a XX pharmacy is where Oscar's apply less make on. and marketplace. beyond you're of could is that an not First, partnering, there accelerates employers philosophically And small on smallest marketplace, and phenomenal depending of at select leverage one want striving marketplace where advantage and serve and end needs over more some just technological and innovation, one our we digital lines simplicity, standpoint. with undisputed core in to a notion similar configurations, infrastructure And choice Two, both to two. the the creation, network engagement, from take based at aligned, within macro by that. equal than underserved we to of Oscar the that's the under acceleration less port drawn flow able you'll regulatory that solutions, you durable are the the be this of the open could participated we it or the the XXX, our to lot historically is behavioral to if It infrastructure, it innovative whether infrastructure the something up recall absolute we performing the clinical predictability, national. in focused reach high is has this middle information we're Cigna and competitive accelerates value plus to it most around first unique case we're a to market capabilities question. to a but leveraging affordability, believe of which your example

markets four prepared to some that. part year, excited we're staged the noted growth. I remarks, we're of to latter So my this about fuel then as up and And open in

Operator

question. your for you Thank

Suisse. Our is with AJ from Credit next question Rice

Your line sir. is open,

AJ Rice

about just that parts bottom line have, you everybody, the XXXX Hi, XXXX on bottom it. and ask two maybe to ranges

forecasts, and low Is falls out mind But this and couple couple about know of question are It agglomeration all that is, have the move a as you'd a range for is to seasonal out. there when $X of realization. trying comments got to – the lines, just like I end variables about – doesn't mean these a and to a you of where is about year? versus think got your guess synergy the standing I'm $XX this say level the either Leap about first anything you is quarter you, lines in and business your bigger number next? Or we would to figure I think business of some normal given big I and of pattern that $X.XX seasonality about the you end your guess year. year a things a made see to particularly number of deal peers that relative but or of there's much to around that you're next cost the itself, range in your Eric year deployment there your First, going that. my the divisional be it some that the and just is diversified. to And there range say might businesses out made it its how perhaps as you high range because things Year, impact $XX different you capital to variability

Eric Palmer

Eric.

year. modest year, guidance over would call is fully and the a an first the that the having that out the amount of pattern move Integrated of a normalize the and day this doesn't over put bit bit ratio all that the of quarter, it'll a segment, such, that the February related Leap to pressure course, on I the On of Nothing extra year little first the recover Year quarter around does course runs item the little into equal, up will the the that balance else Medical factored loss particularly but for significant. out in our

the more broadly, future our just in aren't of to there growth. call out rate and the it than As other relates terms our items any of investments big and pace range I'd spending

have this clients capabilities of for would we know, you else types those spend get in more new it so things at about invest continued ready I every think to anything than building and we in the and point. board on like As as the items year be to those come that along lines,

AJ Rice

thanks. Okay,

Operator

question. Thank you for your

Our from Citi. Giacobbe with next is question Ralph

sir. Your open, line is

Ralph Giacobbe

The in interest want X.X Thanks, to looks pay X.X costs quarter. rating billion as to your X.X debt the so interest I of it run to calls the despite good XXXX least to morning. X billion fourth expense down. at like billion billion go guidance, for of guidance

just to guess – it Maybe question, early is mean, then mean in help an does the doing I I'm guess. and in is extent any going timing carry simply essentially life kind to to So that upside year that accelerating can timing as repo, that's to you. disability Justin's if of your of of first along you're half lines, EPS I that? so it Thank sure I first because line not group you related? And offset through reconcile the to on those the the the essentially an

Eric Palmer

my will extinguish I and bit interest remarks. Ralph down, the year. particular noted decimal again, billion Obviously, further may call but extent in the the little to out interest go were point its to our prepared the nothing expectation really as be so on than in looking X.X that a other I'd timing current it Eric, for earlier, expense, we the be throughout out would expense the to

reducing timing the the deploy the flexibility we'll of of outlined the go have with that offset are as we expectation I And terms our approach the fully consistent capital which the of Justin's through transition through the do absence In would or of count course we we of would deployment, yeah. question. what is mechanics by share And timing to repurchase. quarters on in that the terms group the share we coming and months

Operator

Thank you your question. for

open. Sarah is Piper is next Sandler. Our line question from your Ma'am, with James

Sarah James

you. Thank

focus national the a PPO large on on changed the dynamics growth account in PPO. what Wondering Medicare shift not at attractive focus there's market to strategy, more five base. Looking group your year given make and to why

retiree Your had accounts. good on peers have success

So why not that a is strategy pursuing?

