Cigna Group
For the period ended Mar 31, 2024. Filed May 2, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 2, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Accumulated Other Comprehensive Income (Loss)
Note 14 – Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) ("AOCI") includes net unrealized appreciation on securities and derivatives, change in discount rate and instrument-specific credit risk for certain long-duration insurance contractholder liabilities (Note 9 to the Consolidated Financial Statements), foreign currency translation and the net postretirement benefits liability adjustment. AOCI includes the Company's share from unconsolidated entities reported on the equity method. Generally, tax effects in AOCI are established at the currently enacted tax rate and reclassified to Shareholders' net (loss) income in the same period that the related pre-tax AOCI reclassifications are recognized.
Shareholders' other comprehensive loss, net of tax, for the three months ended March 31, 2024 and March 31, 2023, is primarily attributable to the change in discount rates for certain long-duration liabilities (following the adoption of Targeted Improvements to the Accounting for Long-Duration Contracts in 2023) and unrealized changes in the market values of securities and derivatives, including the impacts from unconsolidated entities reported on the equity method.
Changes in the components of AOCI were as follows:
| Three Months Ended March 31, | ||
|---|---|---|
| (In millions) | 2024 | 2023 |
| Securities and Derivatives | ||
| Beginning balance | $171 | $(332) |
| Unrealized appreciation on securities and derivatives | 143 | 252 |
| Tax (expense) | (39) | (54) |
| Net unrealized appreciation on securities and derivatives | 104 | 198 |
| Reclassification adjustment for losses (gains) included in Shareholders' net (loss) income (Net realized investment losses) | 22 | (5) |
| Reclassification adjustment for tax (benefit) expense included in Shareholders' net (loss) income | (5) | 1 |
| Net losses (gains) reclassified from AOCI to Shareholders' net (loss) income | 17 | (4) |
| Other comprehensive income, net of tax | 121 | 194 |
| Ending balance | $292 | $(138) |
| Three Months Ended March 31, | ||
|---|---|---|
| (In millions) | 2024 | 2023 |
| Net long-duration insurance and contractholder liabilities measurement adjustments | ||
| Beginning balance | $(971) | $(256) |
| Current period change in discount rate for certain long-duration liabilities | (732) | (411) |
| Tax benefit | 186 | 101 |
| Net current period change in discount rate for certain long-duration liabilities | (546) | (310) |
| Current period change in instrument-specific credit risk for market risk benefits | (18) | (26) |
| Tax benefit | 4 | 5 |
| Net current period change in instrument-specific credit risk for market risk benefits | (14) | (21) |
| Other comprehensive (loss), net of tax | (560) | (331) |
| Ending balance | $(1,531) | $(587) |
| Three Months Ended March 31, | ||
|---|---|---|
| (In millions) | 2024 | 2023 |
| Translation of foreign currencies | ||
| Beginning balance | $(149) | $(154) |
| Translation of foreign currencies | (24) | 15 |
| Tax (expense) benefit | (2) | 1 |
| Other comprehensive (loss) income, net of tax | (26) | 16 |
| Ending balance | $(175) | $(138) |
| Three Months Ended March 31, | ||
|---|---|---|
| (In millions) | 2024 | 2023 |
| Postretirement benefits liability | ||
| Beginning balance | $(915) | $(916) |
| Reclassification adjustment for amortization of net prior actuarial losses and prior service costs (Interest expense and other) | 8 | 13 |
| Reclassification adjustment for tax (benefit) included in Shareholders' net (loss) income | (3) | (3) |
| Other comprehensive income, net of tax | 5 | 10 |
| Ending balance | $(910) | $(906) |
| Three Months Ended March 31, | ||
|---|---|---|
| (In millions) | 2024 | 2023 |
| Total Accumulated other comprehensive loss | ||
| Beginning balance | $(1,864) | $(1,658) |
| Shareholders' other comprehensive (loss), net of tax | (460) | (111) |
| Ending balance | $(2,324) | $(1,769) |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.