Cigna

Balance sheet and liquidity are strong for a services‑heavy insurer. As of year‑end 2024 the company reported 7.6 billion dollars of cash and cash equivalents, long‑term debt near 29 billion dollars (scheduled maturities manageable), and interest expense of about 1.5 billion dollars.

Cash flow from operations was guided near 10 billion dollars for 2025 after delivering about 10.4 billion dollars in 2024. Post‑HCSC divestiture, proceeds mostly fund buybacks rather than debt reduction, but coverage remains comfortable and working capital cyclicality in PBM has historically normalized over a year.

We see ample capacity to withstand shocks and self‑fund investment.