#1growth with purpose CIGNA INVESTOR PRESENTATION | February 3, 2022 རས Cigna.#2Forward-looking statements CAUTIONARY STATEMENT FOR PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This presentation, and oral statements made with respect to information contained in this presentation, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on Cigna's current expectations and projections about future trends, events and uncertainties. These statements are not historical facts. Forward-looking statements may include, among others, statements concerning our projected adjusted income (loss) from operations on a consolidated, per share and segment basis; projected adjusted revenue on a consolidated and segment basis; projected adjusted margins on a consolidated and segment basis; projected customer growth; projected medical care and SG&A expense ratios; projected consolidated adjusted tax rate; projected debt to capitalization ratio; projected cash flow from operations; projected capital expenditures; projected future dividends; projected weighted average shares outstanding; projected market share and addressable market growth; projected capital deployment, including deployment to capital expenditures and surplus to fund growth, mergers and acquisitions, share repurchases and dividends; as well as statements concerning future financial or operating performance, including our ability to deliver affordable, predictable and simple solutions for our customers and clients, including in light of the challenges presented by the COVID-19 pandemic; future growth, business strategy, strategic or operational initiatives; economic, regulatory or competitive environments, particularly with respect to the pace and extent of change in these areas; financing or capital deployment plans and amounts available for future deployment; our prospects for growth in the coming years; strategic transactions, including the sale of our international life, accident and supplemental benefits business; and other statements regarding Cigna's future beliefs, expectations, plans, intentions, liquidity, cash flows, financial condition or performance. You may identify forward-looking statements by the use of words such as "believe," "expect," "project," "plan," "intend," "anticipate," "estimate,” “predict," "potential," "may," "should," "will" or other words or expressions of similar meaning, although not all forward-looking statements contain such terms. Forward-looking statements are subject to risks and uncertainties, both known and unknown, that could cause actual results to differ materially from those expressed or implied in forward-looking statements. Such risks and uncertainties include, but are not limited to: our ability to achieve our strategic and operational initiatives; our ability to adapt to changes in an evolving and rapidly changing industry; the scale, scope and duration of the COVID-19 pandemic and its potential impact on our business, operating results, cash flows or financial condition; our ability to compete effectively, differentiate our products and services from those of our competitors, and maintain or increase market share; price competition and other pressures that could compress our margins or result in premiums that are insufficient to cover the cost of services delivered to our customers; the potential for actual claims to exceed our estimates related to expected medical claims; our ability to develop and maintain satisfactory relationships with physicians, hospitals, other health service providers, and producers and consultants; our ability to maintain relationships with one or more key pharmaceutical manufacturers or if payments made or discounts provided decline; changes in the pharmacy provider marketplace or pharmacy networks; changes in drug pricing or industry pricing benchmarks; political, legal, operational, regulatory, economic and other risks that could affect our multinational operations; risks related to strategic transactions and realization of the expected benefits of such transactions, including with respect to the sale of our international life, accident and supplemental benefits business, as well as integration difficulties or underperformance relative to expectations; dependence on success of relationships with third parties; risk of significant disruption within our operations or among key suppliers or third parties; our ability to invest in and properly maintain our information technology and other business systems; our ability to prevent or contain effects of a potential cyberattack or other privacy or data security incident; potential liability in connection with managing medical practices and operating pharmacies, onsite clinics and other types of medical facilities; the substantial level of government regulation over our business and the potential effects of new laws or regulations or changes in existing laws or regulations; uncertainties surrounding participation in government-sponsored programs such as