SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) January 24, 2013

Cigna Corporation
(Exact name of registrant as specified in its charter)


Delaware
(State or other jurisdiction of incorporation)
1-08323
(Commission File Number)
06-1059331
(IRS Employer
Identification No.)



900 Cottage Grove Road
Bloomfield, Connecticut 06002
(Address of principal executive offices)  (Zip Code)


Registrant's telephone number, including area code:

(860) 226-6000


Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
 
 
 
 
 
 

 
 
 
 
TABLE OF CONTENTS



Title
 
Page
     
Item 7.01
Regulation FD
 
1
 
Financial Schedules – Segment results:
 
 
  Years Ended December 31, 2011 and 2010:
 
 
     Global Health Care and Global Supplemental Benefits
3
 
     Group Disability and Life and Updated Consolidated Income Statement
4
 
   Global Health Care:
 
 
     First Three Quarters and Nine Months Ended September 30, 2012
5
 
     Four Quarters of 2011
6
 
   Global Supplemental Benefits:
 
 
     First Three Quarters and Nine Months Ended September 30, 2012
7
 
     Four Quarters of 2011
8
 
   Group Disability and Life:
 
 
     First Three Quarters and Nine Months Ended September 30, 2012
9
 
     Four Quarters of 2011
10
 
  Consolidating Statement of Income – Nine Months Ended September 30, 2012
11
 
  Consolidating Statement of Income – Year Ended December 31, 2011
12
 
 
 
 
Signature
 
14
     
   


Basis of Presentation:

All dollar amounts are in millions, unless otherwise noted.  Certain reclassifications have been made to conform prior period results to the current presentation.

Cigna measures the financial results of its segments using "segment earnings (loss)," which is defined as shareholders' income (loss) before net realized investment gains (losses).  Adjusted income (loss) from operations is defined as segment earnings excluding special items and results of Cigna's guaranteed minimum income benefit business.  Adjusted income (loss) from operations is a measure of profitability used by Cigna's management because it presents the underlying results of operations of Cigna's businesses and permits trend analysis. These measures are not determined in accordance with generally accepted accounting principles (GAAP) and should not be viewed as a substitute for shareholders’ net income determined in accordance with GAAP.


 
 
 
 
 
 
 

 
 
 

 



ITEM 7.01           Regulation FD Disclosure.

Cigna is a global health services organization that provides medical, dental, disability, life and accident insurance and related products and services to customers in the United States and selected international markets.  This Current Report on Form 8-K (“Form 8-K”) announces certain changes to the Company’s reporting segments, commencing with the earnings release for the fourth quarter of 2012 that is scheduled to be issued on February 7, 2013.  The information contained in this Form 8-K is being furnished to assist investors in understanding how Cigna's business segment results would have been presented in previously filed reports had such results been reported to reflect the realignment described below.

The primary segment reporting change is that the two businesses that comprised the former International segment (international health care and supplemental health, life and accident) are now reported as follows:

· 
substantially all of the international health care business (comprised primarily of the global health benefits business) is now combined with the former Health Care segment and renamed Global Health Care; and

· 
the supplemental health, life and accident business becomes a separate reporting segment named Global Supplemental Benefits.
 
The segment reporting changes reflect the Company’s realignment of its businesses to better leverage distribution and service delivery capabilities for the benefit of our global clients and customers.  Management believes the realignment of its businesses will enable the Company to more effectively address global health services challenges by leveraging best practices across geographies to improve the health, well being and sense of security of the global customers that the Company serves.  The changes in the Company’s internal financial reporting structure to support this realignment took effect on December 31, 2012 and result in changes to our external reporting segments.  The Company’s results are now aggregated based on the nature of the Company’s products and services, rather than its geographies.

While reclassifications within certain captions in the consolidated statements of income and consolidated balance sheets have occurred primarily as a result of these segment changes, there is no change to historically reported consolidated shareholders’ net income, earnings per share, adjusted income from operations or shareholders’ equity.  Beginning with the fourth quarter of 2012, the Company will report its results in the reporting segments as described below.

