Cigna directly confirmed that it is not pursuing a merger with Humana.
"The Cigna Group remains committed to its established M&A criteria and would only consider acquisitions that are strategically aligned, financially attractive, and have a high probability to close," the company said in a Nov. 11 news release.
Cigna's statement comes after CEO David Cordani threw cold water on the merger speculation during the company's third quarter earnings call on Oct. 31. Mr. Cordani's comments came after Bloomberg reported on Oct. 18 that Cigna and Humana had renewed talks of a potential merger. The companies called off a planned merger in late 2023 after a disagreement over the price of the deal, according to The Wall Street Journal.
The company said in the release that it "continues to deliver shareholder value through focused execution against stated operational and financial targets, and via disciplined capital deployment including dividends and share repurchase." Year-to-date, the company has repurchased $6 billion in stock, including $1 billion in the fourth quarter.
Cigna said it expects to continue actively repurchasing shares in the fourth quarter and into 2025. It noted that it will use proceeds from the sale of its Medicare businesses, expected to close in the first quarter of 2025, primarily for share repurchase.