David Cordani

Sarah, good morning, it's David.

shift. So as go away something. and first and from I wouldn't a it foremost, We something from something didn't to view

the and XXXX of of the to offer platform that. growth arrangements be an of start be major example up fact to So to database community in a the invested the driver do We add and PPO in a our HMO the portfolio have individual that. as platform to stood is individual bedrock the provider it continues with to so, to able

portfolio. choice terms markets a we just record. as natural expanding successful And see basis. So expanding I and on end, make our our in or will we extension it's and counties, on PPO individual track enter forward an mean, HMO, and individual as decisions platform go building both of both it of a We new

of very disciplined that. accounts And our momentum. also relationships that while we the our important employer another presents addressable to is you the on marketplace a it employee opportunity broad building Additionally, as portfolios point, And growth just as to for national trajectory. are it's relates commercial know, performing view attractive your We're market. very

adding So the as for back come with growth well. over and about talk to geographies HMO in the going from the opportunities proven very expanding marketplace that exist and you PPO, time additional us the to us attractive should expect employer you

Sarah James

Thank you.

Operator

you your for Thank question.

Taylor question next Morgan. is JP with from Our Gary

line open, is sir. Your

Gary Taylor

good the impact questions, Two the HIF is recurring the year. on quick next Hi, Eric morning. the MLR to numbers, XX point on basis from one first

Obviously, there's MA got know of that, the next question? was My scripts up or midpoint scripts like told just growth. but on script in there, X% no explicit so Optum just other growth lower there's kind a growth question Just coming We like wondering, on no when are over at you've presume the us. year, you've you script. pre-tax derive XX% that the yes, per at do PBM, you Prime no profitability on the that for because coming breakeven impact

we have growth So just organic about similar should driven are script that sort think margins similar organic Optum per are organic purely scripts when script, and in is in in Prime? the new profitability core coming dilution of EBITDA Assume we and by and being at and margins the the those

Eric Palmer

Hey, Eric. Gary its

is On short the the first answer part question, of yes. your

you given specifically think there's of how that specific way a that terms as bid MA. to not in I not a having for impact quantification the build into of

outlined On Cigna pieces are adjust question, the your answer adjust is biggest the dynamics The you the transition you the When volumes, the volumes. you second of Prime yes. absolutely really here. portion for for mean, I

those is I of core consistent. the aside think from items being

Gary Taylor

you. Great, thank

Operator

your you Thank for question.

Markets. next Our BMO from question is with Matthew Borsch Capital

is line Your sir. open,

Matthew Borsch

why risk? for the question underwriting seeing the sense there's asking little I'm I you pools. any your that some I you. away about in funding preference segment deterioration guess from of a the call be ask may spoke remaining got the Can partly terms to how Thank And affecting seeing about commercial just you're another in to from, risk market alternate shift what maybe company you bit risk. what select that

David Cordani

to XX-XX. guarantee of a a this standpoint it's from bit response when so of we and friends, side David, you're marketplace. of around proposition that difference The offer about ASO ASO think funding to for vacillates with XX% I'd I XX% And seeing the business right programs, risk today, loss way. options. new your delighted other side. that to the performing But building specific performance, About going one delighted select to a that. offer the choices, and now into case, in pharmacies, by proposition behavior it that segment. the more side. standpoint, value conviction of its it's it, to be offering choice the we're I configured good put and be you terms validation the business offer you bit able more in in any one medical, little et is purchaser, running is we're the choice marketplace little about the to by well our Today, about is minus, we're that or new you're around our remind think oriented when of that XX-XX. in prior We're able well also a conversations, from it and Recall from choice literally stop given of the in and plus that tracking integrated new care oftentimes a heavily Matthew of the with choice client describe writing you're for commercial side think any position And a wouldn't a in us. year, of cost terminology cetera the about management the about it's really

