Cigna CFO: We underestimated the 'depth and complexity' of antitrust investigation

By word from its CFO and in a recent SEC filing, Cigna has noted its merger with Anthem may not close until 2017.

Last July, Anthem reached an agreement to buy Cigna in a deal valued at approximately $48 billion. The U.S. Department of Justice and state insurance regulators both have to approve the deal before it goes through.

Although initial estimates claimed the deal would close in the second half of 2016, Cigna has pushed that date back.

At a conference in Las Vegas on May 10, Cigna CFO Tom McCarthy said the insurer "probably did underestimate" the "depth and complexity of the regulatory process," according to the Hartford Courant. He added that the setback "is not related to any insights from the DOJ or state regulators" and that Cigna "expect[s] the government to do a very thorough review."

His thoughts were echoes of Cigna's recent SEC filing. "In light of the complexity of the regulatory process and the dynamic environment, it is possible that such approvals may not be obtained in 2017," Cigna said in its filing, according to Reuters.

Anthem, however, hasn't budged with its timeline. "Although our merger agreement with Cigna gives us until April 30, 2017 to obtain regulatory approvals, we continue to believe that we will obtain such approvals and close in the second half of 2016," Anthem spokeswoman Jill Becher said in a statement, according to Reuters.

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