Medicare; the outcome of litigation, regulatory audits, investigations; compliance with applicable privacy, security and data laws, regulations and standards; potential failure of our prevention, detection and control systems; unfavorable economic and market conditions, stock market or interest rate declines; risks related to a downgrade in financial strength ratings of our insurance subsidiaries; the impact of our significant indebtedness and the potential for further indebtedness in the future; unfavorable industry, economic or political conditions; credit risk related to our reinsurers; as well as more specific risks and uncertainties discussed in our most recent report on Form 10-K and subsequent reports available through the Investor Relations section of www.cigna.com. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made, are not guarantees of future performance or results, and are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Cigna undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by law. © 2022 Cigna Cigna. 2#3Non-GAAP measures and other key financial information NON-GAAP MEASURES AND OTHER KEY FINANCIAL INFORMATION Throughout this presentation, the term "adjusted earnings" means adjusted income (loss) from operations, and "adjusted earnings per share" or "adjusted EPS" means adjusted income (loss) from operations on a diluted per share basis. Adjusted income (loss) from operations is a principal financial measure of profitability used by Cigna's management because it presents the underlying results of operations of Cigna's businesses and permits analysis of trends in underlying revenue, expenses and shareholders' net income. Adjusted income from operations is defined as shareholders' net income (or income before taxes for the segment metric) excluding net realized investment results, amortization of acquired intangible assets and special items. Cigna's share of certain realized investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting are also excluded. Special items are matters that management believes are not representative of the underlying results of operations due to their nature or size. Adjusted income (loss) from operations is measured on an after-tax basis for consolidated results and on a pre-tax basis for segment results. Consolidated adjusted income (loss) from operations is not determined in accordance with GAAP and should not be viewed as a substitute for the most directly comparable GAAP measure, shareholders' net income. Adjusted revenues is used by Cigna's management because it permits analysis of trends in underlying revenue. The Company defines adjusted revenues as total revenues excluding the following adjustments: special items and Cigna's share of certain realized investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting. Special items are matters that management believes are not representative of the underlying results of operations due to their nature or size. We exclude these items from this measure because management believes they are not indicative of past or future underlying performance of the business. Adjusted revenues is not determined in accordance with GAAP and should not be viewed as a substitute for the most directly comparable GAAP measure, total revenues. Additional definitions and relevant reconciliations of Cigna's non-GAAP measures to their most directly comparable GAAP measure are set forth in the appendix to these materials. Note Regarding Outlook The Company's 2022 and long-term outlooks include future share repurchases and anticipated dividends and assumes the divestiture of Cigna's international life, accident and supplemental benefits businesses will close in the second quarter of 2022, but does not include the potential effects from other business combinations or divestitures that may occur after the date of this presentation. Management is not able to provide a reconciliation of adjusted income from operations to shareholders' net income (loss) or adjusted revenues to total revenues on a forward-looking basis because we are unable to predict certain components thereof including (i) future net realized investment results (from equity method investments with respect to adjusted revenues) and (ii) future special items. These items are inherently uncertain and depend on various factors, many of which are beyond our control. As such, any associated estimate and its impact on shareholders' net income and total revenues could vary materially. Note Regarding Share Repurchases and Dividends The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and alternate uses of capital. The share repurchase program may be effected through open market purchases in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, including through Rule 10b5-1 trading plans, or privately negotiated transactions. The program may be suspended or discontinued at any time. Cigna currently intends to pay regular quarterly dividends, with future declarations subject to approval by its Board of Directors and the Board's determination that the declaration of dividends remains in the best interests of Cigna and its shareholders. The decision of whether to pay future dividends and the amount of any such dividends will be based on the Company's financial position, results of operations, cash flows, capital requirements, the requirements of applicable law and any other factors the Board of Directors may deem relevant. © 2022 Cigna Cigna. 