Matthew Borsch

you. Thank

Operator

your Thank you question. for

with Our Research. next Raskin Nephron is from Josh question

Your open, sir. line is

Josh Raskin

to ask X.X a Thanks. under deployable you're bit little talking and by another debt billion end Good disability XX% life year. deployment I'm morning. the in available year, to you've got cash from proceeds getting X.X going about of about cap billion capital your of this next and

the there you of more of like cap. buybacks? starting Is dividend Do just if I'm a sort little about But market numbers increase these things a understand all of you're aggressive bit think to from that, in You bit than curious up, a a approaching pressure and that is on diluted it's that's deployment sitting more think I feel cash urgency to deployment? returns? terms rather there about the perspective adding capital XX% more priorities. And little

Eric Palmer

not Eric. of else track interest that that's will don't with got know deploy effective combination. the that. we coming shareholders sitting got, good David, Obviously, for and capital managing we've that a an track your but available excited on a got record effectiveness we're XXXX cash, from our got be a with of frame and use we've I record clear, flexibility just got And capital we've that and capital generation of exciting to in gives XXXX we've to I very – versus on that the us appreciate flexibility. from a got us add coupled its visibility accumulating the way up capital is deployment such history word overall we've lot what the from into and that really to operations about the Josh our you capital the a we've for the that and aligned flow way up. and cash with visibility again,

David Cordani

Josh combination, to the strategic combination, your Just et to pre aided I and question. the buy appreciate from – positioning, our cetera. reinforce Recall

the Our a ability XXXX, billion critical least $X.X in a operating advantage of in cash $X.X deliberate to generate so billion and at significant importance we front as note but lightly, be in of of responsibility We we creation clear said. us will believe least value and stewardship capital Eric responsibility, as competency tremendous opportunity billion XXXX, XXXX that at flow is strategic effective with now. something not take amount go our we have X.X forward the in right quite we and

Operator

Thank you for your question.

Our next with Lance Wilkes from question Bernstein. is

open, is line sir. Your

Lance Wilkes

you in if for quarter, and what going individual can a on the and maybe also, And question increase Services in on maybe then forward. comment business that just had drove the business appetite and Health fourth that? strategy line the the Great, SG&A

David Cordani

your Lance, and I'll the Individual I'm Eric it's to I'll exchange. you're the David. business good part the morning, take question first presuming question. second of individual ask referencing take line,

our leveraging that years. relationships. posture. took a marketplace, marketplace we Think in in individual very and XX in last Just value in in deliberate darn marketplace XX focused of systematically, within around that slowly on has markets marketplace well And that highly provider today. our couple that steady markets about pretty to of growing the We're the the performed exchange posture being remind positioning – XXXX everybody oriented based stayed but has

value we'll the over we're is states, ensuring our returns. grow value building see ability the and to proper but we continue forward to that we in down competitive MSA to with Going of make out and year time look the reasonably offering around year decisions Cornerstone landscape, fair expansion. alignment those well sure for far getting that proposition additional sub and go to level And the with though making the Eric, ask the SG&A to to forward relationships address system the our highest you performed I'll us. we in market delivery physician individual that's performing thus requisite monitor comment.

Eric Palmer

Yes. its Eric. Lance

two items we probably and quarter in one, about fourth Services spend Health think both front, prepared of as to remarks throughout you and such. a invest the capabilities have continue noted that terms David to on and new my additional building On to

associated on volumes of effectuating spending we're Additionally, reinforcing with the the and full life. the transitions the in Cigna facilitating

item, would if transition just clients volumes since last are other into note away costs through core, year The down on back added we've throughout we're that well XXXX. that work commentary you that the wound to we the going the track will. of the extinguish in I as transitioning the that around And year client provided effect some as

Lance Wilkes

thanks. Great,

Operator

for your question. you Thank

is Our Fargo from Costa question Wells next Peter with Securities.

sir. open, line Your is

Peter Costa

you business? to channel with XX forward? bit setting XX margins going impact and when Thank coming that'll members up – ESRD they you. add coming question I start up to broker of Medicare perspective getting the earlier patients going how the about Dave's networks you your Are from you with talk on, and and Are can in that earnings a expect to Medicare to little that to how in the then on in follow particular your a are you're And how evolve getting like about that's timing you of margins electronically? also do today?

