Company: CI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001739940-25-000037
Chunk: 332

Company: Cigna Group
Filing Date: 2025-10-30
Form: 10-Q
Item: Part II, Item 3
Chunk 332
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 Note 19 to the Consolidated Financial Statements in our 2024 Form 10-K for additional information regarding these restrictions. Most of the Evernorth Health Services segment operations are not subject to regulatory restrictions regarding dividends and therefore provide significant financial flexibility to The Cigna Group.

Investment Portfolio. We support the liquidity needs of our businesses by managing the duration of invested assets to be consistent with the duration of liabilities. We manage the portfolio to both optimize returns in the current economic environment and meet our liquidity needs.

Cash flows for the nine months ended September 30 were as follows:Nine Months Ended September 30,(In millions)20252024Operating activities$3,452 $5,151 Investing activities$(3,987)$(1,911)Financing activities$(2,355)$(4,399)

The following discussion explains variances in the various categories of cash flows for the nine months ended September 30, 2025 compared with the same period in 2024. 

Operating Activities. Cash flows from operating activities consist principally of cash receipts and disbursements for pharmacy revenues and costs, premiums and medical costs, fees, investment income, taxes, and other expenses.

Operating cash flows decreased for the nine months ended September 30, 2025 primarily due to the absence of the favorable net cash flow impacts from onboarding significant new clients in 2024 and the unfavorable impact of pharmacy and services costs payments, as well as timing of settlements related to the accounts receivable factoring facility. This decrease is partially offset by higher insurance liabilities and the favorable impact of accrued liabilities.

Investing Activities. The increase in cash used in investing activities reflects higher investment purchases, partially offset by the net proceeds on the HCSC transaction.

Financing Activities. The decrease in net cash used in financing activities in 2025 is primarily driven by lower share repurchases.

Capital Resources

Our capital resources consist primarily of cash, cash equivalents and investments maintained at regulated subsidiaries required to underwrite insurance risks, cash flows from operating activities, our commercial paper program, revolving credit facility, and the issuance of long-term debt and equity securities. Our businesses generate significant cash flows from operations, some of which is subject to regulatory restrictions relative to the amount and timing of dividend payments to the parent company. Dividends received from U.S.-regulated subsidiaries were $0.6 billion for the nine months ended September 30, 2025 and $1.7 billion for the nine months ended September 30, 2024. Non-regulated