Company: CI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001739940-25-000037
Chunk: 203

Company: Cigna Group
Filing Date: 2025-10-30
Form: 10-Q
Item: Part II, Item 12
Chunk 203
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 reflected changes in liquidity estimates for certain private placement issuers across several sectors. See discussion under Level 3 Financial Assets and Financial Liabilities above for more information.

Separate AccountsThe investment income and fair value gains and losses of Separate account assets generally accrue directly to the contractholders and, together with their deposits and withdrawals, are excluded from the Company's Consolidated Statements of Income and Cash Flows. The separate account activity for the nine months ended September 30, 2025 and 2024 was primarily driven by changes in the market values of the underlying separate account investments.

24

Fair values of Separate account assets were as follows:Quoted Prices in Active Markets for Identical Assets(Level 1)Significant Other Observable Inputs(Level 2)Significant Unobservable Inputs(Level 3)Total(In millions)September 30,2025December 31,2024September 30,2025December 31,2024September 30,2025December 31,2024September 30,2025December 31,2024Guaranteed separate accounts (See Note 16)$248 $231 $333 $345 $— $— $581 $576 Non-guaranteed separate accounts (1)274 267 5,809 5,575 213 228 6,296 6,070 Subtotal$522 $498 $6,142 $5,920 $213 $228 6,877 6,646 Non-guaranteed separate accounts priced at net asset value as a practical expedient (1)656 632 Total$7,533 $7,278 

           (1)Non-guaranteed separate accounts include $3.8 billion as of both September 30, 2025 and December 31, 2024 in assets supporting the Company's pension plans, including $0.2 billion classified in Level 3 as of both September 30, 2025 and December 31, 2024. Non-guaranteed separate accounts are primarily comprised of securities partnerships, real estate and real estate funds.

Separate account assets classified in Level 3 primarily support the Company's pension plans and include certain newly issued, privately placed, complex or illiquid securities that are priced using methods discussed above, as well as commercial mortgage loans. Activity, including transfers into and out of Level 3, was not material for the three and nine months ended September 30,