David Cordani

Peter its David.

and is still our the entrees the PPO lead markets chassis, as aided to as new growth and the platform First, the market broadly reiterate, of we're individuality well lead offering are really to speaking, with MSAs the in positioning just expanding pleased existing platform. we have into new more the by part

it Specifically lower the to relative to a to I to the that near smaller will be an mentioned end expect that earnings the the we go-to-market, it's so prior we ESRD, multi-channel at question, range, margins said over that and end have a with over impact trajectory as we've with that, think finally out growth, be asked proposition, the long-term And term, our how taking franchise. growth question, as to accelerate when to below along range otherwise put the potentially brings our aggregate would captive that as having continue expect approach your to that on would it. as past partnered question that time. of in we about flagged a growth Specific we the margins, a of we relative as and expand that

in will manage And the our positioned by with even we offering manage to final while alignment value to by transpired benefit be well the final We changes attractive Net-net earnings that posture, at standpoint. based the benefit will physicians. taken currently MSA, expansion growth MSA ESRD will be simultaneously investing from range, we lower the the extent experiencing end that together forward. is offering proposed of growth, for margin going

Peter Costa

you. Thank

Operator

for your question. you Thank

Our next question from Markets. Morgan RBC is with Capital Frank

line Your sir. open, is

Frank Morgan

thoughts two CMAs update Thanks. proposed last around and Any rate updates you, real quick you on may litigation. rule the any Cigna night Thank XXXX on in questions. Anthem

David Cordani

litigation the the in the of It's the rate as notice, it course itself given by to but might this in detail calendar to. speaking be macro Frank preliminary Anthem the Specific the that on aware is what rate imagine, final of notice, aggregation XXXX. digesting that And big And line with XXXX to you in Cigna relates And notice. the it. to its shores I picture, the David. More getting speaks line with of picture, rate you in the follow, of shape suggest to you is the the the good for what our end for the expansion resolve of we're rate when as rate of indicates. proposition magnitude will that we about posture broadly – a the notice know big specifically would notice our impact about in to terms process think asked month. notice

Frank Morgan

can a it in up this and What payment? you result Any other settlement color will that would that? on you hear month be wrapped gives confidence

David Cordani

other than responsibility collect by to relative resolve ability in relative break month. end fee and court strong contractual the is that litigation reinforce, very contractual Probably specificity our this calendar a on is of the would position track to about I to on to we our feel and

Frank Morgan

you. Thank

Operator

Thank question. you your for

from George your is question open. Hill Deutsche Sir, line Bank. Our is with next

George Hill

network thanks more Prime the Good for I morning, where of talked it you XXXX? digging to about about little the into of significant more a it? talk guess question. lot – and little maybe leverage guess Dave through most earnings to Is it taking on the a of beyond the I the side you or the relationship? component rebate the the you a network is deal. And talk you points side? And bit that brought bit guys on see operating partnership about the strategy can guess, more each that And deliver kind Prime side strength I can guys.

David Cordani

then and end leverage then and results customers which is of for value clients. improved that coordinated Yeah, trying to relationship, to go program a the I'm we're clinical access through improved micro of strategic net not just the two what and leverage organizations the pieces of basis. going is the identifying affordability, and of wonderful That's of example philosophical together. pursuing the alignment go forward this, on potentially and but rather net- reframe components alignment achieve This additional I'd a in

or the additional components for getting – be relationships and value we'll of members time. suggestions over customers that can time, as and the and for we clients in added benefit We members that add Cigna are the terms for will them. well XX create more the best with in the continue with to all they creating their work and make Prime we that by that and There's some will over million value which relationship evolve guided within objective therefore most value of feel individual for value ways could Prime

validation create another partners to value. So we're likeminded to It's mutual of it. with other our delighted ability with work

George Hill

in we a Maybe the about strengthening you the their how business? a or competitor then, guys up PBM against of margin think quick follow at do you competition kind enabling effectively