3#4Purpose, mission and strategy Well-positioned growth segments Growth with 7 Durable growth framework purpose 7 2021 accomplishments 2022 guidance > Long-term framework © 2022 Cigna Cigna. 4#5Our purpose and mission A global health services company dedicated to improving the health, well-being and peace of mind of those we serve. © 2022 Cigna Cigna. 5#6Our enterprise growth strategy Champions for affordable, predictable and simple health care MAKING IT affordable We build on our leading, differentiated position to lower the total cost of care. MAKING IT predictable We take surprise out of the system and help people make informed health care choices. MAKING IT simple We make it easier for the people we serve to get the care they need. © 2022 Cigna Cigna. 6#7Three forces changing health care © 2022 Cigna Pharmacological innovations Mental and physical health connection Access to care Cigna. 7#815% Adj. EPS CAGR Proven ability to grow and innovate through change Decade-long track record of average annual adjusted EPS growth greater than ADJUSTED EPS $25 $20 our 10%-13% target MAJOR EVENTS CIGNA EVENTS © 2022 Cigna $15 $10 $5 $- 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 ACA Individual Public COVID-19 Enacted Mandate Upheld Exchanges Pandemic HealthSpring Acquisition Launched Anthem Merger Proposal Express Scripts Began Evernorth Launch Group Divestiture Acquisition - Cigna. 8#9Our growth segments 7/7 © 2022 Cigna EVERNORTH Cigna Healthcare Commercial, Government and International Health Cigna. 9#10Evernorth By coordinating best-in-class services, programs and partnerships, Evernorth transforms them into comprehensive coordinated, integrated and point solutions that drive the most value for clients, customers and patients. Pharmacy Proven pharmacy solutions across the spectrum, from general to complex conditions, delivering the expertise and care people deserve with personalized experiences and seamless coordination. EXPRESS SCRIPTS® accredo Benefits management Pharmacy and medical benefits management solutions that tackle rising costs by leveraging supply chain excellence and by optimizing medical services and medication usage. eviCore healthcare Embarc Benefit ProtectionSM Care Innovative and data-driven clinical, behavioral health and care-delivery solutions that address emerging issues and make whole- person health more accessible, affordable and simple. inMyndSM MDLIVE Healthy Ways to WorkSM Intelligence Advanced analytics, predictive models, custom research and critical insights focused on helping to solve the industry's most complex challenges throughout the care journey. Express Scripts Lab © 2022 Cigna Cigna. 10#11Cigna Healthcare Cigna Healthcare provides comprehensive medical and coordinated solutions to customers and clients to support their whole-person health needs. U.S. Commercial Medical • Pharmacy • Behavioral © 2022 Cigna Dental and Vision Other Health Services U.S. Government • Medicare Advantage Individual and Family Plans (ACA) Other Government Solutions International Health • Global Health Care Local Health Care Cigna. 11#12Our growth framework © 2022 Cigna Deliver differentiated value Addition, retention and expansion of customer and client relationships • Partner and innovate New innovations that create more value Partnerships that accelerate innovation or expand addressable markets • Expand our addressable markets Geographies, buying groups and offerings Cigna. 12#13Intensified affordability approach 1 High-performing providers © 2022 Cigna 2 drug costs Lowering of 3 Effective sites of care Clinical programs Whole-person health Alternative care delivery capabilities 4 End-to-end clinical solutions Cigna. 13#14© 2022 Cigna 7/ RR Delivered strong adjusted revenue growth and delivered on adjusted EPS target 2021 accomplishments Provided continued support for clients, customers and communities with increased access to COVID-19 testing, vaccinations and treatment with "Community of Immunity" and other initiatives Was named a global industry leader in corporate sustainability for the fifth consecutive year on the Dow Jones Sustainability Indices Delivered on our original expectation to achieve at least $20.00 of adjusted EPS Returned over $9B in capital to shareholders, including $1.3B of shareholder dividends and $7.7B of share repurchases 7 Drove Evernorth adjusted earnings growth of 8% over 2020, above our long-term earnings growth target of 4% to 6%, and drove adjusted revenue growth of 14% over 2020 Completed the acquisition of MDLIVE and expanded partnerships with organizations such as Prime Therapeutics, Ginger, Oscar Health and Honeysuckle Health Announced the divestiture of our international life, accident and supplemental businesses in seven countries as we focus on our global health services portfolio; the transaction is expected to close in the second quarter of 2022, subject to applicable regulatory approvals and customary closing conditions Cigna. 