Company: CI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001739940-25-000037
Chunk: 192

Company: Cigna Group
Filing Date: 2025-10-30
Form: 10-Q
Item: Part II, Item 9
Chunk 192
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 by ceding companies that guarantee the benefit received at death and, for a subset of policies, also provide contractholders the option, within 30 days of a policy anniversary after the appropriate waiting period, to elect minimum income payments. The Company's capital market risk exposure on variable annuity reinsurance contracts arises when the reinsured guaranteed minimum benefit exceeds the contractholder's account value in the related underlying mutual funds at the time the insurance benefit is payable under the respective contract. The Company receives and pays premium periodically based on the terms of the reinsurance agreements.

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Market risk benefits activity was as follows:Nine Months Ended September 30,(In millions)20252024Balance, beginning of year$785 $1,003 Balance, beginning of year, before the effect of nonperformance risk (own credit risk)838 1,085 Changes due to expected run-off(14)(7)Changes due to capital markets versus expected(30)(78)Changes due to policyholder behavior versus expected(20)(26)Assumption changes(17)37 Balance, end of period, before the effect of changes in nonperformance risk (own credit risk)757 1,011 Nonperformance risk (own credit risk), end of period(48)(67)Balance, end of period$709 $944 Reinsured market risk benefit, end of period$756 $1,008 

The following table presents the net amount at risk and the average attained age of contractholders (weighted by exposure) for contracts assumed by the Company. The net amount at risk is the amount the Company would have to pay to contractholders if all deaths or annuitizations occurred as of the earliest possible date in accordance with the insurance contract. The Company should be reimbursed in full for these payments unless the Berkshire reinsurance limit is exceeded, as discussed further in Note 10 to the Consolidated Financial Statements.(Dollars in millions, excludes impact of reinsurance ceded)September 30, 2025September 30, 2024Net amount at risk$1,141 $1,361 Average attained age of contractholders (weighted by exposure)78.2 years77.6 years