Global Health Care includes the aggregation of the following two operating segments:

· 
The Commercial operating segment offers insured and self-insured medical, dental, behavioral health, vision, and prescription drug benefit plans, health advocacy programs and other products and services that may be integrated to provide comprehensive global health care benefit programs to employers and their employees, including expatriates and other globally mobile individuals.  Cigna offers these products and services in all 50 states, the District of Columbia, the U.S. Virgin Islands, Canada, Europe, the Middle East, and Asia. Cigna services its expatriate and globally mobile customers virtually everywhere in the world.
 
· 
The Government operating segment primarily offers Medicare Advantage plans to seniors in 13 states and the District of Columbia, Medicare Part D plans in all 50 states and the District of Columbia and Medicaid plans and includes the business associated with the January 2012 acquisition of HealthSpring, Inc.

Global Supplemental Benefits includes supplemental health, life and accident insurance products offered in the U.S. and foreign markets, primarily in Asia as well as Medicare supplemental coverage following the 2012 acquisition of Great American Supplemental Benefits.

Group Disability and Life represents group disability, life and accident insurance products, including certain disability and life insurance business previously reported in the former Health Care segment.

In addition, the Company continues to report results in three other categories (Run-off Reinsurance, Other Operations and Corporate) that were not impacted by the segment reporting changes described above.

For those segments impacted by these changes, prior period results for the first three quarters and nine months of 2012, the four quarters and full year 2011, and full year 2010 are presented on the old and new segment basis in the following tables.
 
 
 
 
1

 

 
 
Cigna's Investor Relations Department will be hosting a conference call this morning, beginning at 9:00 a.m. ET to describe the segment reporting changes and answer questions on this topic.  The call-in numbers for the conference call are as follows:
 

Live Call:
Toll Free Dial-In Number:
1-800-619-9569 
 
Toll Dial-In Number: 
1-517-623-4948
 
Participant Passcode: 
999363                    
     
Replay:
Toll Free Number:
1-866-418-8382
 
Toll Dial-In Number:
1-203-369-0752
     
 
It is strongly suggested you dial in to the conference call by 8:45 a.m. ET.  The operator will periodically provide instructions regarding the call.  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2

 
 
 
Cigna Corporation
 
Segment results - Global Health Care and Global Supplemental Benefits
 
Years Ended December 31, 2011 and 2010
 
(unaudited)
 
 
   
 
   
 
   
 
 
 
 
 
   
 
   
 
   
 
 
 
 
 
   
 
   
 
   
 
 
 
 
 
   
 
   
 
   
 
 
 
Years Ended
 
 
December 31, 2011
   
December 31, 2010
 
Global Health Care, compared with
 
Health Care
   
 
   
Health Care
   
 
 
Amounts previously reported in Health Care
 
As previously
   
Global
    As previously    
Global
 
(Dollars in millions)
 
Reported
   
Health Care
    Reported    
Health Care
 
Revenues:
 
 
   
 
   
 
   
 
 
Premiums and fees
  $ 13,181     $ 14,443     $ 13,319     $ 14,134  
Net investment income
    274       263       243       230  
Mail order pharmacy revenues
    1,447       1,447       1,420       1,420  
Other revenues
    234       236       266       269  
            Segment revenues
    15,136       16,389       15,248       16,053  
Benefits and Expenses:
                               
Global Health Care medical claims expense
    8,182       9,125       8,570       9,222  
Other benefit expenses
    83       -       100       -  
Mail order pharmacy cost of goods sold
    1,203       1,203       1,169       1,169  
Operating expenses
    4,121       4,340       4,072       4,202  
            Benefits and expenses
    13,589       14,668       13,911       14,593  
Income before income taxes
    1,547       1,721       1,337       1,460  
Income taxes
    556       616       476       520  
Segment earnings
    991       1,105       861       940  
Less: Special item(s), after-tax
    1       1       -       -  
Adjusted income from operations
  $ 990     $ 1,104     $ 861     $ 940  
 
