Cigna formed Mar 1982 from merger of INA Corp (Insurance Co of North America, founded 1792 — oldest US stock insurer) + Connecticut General Corp (1865); combined entity is one of the largest US insurance holding companies. Name 'Cigna' is portmanteau coined by Lippincott consultancy ('Cig' from CG + 'na' from INA).

David Cordani becomes Cigna CEO 2009 — transforms Cigna from US commercial insurer into vertically integrated 'Evernorth' health services + commercial insurance giant. Cordani's vision (echoing UNH's Optum): own services + distribution + risk. Stock 10x's 2009-2020.

Anthem announces $54B acquisition of Cigna Jul 2015 — DOJ antitrust lawsuit Jul 2016 + court rejection Feb 2017. Cigna receives $1.85B termination fee from Anthem. Cigna stock outperforms Anthem post-failed deal as standalone strategy proves more profitable.

Cigna acquires Express Scripts Mar 2018 (announced) for $67B cash + stock — largest US PBM (pharmacy benefit manager). Closes Dec 2018. Combined entity (Cigna + Express Scripts) becomes vertically integrated health insurer + PBM rivaling UNH/OptumRx and CVS/Aetna combination.

Cigna completes $67B Express Scripts acquisition Dec 20 2018 — closes after DOJ antitrust review. Forms vertical model: Cigna health insurance + Express Scripts PBM (largest US, $100B+ Rx claims processed). Mirrors CVS-Aetna deal closed 2 weeks earlier. Industry consolidation into 3 vertical giants (UNH-Optum, CVS-Aetna, Cigna-ESI).

Cigna completes Express Scripts acquisition Dec 20 2018 — $67B cash + stock. Forms Evernorth services brand 2020 housing Express Scripts + Accredo specialty pharmacy + Evernorth Health Services. By 2024 Evernorth contributes 50%+ of Cigna profit; mirrors UNH's Optum strategy.

Cigna launches Evernorth services brand Sep 2020 — houses Express Scripts PBM + Accredo specialty pharmacy + eviCore (medical management). Mirrors UNH's Optum strategy. By 2024 Evernorth contributes 60%+ of Cigna profit; commercial insurance becomes smaller part of profit pool.

Cigna-Humana merger talks Nov 2023 reported by WSJ — would have created $200B+ revenue health giant. Talks collapse Dec 10 2023 over price disagreement; Cigna instead announces $10B share buyback + sells small group MA business to HCSC. CEO David Cordani signals Cigna refocusing on Evernorth services + commercial insurance.

Cigna FY2024 — David Cordani CEO reports $239B revenue; Evernorth services delivers strong growth + commercial insurance stable. MA business sold to HCSC closes Jan 2025 for $3.7B. Stock $295+ but down from $370 peak (Sep 2023) amid health insurance reset.

Cigna agrees to sell Medicare Advantage business to Health Care Service Corp (HCSC) Jan 2024 for $3.7B — closes Jan 2025. Cigna exits direct MA participation, refocuses on commercial + Evernorth services + Express Scripts PBM. Cordani CEO simplification continues.

Cigna Q4 2025 — David Cordani CEO completes MA sell-down to HCSC (Jan 2025 close); refocuses on Evernorth + commercial. Stock $345+. Cigna's vertical model (Express Scripts PBM + commercial) delivers stable results vs MA-exposed peers (UNH/Humana/Centene struggling).