Health services company Cigna Corp. (CI) Tuesday said it will repurchase $2.0 billion common stock through accelerated stock repurchase or ASR agreements with each of Morgan Stanley & Co. LLC and JPMorgan Chase Bank, N.A.
The ASRs are part of Cigna's existing share repurchase program, which had remaining authority of $3.8 billion as of August 4.
Under the ASR Agreement terms, Cigna will receive an aggregate initial delivery of around 7.7 million shares of Cigna stock in exchange for a prepayment of $2.0 billion.
David Cordani, President and Chief Executive Officer, said the accelerated share repurchase is consistent with the company's commitment to return a significant amount of capital to shareholders.
When combined with previously completed share repurchase and a greatly increased dividend, the company would have returned more than $7 billion of capital to shareholders in calendar year 2021.
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