                               
 
                               
 
Years Ended
 
 
December 31, 2011
   
December 31, 2010
 
Global Supplemental Benefits, compared with
 
International
   
Global
   
International
   
Global
 
Amounts previously reported in International
 
As previously
   
Supplemental
   
As previously
   
Supplemental
 
(Dollars in millions)
 
Reported
   
Benefits
   
Reported
   
Benefits
 
Revenues:
                               
Premiums and fees
  $ 2,990     $ 1,528     $ 2,268     $ 1,231  
Net investment income
    96       83       82       69  
Other revenues
    17       15       25       22  
            Segment revenues
    3,103       1,626       2,375       1,322  
Benefits and Expenses:
                               
Other benefit expenses
    1,697       754       1,255       603  
Operating expenses excluding special item(s)
    1,082       734       846       589  
Special item(s)
    4       4       -       -  
            Benefits and expenses
    2,783       1,492       2,101       1,192  
Income before income taxes
    320       134       274       130  
Income taxes
    100       36       93       42  
Income attributable to noncontrolling interest
    1       1       4       4  
Segment earnings
    219       97       177       84  
Less: Special item(s), after-tax
    (3 )     (3 )     -       -  
Adjusted income from operations
  $ 222     $ 100     $ 177     $ 84  
 
 
 
3

 
 

 
Cigna Corporation
 
Segment results - Group Disability and Life, and Updated Consolidated Income Statement
 
Years Ended December 31, 2011 and 2010
 
(unaudited)
 
 
   
 
   
 
   
 
 
 
 
 
   
 
   
 
   
 
 
 
 
 
   
 
   
 
   
 
 
 
 
 
   
 
   
 
   
 
 
 
Years Ended
 
 
December 31, 2011
   
December 31, 2010
 
 
 
As
   
 
   
As
   
 
 
Group Disability and Life
 
Previously
   
 
   
Previously
   
 
 
(Dollars in millions)
 
Reported
   
As revised
   
Reported
   
As revised
 
Revenues:
 
 
   
 
   
 
   
 
 
Premiums and fees
  $ 2,780     $ 2,857     $ 2,667     $ 2,770  
Net investment income
    267       291       261       287  
Other revenues
    -       -       123       123  
            Segment revenues
    3,047       3,148       3,051       3,180  
Benefits and Expenses:
                               
Other benefit expenses
    2,003       2,086       1,935       2,035  
Operating expenses
    648       654       705       713  
            Benefits and expenses
    2,651       2,740       2,640       2,748  
Income before income taxes
    396       408       411       432  
Income taxes
    109       113       120       127  
Segment earnings
    287       295       291       305  
Less: Special item(s), after-tax
    5       5       -       -  
Adjusted income from operations
  $ 282     $ 290     $ 291     $ 305  
 
                               
 
                               
 
Years Ended
 
 
December 31, 2011
   
December 31, 2010
 
Consolidated
 
As
           
As
         
 
 
Previously
           
Previously
         
(Dollars in millions)
 
Reported
   
As revised
   
Reported
   
As revised
 
Revenues:
                               
Premiums and fees
  $ 19,089     $ 18,966     $ 18,393     $ 18,274  
Net investment income
    1,146       1,146       1,105       1,105  
Mail order pharmacy revenues
    1,447       1,447       1,420       1,420  
Other revenues, including run-off reinsurance hedge results
    244       244       254       254  
Net realized investment gains
    62       62       75       75  
Total revenues
    21,988       21,865       21,247       21,128  
Benefits and Expenses:
                               
