Cigna

Track record shows a pragmatic portfolio pivot and disciplined returns to shareholders. Management exited Asia life businesses in 2022, abandoned a large Humana merger in 2023 while boosting buybacks by 10 billion dollars, and in 2025 closed the sale of Medicare and CareAllies to HCSC to concentrate on services.

In 2024 and early 2025 Cigna executed significant repurchases including a 3.2 billion dollar ASR and raised the dividend 8 percent. We view the Express Scripts acquisition (2018) as strategically correct despite regulatory noise, Evernorth bolt‑ons as sensible, and recent divestitures as value‑accretive.

Risk remains that very large M&A returns; we note management’s reiterated discipline and see current focus as favorable.