The Cigna Group is exploring a potential sale of its Medicare Advantage business, Reuters exclusively reported Nov. 6.
Sources familiar with the matter told Reuters Cigna is working with an investment bank on a potential sale, which could be worth billions of dollars. The anonymous sources told Reuters the potential sale is in its early stages, and Cigna may decide to keep its MA business.
According to the Cigna Group's third-quarter earnings report, the company had 599,000 Medicare Advantage members as of Sept. 30, a small portion of Cigna's 19 million total insurance members.
In October, Cigna reached a $172.3 million agreement to resolve allegations that it violated the False Claims Act by submitting incorrect Medicare Advantage patient data to CMS to receive higher payments from the agency.
A Cigna spokesperson told Reuters it does not comment "on rumors or speculation" as a matter of policy.
Read Reuters full report here.