Global Health Care medical claims expense
    8,182       9,125       8,570       9,222  
Other benefit expenses
    4,308       3,365       3,663       3,011  
Mail order pharmacy cost of goods sold
    1,203       1,203       1,169       1,169  
Guaranteed minimum income benefits (income) expense
    234       234       55       55  
Operating expenses excluding special item(s)
    6,137       6,014       5,898       5,779  
Special item(s)
    48       48       90       90  
Benefits and expenses
    20,112       19,989       19,445       19,326  
Income before income taxes
    1,876       1,876       1,802       1,802  
Income taxes
    615       615       519       519  
Net income
    1,261       1,261       1,283       1,283  
Less: Income attributable to noncontrolling interest
    1       1       4       4  
Shareholders' net income
  $ 1,260     $ 1,260     $ 1,279     $ 1,279  
 
 
 
4

 
 

 
Cigna Corporation
 
Segment results - Global Health Care
 
First Three Quarters and Nine Months Ended September 30, 2012
 
(unaudited)
 
 
   
 
   
 
   
 
 
 
 
 
   
 
   
 
   
 
 
 
Three Months Ended
 
 
March 31, 2012
   
June 30, 2012
 
Global Health Care, compared with
 
Health Care
   
 
   
Health Care
   
 
 
Amounts previously reported in Health Care
 
As previously
   
Global
   
As previously
   
Global
 
(Dollars in millions)
 
Reported
   
Health Care
   
Reported
   
Health Care
 
Revenues:
 
 
   
 
   
 
   
 
 
Premiums and fees
  $ 4,501     $ 4,869     $ 5,008     $ 5,398  
Net investment income
    68       66       63       61  
Mail order pharmacy revenues
    386       386       402       402  
Other revenues
    50       51       56       59  
            Segment revenues
    5,005       5,372       5,529       5,920  
Benefits and Expenses:
                               
Global Health Care medical claims expense
    3,037       3,316       3,405       3,707  
Other benefit expenses
    19       -       17       -  
Mail order pharmacy cost of goods sold
    321       321       330       330  
Operating expenses excluding special item(s)
    1,216       1,271       1,252       1,302  
Special item(s)
    31       31                  
            Benefits and expenses
    4,624       4,939       5,004       5,339  
Income before income taxes
    381       433       525       581  
Income taxes
    139       157       193       213  
Segment earnings
    242       276       332       368  
Less: Special item(s), after-tax
    (20 )     (20 )     -       -  
Adjusted income from operations
  $ 262     $ 296     $ 332     $ 368  
 
                               
 
                               
 
Three Months Ended
   
Nine Months Ended
 
 
September 30, 2012
   
September 30, 2012
 
Global Health Care, compared with
 
Health Care
           
Health Care
         
Amounts previously reported in Health Care
 
As previously
   
Global
   
As previously
   
Global
 
(Dollars in millions)
 
Reported
   
Health Care
   
Reported
   
Health Care
 
Revenues:
                               
Premiums and fees
  $ 4,922     $ 5,307     $ 14,431     $ 15,574  
Net investment income
    66       64       197       191  
Mail order pharmacy revenues
    401       401       1,189       1,189  
Other revenues
    62       63       168       173  
            Segment revenues
    5,451       5,835       15,985       17,127  
Benefits and Expenses:
                               
Global Health Care medical claims expense
    3,269       3,561       9,711       10,584  
Other benefit expenses
    15       -       51       -  
Mail order pharmacy cost of goods sold
    324       324       975       975  
Operating expenses excluding special item(s)
    1,245       1,298       3,713       3,871  
Special item(s)
    60       65       91       96  
            Benefits and expenses
    4,913       5,248       14,541       15,526  
Income before income taxes
    538       587       1,444       1,601  
Income taxes
    193       210       525       580  
Segment earnings
    345       377       919       1,021  
Less: Special item(s), after-tax
    (39 )     (42 )     (59 )     (62 )
Adjusted income from operations
  $ 384     $ 419     $ 978     $ 1,083  
 
 
 
 
5

 