David Cordani

to We will those lose I control way. over to win, the regress opposite preserve and question. most who appreciate It's think the time. valuable or dynamic who marketplace the create it those value a about exact try

we value. oriented continue like we're picture, do cycle and and perpetual value. And mutual more big more others to innovation So drive create to around a with that

legacy We record, that ESI have of of long Cigna fueling and the [ph] a has the it. track more has we're legacy of the that,

further this value So Each that's for in further standpoint, that an improve create organization XXXX, opportunity a customers great value to But value and delivery. more is going cornerstone to has to identify to mutually million both organizations opportunity more deliver has opportunities innovation there's from growth more XX affordability to continue and to the and grow. organization ample both front outcome. innovate. we'll in beneficial for of starting and forward Each improve quality is align and organizations

So as downside. we not view it upside

Operator

your question. Thank for you

Our from Morgan Stanley. with next question Goldwasser Ricky is

Your line is open, sir.

Ricky Goldwasser

Yeah. Hi, morning. good

thinking what in start any also the of can we about order? the size second the the share do opportunities materializing market season PBM that then maybe initial marketplace And give so for earlier? business, the renewal? us at January you expectations, guidance us on you least the the in near a – question MA growth with your performance goals, book really of think the What's above sense of these and you're from you of size that's base or for selling As term that's the XXXX guidance, other up the ahead obviously, in was you up the some came my drove it can PBMs? goal And seeing what is you in resonated

David Cordani

feel through you the of close relationships. and renewal substantially completed and they about the Ricky, as help season given as PBM break sooner corporate good size, plan we great draw health we selling and find sit morning, completion as relationships here its today, They're expect components, outcome. XXXX shape scope David, to the specific would relationships, your up relationships, that new cycle the those

that be and XXX, our getting our well going to into think steam We to assurance good value it and proposition that the from the that standpoint. the very are cetera. be in XXXX, that et put So connect full we new very give the value proposition into right marketplace, patient is picture relative health we're specifically of you program, trends continued corporate resonating it innovations for the some marketplace, have now. be standpoint relationships I year The the another part would of from

about Put standpoint. think aggregate, book from it of normal size around a to move the up in circle or the a moving about

put first of As to in were as time, call we it we relates our a I the the lower ahead result. that bit what moves be before, calling said end range There's you're out market to XX%, on over Medicare XX% new we us to retention. bit one Advantage, pleased we XX% said down that we fact expected average year, the remind out to to that higher the at no a of the would XX% were driver, you stepping into

And So we're noted into I MPS the majority as higher, retentions have put love projection an and are value vast in now, aggregate customers our what that. that space we of remarks, of even XX just the right of initially in in my excess we business across based had arrangement. our in our prepared we this book in sitting

So had and I retention wouldn't we call it our higher of rate. the majority it, anything a markets else. bit My new contributed, existing drove platforms

Ricky Goldwasser

you. Thank

Operator

for you question. your Thank

is question with Fidel Stephens. from Scott next Our

is line sir. Your open,

Scott Fidel

on Good a commercial trended in not terms have you the the just been your bit those both relative and volumes there's the across the quarter of year expectations. morning. hospital volumes Medicare on of books, to and how what in or Question perspective fourth your over of saw been hospital and those picking from interested just debate guys. up little and whether Hi, course

Eric Palmer

with its trends we would year in which particularly out is of notable, Overall, X%, expectations. our above finished I the call Scott as the Hey that right Eric. of the nothing middle

that change the the I So there's in in commercial would either particular call or as nothing business. trajectory in a out government

Scott Fidel

thanks. Okay,

Operator

for you your question. Thank

Steven Our next Barclays. with question is from Valiquette

Your line is open, sir.

Steven Valiquette

Thanks the great. Eric. All taking good Dave morning, for question. and and Thanks right,

expecting not you strategy not. lower savings provide operations? I may just or you discuss first, a I I'm further that to cost may be for Are maybe medical if versus to color you guess that forward little X.X% questions a trend prior PBM you incremental on mail to the which any that Thanks. pharmacy? buying the tied and your on are you're of XXXX. able more includes able going pharmacy So to to And relationships. pharmacy commercial whether group obviously conjecture some comment this sure have on secondarily two one year integration? And somewhat pharmacy It's your interrelated procurement this then able drug in from for changing for years, X.X% trend be order

