Cigna - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht
|Land||Vereinigte Staaten von Amerika|
|Rohdaten nach||US GAAP in Millionen USD|
|Aktiensplits||2007-06-05 - 3:1 | 1998-05-18 - 3:1 ||
|Letztes Bilanz Update||23.02.2017|
|Fundamental Verhältnisse errechnet am: 21.07.2017|
Quarterly Financial Data (unaudited) The following unaudited quarterly financial data is presented on a consolidated basis for each of the years ended December 31, 2015 and December 31, 2014. Quarterly financial results necessarily rely heavily on estimates. This and certain other factors, such as the seasonal nature of portions of the insurance business, suggest the need to exercise caution in drawing specific conclusions from quarterly consolidated results. (In millions, except per share amounts) Three Months Ended March 31June 30Sept. 30Dec. 31Consolidated Results 2015 Total revenues$ 9,467$ 9,492 $ 9,389 $ 9,528 Income before income taxes 854 936 878 659 Shareholders' net income 533 588 (1) 547 (2) 426 (2)Shareholders' net income per share:1 Basic 2.08 2.30 2.14 1.66 Diluted 2.04 2.26 2.10 1.64 2014 Total revenues$ 8,496$ 8,733 $ 8,757 $ 8,928 Income before income taxes 853 901 818 732 Shareholders' net income 528 573 534 467 Shareholders' net income per share:1 Basic 1.96 2.16 2.04 1.80 Diluted 1.92 2.12 2.01 1.77 Stock and Dividend Data 2015 Price range of common stock — high$ 131.13$ 170.63 $ 166.19 $ 148.51 — low$ 100.68$ 124.30 $ 125.61 $ 127.51 Dividends declared per common share$ 0.04$ - $ - $ - 2014 Price range of common stock — high$ 90.63$ 93.20 $ 97.28 $ 105.73 — low$ 75.37$ 73.47 $ 87.33 $ 85.75 Dividends declared per common share$ 0.04$ - $ - $ - (1) Shareholders' net income includes an after-tax charge of $65 million for the early extinguishment of debt in the second quarter of 2015. See Note 15 to the Consolidated Financial Statements for additional details.(2) Shareholders' net income includes after-tax charges of $29 million in the third quarter of 2015 and $28 million in the fourth quarter of 2015 for advisory, legal and other transactions costs directly related to the Company's proposed merger with Anthem. See Note 3 to the Consolidated Financial Statements for additional details
Note 22 – Segment Information
The financial results of the Company's businesses are reported in the following segments:
Global Health Care aggregates the Commercial and Government operating segments due to their similar economic characteristics, products and services and regulatory environment:
- The Commercial operating segment encompasses both the U.S. commercial and certain international health care businesses serving employers and their employees, other groups, and individuals. Products and services include medical, dental, behavioral health, vision, and prescription drug benefit plans, health advocacy programs and other products and services to insured and self-insured customers.
- The Government operating segment offers Medicare Advantage and Medicare Part D plans to seniors and Medicaid plans.
Global Supplemental Benefits includes supplemental health, life and accident insurance products offered in selected international markets and in the U.S.
Group Disability and Life provides group long-term and short-term disability, group life, accident and specialty insurance products and related services.
Other Operations consist of:
- corporate-owned life insurance (“COLI”);
- run-off reinsurance business that is predominantly comprised of GMDB and GMIB business effectively exited through reinsurance with Berkshire in 2013;
- deferred gains recognized from the 1998 sale of the individual life insurance and annuity business and the 2004 sale of the retirement benefits business; and
- run-off settlement annuity business.
Corporate reflects amounts not allocated to operating segments, such as net interest expense (defined as interest on corporate debt less net investment income on investments not supporting segment operations), interest on uncertain tax positions, certain litigation matters, intersegment eliminations, compensation cost for stock options, expense associated with frozen pension plans and certain costs for corporate projects, including overhead.
In the Company's segment disclosures, we present “operating revenues,” defined as total revenues excluding realized investment results. The Company excludes realized investment results from this measure because its portfolio managers may sell investments based on factors largely unrelated to the underlying business purposes of each segment. As a result, gains or losses created in this process may not be indicative of past or future underlying performance of the business.
The Company uses adjusted income (loss) from operations as its principal financial measure of segment operating performance because management believes it best reflects the underlying results of business operations and permits analysis of trends in underlying revenue, expenses and profitability. Beginning on January 1, 2015, adjusted income from operations was newly defined as shareholders' net income (loss) excluding after-tax realized investment gains and losses, net amortization of other acquired intangible assets and special items. Prior period segment information has been restated to reflect these new performance metrics. Income or expense amounts are excluded from adjusted income from operations for the following reasons:
- Realized investment results are excluded because, as noted above, our portfolio managers may sell investments based on factors largely unrelated to the underlying business purposes of each segment.
- Net amortization of other intangible assets is excluded because it relates to costs incurred for acquisitions and, as a result, it does not relate to the core performance of the Company's business operations. The amortization amount is net of one-time benefits of acquisitions in which the fair value of net assets acquired exceeds the purchase price.
- Special items, if any, are excluded because management believes they are not representative of the underlying results of operations.
In 2013, adjusted income from operations also excluded the results of the guaranteed minimum income benefit (“GMIB”) business prior to the reinsurance transaction with Berkshire.
For the years ended December 31, 2015, 2014 and 2013, the Company reported the following special item charges:
|Year (1)||Description and Financial Statement Line Item(s)||After-tax||Before-tax|
|2015||Debt extinguishment costs (Other operating expenses, see Note 15 for details)||$||65||$||100|
|2015||Merger related transaction costs (Other operating expenses, see Note 3 for details)||$||57||$||66|
|2013||Charge related to a reinsurance transaction (see Note 7 for details)||$||507||$||781|
|- Other benefit expenses||727|
|- Other operating expenses||54|
|2013||Charge for a disability claims regulatory matter (see Note 23 for details)||$||51||$||77|
|- Other benefit expenses||75|
|- Other operating expenses||2|
|2013||Charge for an organizational efficiency plan (Other operating expenses, see Note 6 for details)||$||40||$||60|
|2013||Costs associated with a pharmacy benefit management (“PBM”) services agreement (Other operating expenses) (2)||$||24||$||37|
|(1) There were no special items recorded in 2014.|
|(2) Under this agreement, the Company utilizes a vendor's technology and service platforms, retail network contracting and claims processing services.|
Summarized segment financial information for the years ended December 31, was as follows:
|(In millions)||Global Health Care||Global Supplemental Benefits||Group Disability and Life||Other Operations||Corporate||Total|
|Fees and other revenues||4,357||46||91||13||(19)||4,488|
|Net investment income||340||103||337||369||4||1,153|
|Mail order pharmacy revenues||2,536||-||-||-||-||2,536|
|Total operating revenues||29,929||3,149||4,271||485||(15)||37,819|
|Net realized investment gains||43||-||5||9||-||57|
|Depreciation and amortization||526||31||26||1||1||585|
|Total benefits and expenses||27,028||2,849||3,796||374||502||34,549|
|Income before taxes||2,944||300||480||120||(517)||3,327|
|Income taxes and net loss attributable to noncontrolling interests||1,150||33||152||40||(142)||1,233|
|Shareholders' net income by segment|