 
 
Cigna Corporation
 
 
   
 
   
 
   
 
 
Segment results - Global Health Care
 
 
   
 
   
 
   
 
 
Four Quarters of 2011
 
 
   
 
   
 
   
 
 
(unaudited)
 
 
   
 
   
 
   
 
 
 
 
 
   
 
   
 
   
 
 
 
Three Months Ended
 
 
March 31, 2011
   
June 30, 2011
 
Global Health Care, compared with
 
Health Care
   
 
   
Health Care
   
 
 
Amounts previously reported in Health Care
 
As previously
   
Global
   
As previously
   
Global
 
(Dollars in millions)
 
Reported
   
Health Care
   
Reported
   
Health Care
 
Revenues:
 
 
   
 
   
 
   
 
 
Premiums and fees
  $ 3,311     $ 3,614     $ 3,295     $ 3,613  
Net investment income
    67       63       67       65  
Mail order pharmacy revenues
    339       339       349       349  
Other revenues
    69       70       67       66  
            Segment revenues
    3,786       4,086       3,778       4,093  
Benefits and Expenses:
                               
Global Health Care medical claims expense
    2,077       2,301       2,034       2,269  
Other benefit expenses
    24       -       21       -  
Mail order pharmacy cost of goods sold
    276       276       289       289  
Operating expenses
    1,025       1,081       996       1,050  
            Benefits and expenses
    3,402       3,658       3,340       3,608  
Income before income taxes
    384       428       438       485  
Income taxes
    137       152       158       175  
Segment earnings
    247       276       280       310  
Less: Special item(s), after-tax
    1       1       -       -  
Adjusted income from operations
  $ 246     $ 275     $ 280     $ 310  
 
                               
 
                               
 
Three Months Ended
 
 
September 30, 2011
   
December 31, 2011
 
Global Health Care, compared with
 
Health Care
           
Health Care
         
Amounts previously reported in Health Care
 
As previously
   
Global
   
As previously
   
Global
 
(Dollars in millions)
 
Reported
   
Health Care
   
Reported
   
Health Care
 
Revenues:
                               
Premiums and fees
  $ 3,255     $ 3,571     $ 3,320     $ 3,645  
Net investment income
    74       71       66       64  
Mail order pharmacy revenues
    368       368       391       391  
Other revenues
    48       47       50       53  
            Segment revenues
    3,745       4,057       3,827       4,153  
Benefits and Expenses:
                               
Global Health Care medical claims expense
    2,014       2,254       2,057       2,301  
Other benefit expenses
    18       -       20       -  
Mail order pharmacy cost of goods sold
    309       309       329       329  
Operating expenses
    1,020       1,064       1,080       1,145  
            Benefits and expenses
    3,361       3,627       3,486       3,775  
Income before income taxes
    384       430       341       378  
Income taxes
    136       151       125       138  
Segment earnings
    248       279       216       240  
Adjusted income from operations
  $ 248     $ 279     $ 216     $ 240  
 
 
 
 
6

 

 
Cigna Corporation
 
Segment results - Global Supplemental Benefits
 
First Three Quarters and Nine Months Ended September 30, 2012
 
(unaudited)
 
 
   
 
   
 
   
 
 
 
 
 
   
 
   
 
   
 
 
 
Three Months Ended
 
 
March 31, 2012
   
June 30, 2012
 
Global Supplemental Benefits, compared with
 
International
   
Global
   
International
   
Global
 
Amounts previously reported in International
 
As previously
   
Supplemental
   
As previously
   
Supplemental
 
(Dollars in millions)
 
Reported
   
Benefits
   
Reported
   
Benefits
 
Revenues:
 
 
   
 
   
 
   
 
 
Premiums and fees
  $ 866     $ 444     $ 898     $ 455  
Net investment income
    25       21       25       22  
Other revenues
    9       8       6       3  
            Segment revenues
    900       473       929       480  
Benefits and Expenses:
                               
