Cigna (CI) - a Carrier with a large Medicare presence - reported

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• Cigna (CI) - a Carrier with a large Medicare presence - reported Q3 2023 results recently.

• 1/ Medicare Advantage Members -Grew from 541,000 to 599,000 - year-over-year -Up 11% 2/ Medicare Supplement & Medicaid Members -Decreased from 487,000 to 468,000 - year-over-year -Down 4% -Cigna reports Medicare Supplement and Medicaid together. Based on NAIC numbers, the majority of this is Medicare Supplement 3/ Total Revenues -Grew from $45.3 billion to $49.0 billion - year-over-year -up 8% Note: the majority of their revenues comes from their Pharmacy Segment 4/ Total Operating Profit -Grew from $2.14 billion to $2.24 billion - year-over-year -up 5% -Profit margin of 4.6% compared to 4.7% last year 5/ Healthcare Segment Revenues -Grew from $11.1 billion to $12.7 billion - year-over-year -Up 15% 6/ Healthcare Segment Loss Ratio -decreased from 80.8% to 80.5% - year-over-year (loss ratio = medical costs / premium revenue) 7/ Healthcare Segment Expenses -decreased from 22.1% to 21.7% of revenue - year-over-year -includes Selling, general and administrative expenses 8/ Healthcare Segment Operating Profit -Grew from $950 million to $1.02 billion - year-over-year -up 7% -Profit margin of 8.0% compared to 8.4% last year 9/ Valuation Metrics -Market Cap: $90.9 B -Price / Earnings Ratio: 17.51