Company: CI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001739940-25-000037
Chunk: 125

Company: Cigna Group
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 125
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)%1,230 bps

Three and Nine Months Ended September 30, 2025 versus Three and Nine Months Ended September 30, 2024

Adjusted revenues primarily reflects premiums and net investment income associated with COLI and our run-off operations, as well as revenues from other non-strategic businesses.

Pre-tax adjusted income (loss) from operations increased for both periods, primarily driven by the decision to discontinue certain small non-strategic businesses.

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Corporate

Corporate reflects amounts not allocated to operating segments, including net interest expense (defined as interest on corporate financing less net investment income on investments not supporting segment and other operations), certain litigation matters, expense associated with our frozen pension plans, charitable contributions, operating severance, certain overhead and enterprise-wide project costs, and eliminations for products and services sold between segments.

Financial SummaryThree Months Ended September 30,ChangeNine Months EndedSeptember 30,Change(In millions)2025202420252024Pre-tax adjusted loss from operations$(399)$(425)(6)%$(1,192)$(1,269)(6)%

Three and Nine Months Ended September 30, 2025 versus Three and Nine Months Ended September 30, 2024

Pre-tax adjusted loss from operations decreased for both periods, primarily due to lower interest expense.

INVESTMENT ASSETS

Information regarding our investment assets is included in Notes 11, 12 and 13 to the Consolidated Financial Statements. 

Investment Outlook

Future realized and unrealized investment results will be driven largely by market conditions, and these future conditions are not reasonably predictable. We believe that the vast majority of our investments will continue to perform under their contractual terms. We manage the portfolio for long-term economics; therefore, we expect to hold a significant portion of these assets for the long term. Although future declines in investment fair values remain possible due to interest rate movements and credit deterioration due to both investment-specific uncertainties and global economic uncertainties as discussed below, we do not expect these losses to have a material unfavorable effect on our financial condition or liquidity. The below discussion addresses the strategies and risks associated with our various classes of investment assets. See Part I, Item 1A - "Risk Factors" in our 2024 Form 10-K for additional information regarding risks associated with our investment portfolio.

Debt Securities

The carrying value of our debt securities portfolio decreased from $9.4 billion as of December 31, 2024 to $8.4 billion as of September 30,