Other benefit expenses
    497       218       532       230  
Operating expenses excluding special item(s)
    300       209       300       212  
            Benefits and expenses
    797       427       832       442  
Income before income taxes
    103       46       97       38  
Income taxes
    23       3       32       11  
Segment earnings
    80       43       65       27  
Adjusted income from operations
  $ 80     $ 43     $ 65     $ 27  
 
                               
 
                               
 
Three Months Ended
   
Nine Months Ended
 
 
September 30, 2012
   
September 30, 2012
 
Global Supplemental Benefits, compared with
 
International
   
Global
   
International
   
Global
 
Amounts previously reported in International
 
As previously
   
Supplemental
   
As previously
   
Supplemental
 
(Dollars in millions)
 
Reported
   
Benefits
   
Reported
   
Benefits
 
Revenues:
                               
Premiums and fees
  $ 930     $ 493     $ 2,694     $ 1,392  
Net investment income
    25       22       75       65  
Other revenues
    8       7       23       18  
            Segment revenues
    963       522       2,792       1,475  
Benefits and Expenses:
                               
Other benefit expenses
    543       251       1,572       699  
Operating expenses excluding special item(s)
    306       217       906       638  
Special item(s)
    14       9       14       9  
            Benefits and expenses
    863       477       2,492       1,346  
Income before income taxes
    100       45       300       129  
Income taxes
    30       11       85       25  
Segment earnings
    70       34       215       104  
Less: Special item(s), after-tax
    (9 )     (6 )     (9 )     (6 )
Adjusted income from operations
  $ 79     $ 40     $ 224     $ 110  
 
 
 
 
7

 
 

 
Cigna Corporation
 
Segment results - Global Supplemental Benefits
 
Four Quarters of 2011
 
(unaudited)
 
 
   
 
   
 
   
 
 
 
 
 
   
 
   
 
   
 
 
 
Three Months Ended
 
 
March 31, 2011
   
June 30, 2011
 
Global Supplemental Benefits, compared with
 
International
   
Global
   
International
   
Global
 
Amounts previously reported in International
 
As previously
   
Supplemental
   
As previously
   
Supplemental
 
(Dollars in millions)
 
Reported
   
Benefits
   
Reported
   
Benefits
 
Revenues:
 
 
   
 
   
 
   
 
 
Premiums and fees
  $ 698     $ 351     $ 737     $ 375  
Net investment income
    23       20       24       20  
Other revenues
    6       5       3       4  
            Segment revenues
    727       376       764       399  
Benefits and Expenses:
                               
Other benefit expenses
    397       173       420       185  
Operating expenses excluding special item(s)
    243       162       262       178  
            Benefits and expenses
    640       335       682       363  
Income before income taxes
    87       41       82       36  
Income taxes
    25       9       25       9  
Income attributable to noncontrolling interest
    1       1       -       -  
Segment earnings
    61       31       57       27  
Less: Special item(s), after-tax
    -       -       -       -  
Adjusted income from operations
  $ 61     $ 31     $ 57     $ 27  
 
                               
 
                               
 
Three Months Ended
 
 
September 30, 2011
   
December 31, 2011
 
Global Supplemental Benefits, compared with
 
International
   
Global
   
International
   
Global
 
Amounts previously reported in International
 
As previously
   
Supplemental
   
As previously
   
Supplemental
 
(Dollars in millions)
 
Reported
   
Benefits
   
Reported
   
Benefits
 
Revenues:
                               
Premiums and fees
  $ 765     $ 392     $ 790     $ 410  
Net investment income
    24       21       25       22  
Other revenues
    3       4       5       2  
            Segment revenues
    792       417       820       434  
Benefits and Expenses:
                               