David Cordani

question and the would take or taking get going David. of customers back And value procurement for individual manage solutions the and and first to take just and a Good continue to morning, chain to I'll question. best the those to ask I'll I possible we're say clients We actions second going broad portfolio don't get forward. supply existing our to into we relative we're it's capabilities. step strategy. have tools, dynamically prospective and Eric

Beyond that, on to any taking Eric, not actions trend. could comment you we're chain in going on comment supply activity. the we're individual the

Eric Palmer

the have I pharmacy trend we'd the Steve expectation that had be low Yeah, in we've as digits trend, some time well. mid-single into now, for going on XXXX that mean, to would range

We're later Scripts publishing I call this Express would or you else nothing month, expect there. Scripts our and report But in delivered Express commercial attractive begin, out. trend. remind result trends to to X.X% Just XXXX a client another really

Operator

for you question. Thank your

- Rhyee will from Charles question last Cowen. be Our

line is Your open.

Charles Rhyee

you've CPI, Thanks. seeing to range. are factors should lower to can that know really down. in me at short-term last your Yeah. how you're what cost we you've XX here over in X.X%. to you about X.X% might If you driven to Can you that? in think the presentation. trend talk help And Hey, of of range you're – trying thanks I the sort sort anything towards gave your pacing you in get Maybe get talked same here. from squeezing about for And that's year. ask going guiding the this years keeping not you obviously, here be and about chart medical the about mistaken, I last I'm of the look that's that

David Cordani

society trend trend. from customers. journey. like our a I tolerate feel of our a that ago out and your we benefit point, CPI especially that into have lowest system from indicative and with on trend I now and the basis to exceptional we cost to could terms a immediately, business the level way the given and of we're calling go oriented note indicative going in CPI will by clients a clients and deliver view responsible to of profile sustainable for Two, appreciate that forward our objective. A medical first cost seven plus well a that trend of ASO delighted level approximating goal and you our medical a years drive value put strategic the manage strive continue morning, that fact And is Charles which that delivering in industry. good the of highly we standpoint We objective XXXX. to would we're we of couple said forth years that the and today on customers

from value fact health benefiting trend have and our the relationships who and engagement, And are underscore consumer established our standpoint. that or today improvement better that I based that many us leveraging from would most CPI are with relationships advanced of clients with

have there's and XXXX accelerated further the do able capabilities? in we evolve and life arena innovate engagement are person to toolkit question. to of going already improvement and further then better to for programs, we expand as continue activation speed CPI journey? expand deepening pharmacy marketplace evolve consumer I So in that on the appreciate platforms the deliver health care the that around beyond. will support based your health How health our the a value market of our clients. indicated, that we leading precision the and as continue in we we're in of do of in how the I whole we delivery behavioral many just with to have especially and an see basis And We're – get

Operator

I closing you now Thank for remarks. conference will Cordani your question. for David over the turn to

David Cordani

points from to To conversation. a Thank today's you. key few like I'd up, highlight wrap just

exceeded for delivered remind each cash EPS by flow the across quarter your Cigna for year Medical growth XXXX already revenue, as segments. four and led had for raised to from and platforms operations. results Services our well First, We we Integrated XXXX exceptional guidance earnings full financial as Health

growth momentum XXXX drive beyond. our attractive growth in in significant considerable for continue as XXXX relationships, revenue, customer earnings, continued to gives as forward, Looking In flow. operating XXXX, cash well strong EPS, performance us and we will

associated with We activities our next year. over are with the on Express track integration to combination complete Scripts our

for balance to a close the our group third to disability our sheet Life on as We're strategic New just sale to to the We target moving today drive XXXX two thank and deliver XXXX when joining EPS growth look in provide per our expect position our to be of normalized life positioned call business $XX We and levels in committed our on and combination And track forward to financial track forward, we flexibility years York quarter. $XX attractive we're well conversations. return of exceptional we debt to share. to beyond we announced you to to ago. future our and

Operator

questions A Ladies review. business XXXX will to and days fourth following Cigna's recording be this concludes quarter available this XX for be call. conference results Investor respond to additional available shortly. will of gentlemen, Relations Cigna this

dialing access the no Thank participating. XXX-XXX-XXXX is required. recorded You you may code by or conference for pass XXX-XXX-XXXX,

now disconnect. will We

Cigna (CI) 6 Feb 202019 Q4 Earnings call transcript