The Cigna Group is buying back $3.2 billion in common stock through accelerated repurchase agreements with Deutsche Bank and Bank of America, the company announced Feb. 15.
Cigna is expecting an initial delivery of 7.6 million shares, with a final settlement expected in the second quarter of 2024.
Cigna said the buybacks are part of its existing share repurchase program, which had remaining authority of $10.6 billion as of Feb. 13. In a news release, CEO David Cordani said the company is on track to repurchase $5 billion of common stock in the first half of 2024.