Other benefit expenses
    435       195       445       201  
Operating expenses excluding special item(s)
    271       188       306       206  
Special item(s)
    -       -       4       4  
            Benefits and expenses
    706       383       755       411  
Income before income taxes
    86       34       65       23  
Income taxes
    24       7       26       11  
Segment earnings
    62       27       39       12  
Less: Special item(s), after-tax
    -       -       (3 )     (3 )
Adjusted income from operations
  $ 62     $ 27     $ 42     $ 15  
 
 
 
 
8

 

 
 
Cigna Corporation
 
Segment results - Group Disability and Life
 
First Three Quarters and Nine Months Ended September 30, 2012
 
(unaudited)
 
 
   
 
   
 
   
 
 
 
 
 
   
 
   
 
   
 
 
 
Three Months Ended
 
 
March 31, 2012
   
June 30, 2012
 
Group Disability and Life
 
As
   
 
   
As
   
 
 
 
 
Previously
   
 
   
Previously
   
 
 
(Dollars in millions)
 
Reported
   
As revised
   
Reported
   
As revised
 
Revenues:
 
 
   
 
   
 
   
 
 
Premiums and fees
  $ 743     $ 763     $ 749     $ 767  
Net investment income
    70       76       68       73  
            Segment revenues
    813       839       817       840  
Benefits and Expenses:
                               
Other benefit expenses
    546       565       512       529  
Operating expenses excluding special item(s)
    175       177       179       182  
            Benefits and expenses
    721       742       691       711  
Income before income taxes
    92       97       126       129  
Income taxes
    27       29       37       38  
Segment earnings
    65       68       89       91  
Adjusted income from operations
  $ 65     $ 68     $ 89     $ 91  
 
                               
 
                               
 
Three Months Ended
   
Nine Months Ended
 
 
September 30, 2012
   
September 30, 2012
 
Group Disability and Life
 
As
           
As
         
 
 
Previously
           
Previously
         
(Dollars in millions)
 
Reported
   
As revised
   
Reported
   
As revised
 
Revenues:
                               
Premiums and fees
  $ 758     $ 775     $ 2,250     $ 2,305  
Net investment income
    69       74       207       223  
            Segment revenues
    827       849       2,457       2,528  
Benefits and Expenses:
                               
Other benefit expenses
    563       578       1,621       1,672  
Operating expenses excluding special item(s)
    176       177       530       536  
Special item(s)
    3       3       3       3  
            Benefits and expenses
    742       758       2,154       2,211  
Income before income taxes
    85       91       303       317  
Income taxes
    25       27       89       94  
Segment earnings
    60       64       214       223  
Less: Special item(s), after-tax
    (2 )     (2 )     (2 )     (2 )
Adjusted income from operations
  $ 62     $ 66     $ 216     $ 225  
 
 
 
9

 
 

 
Cigna Corporation
 
Segment results - Group Disability and Life
 
Four Quarters of 2011
 
(unaudited)
 
 
   
 
   
 
   
 
 
 
 
 
   
 
   
 
   
 
 
 
Three Months Ended
 
 
March 31, 2011
   
June 30, 2011
 
Group Disability and Life
 
As
   
 
   
As
   
 
 
 
 
Previously
   
 
   
Previously
   
 
 
(Dollars in millions)
 
Reported
   
As revised
   
Reported
   
As revised
 
Revenues:
 
 
   
 
   
 
   
 
 
Premiums and fees
  $ 688     $ 708     $ 717     $ 733  
Net investment income
    65       72       67       73  
            Segment revenues
    753       780       784       806  
Benefits and Expenses:
                               
Other benefit expenses
    492       516       496       517  
Operating expenses
    155       156       164       166  
            Benefits and expenses
    647       672       660       683  
Income before income taxes
    106       108       124       123  
Income taxes
    24       25       36       35  
Segment earnings
    82       83       88       88  
Less: Special item(s), after-tax
    5       5       -       -  
Adjusted income from operations
  $ 77     $ 78     $ 88     $ 88  
 
                               
 
                               
 
Three Months Ended
 
 
September 30, 2011