The Cigna Group (CI) Wednesday has finalized the sale of its Medicare Advantage, Cigna Supplemental Benefits, Medicare Part D, and CareAllies businesses to Health Care Service Corporation or HCSC.
This divestment streamlines Cigna's portfolio and supports further innovation.
Proceeds from the sale will primarily fund share repurchases, aligning with the company's capital deployment strategy. CEO David M. Cordani expressed confidence in HCSC's ability to continue serving Medicare customers while reaffirming Cigna's commitment to Medicare populations through Evernorth Health Services.
Cigna will continue providing pharmacy benefits and other services to the divested businesses through agreements with HCSC for a defined period post-closing. HCSC CEO Maurice Smith emphasized the acquisition's role in expanding healthcare access and supporting senior wellness.
The transition is designed to be seamless, with no disruption to coverage or services for customers, clients, providers, or brokers. Medicare customers can contact the number on their ID cards for assistance.
CI is currently trading at $318.98 or 1.07% lower on the NYSE.
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