Cigna Group To Buy Back $3.2 Bln Of Shares

(RTTNews) - The Cigna Group (CI), a healthcare and insurance company, Thursday said it will buy back $3.2 billion of its shares through accelerated stock repurchase (ASR) agreements with Deutsche Bank AG and Bank of America, N.A.

This is part of the company's existing repurchase program, which had remaining authority of $10.6 billion as of February 13.

As per ASR agreements, the company will receive an initial delivery of about 7.6 million of shares for a prepayment of $3.2 billion. Final settlement under the ASR agreements is expected to occur in the second quarter of 2024.

"We are on track to repurchase $5 billion of common stock over the first half of 2024, inclusive of this accelerated share repurchase, and continue to expect the majority of discretionary cash flow to be used for share repurchase this year," said David M. Cordani, Chairman and Chief Executive Officer.