Company: CI
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001739940-25-000021
Chunk: 41

Company: Cigna Group
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 41
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 Subtotal$502 $498 $5,887 $5,920 $255 $228 6,644 6,646 Non-guaranteed separate accounts priced at net asset value  as a practical expedient (1)633 632 Total$7,277 $7,278 

(1)Non-guaranteed separate accounts include $3.8 billion as of each of March 31, 2025 and December 31, 2024 in assets supporting the Company's pension plans, including $0.2 billion classified in Level 3 as of each of March 31, 2025 and December 31, 2024, respectively. 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 months ended March 31, 2025 or 2024. 

B.Assets and Liabilities Measured at Fair Value under Certain Conditions

Some financial assets and liabilities are not carried at fair value, such as commercial mortgage loans that are carried at unpaid principal, investment real estate that is carried at depreciated cost and equity securities with no readily determinable fair value when there are no observable market transactions. However, these financial assets and liabilities may be measured using fair value under certain conditions, such as when investments become impaired and are written down to their fair value, or when there are observable price changes from orderly market transactions of equity securities that otherwise had no readily determinable fair value.For the three months ended March 31, 2025, impairments recognized requiring the assets and liabilities described above to be measured at fair value were not material. In the first quarter of 2024, we determined our investment in VillageMD was impaired and recorded a $1.8 billion loss in Net investment losses in the Company's Consolidated Statements of Income. Observable price changes for equity securities with no readily determinable fair value were not material for the three months ended March 31, 2025 and March 31, 2024.

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C.Fair Value Disclosures for Financial Instruments Not Carried at Fair Value

The following table includes the Company's financial instruments not recorded at fair value but for which fair