14#15Outlook and long-term targets Issuing 2022 outlook and increased per-share dividend by 12% to $1.12 per quarter Well positioned to deliver attractive growth in 2022 and beyond Long-term average annual adjusted EPS growth of 10%-13% while paying a meaningful dividend © 2022 Cigna Cigna. 15#162022 outlook* Adjusted EPS at least $22.40 Additional Metrics Adjusted Revenues: at least $177B Total Medical Customer Growth: at least 575,000 customers Key Ratios Medical Care Ratio: 82.0% to 83.5% SG&A Expense Ratio: 6.9% to 7.3% Adjusted Tax Rate: 22.0% to 22.5% Adjusted Income from Operations Enterprise, After Tax: at least $6.95B Evernorth, Pre-tax: ~$6.1B Cigna Healthcare, Pre-tax: ~$3.9B Capital Deployment Cash Flow from Operations: at least $8.25B Capital Expenditures: ~$1.25B Shareholder Dividends: ~$1.4B Weighted Average Shares Outstanding: 308M to 312M *This outlook assumes that the previously announced divestiture of our international life, accident and supplemental benefits businesses will close in the second quarter of 2022. © 2022 Cigna Cigna. 16#17Long-term growth framework 6%-8% Long-term average annual adjusted revenue growth 6%-8% Long-term average annual adjusted earnings growth APPROX. 2/3 Delivering differentiated value 6%-8% Long-term average annual adjusted revenue growth APPROX. 1/3 Partnering and innovating + Expanding addressable markets © 2022 Cigna Cigna. 17#18Strong long-term shareholder value 6%-8% Long-term average annual adjusted earnings growth 4%-5% Long-term average annual contribution from accretive capital deployment 10%-13% Long-term average annual adjusted EPS growth © 2022 Cigna Meaningful dividend ← Cigna. 18#19Appendix © 2022 Cigna Cigna. 19#20Definitions of Key Financial and Business Terms Adjusted margin, pre-tax, is calculated by dividing adjusted income (loss) from operations, pre-tax, by adjusted revenues for each segment. Adjusted margin, after tax, is calculated by dividing consolidated adjusted income (loss) from operations by consolidated adjusted revenues. Medical care ratio represents medical costs as a percentage of premiums for all U.S. Commercial risk products, including medical, pharmacy, dental, stop loss and behavioral products provided through guaranteed cost or experience-rated funding arrangements, as well as Medicare Advantage, Medicare Part D, Medicare Supplement, and individual on- and off-exchange products, and healthcare products within our International Health business, within the Cigna Healthcare segment. SG&A expense ratio represents enterprise selling, general and administrative expenses excluding special items as a percentage of adjusted revenue at a consolidated level. Adjusted tax rate is not determined in accordance with GAAP and should not be viewed as a substitute for the most directly comparable GAAP measure, "consolidated effective tax rate". We define adjusted tax rate as the consolidated income tax rate applicable to the Company's pre-tax income excluding net realized investment results, amortization of acquired intangible assets, and special items. Management is not able to provide a reconciliation to the consolidated effective tax rate on a forward-looking basis because we are unable to predict, without unreasonable effort, certain components thereof including (i) future net realized investment results and (ii) future special items. Total medical customers includes individuals in the Cigna Healthcare segment who meet any one of the following criteria: are covered under a medical insurance policy, managed care arrangement or service agreement issued by Cigna; have access to Cigna's provider network for covered services under their medical plan; or have medical claims and services that are administered by Cigna. International Health medical customers excludes medical customers served by less than 100% owned subsidiaries and customers that are part of the businesses to be sold pursuant to the previously announced divestiture of the international life, accident, and supplemental benefits businesses. © 2022 Cigna Cigna. 20#21Reconciliation of GAAP to non-GAAP financial measures Diluted earnings per share Year Ended December 31 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Shareholders' net income (loss) After-tax adjustments to reconcile to adjusted income from operations: $15.73 $22.96 $13.44 $10.54 $8.77 $7.19 $8.04 $7.83 $5.18 $5.61 $4.59 $4.65 Net realized investment (gains) losses* Amortization of other acquired intangible assets, net $(0.46) $(0.66) $(0.50) $4.38 $3.88 $5.92 $0.71 $0.42 $0.36 $0.30 $0.44 $0.50 $0.50 $(0.61) $(0.42) $(0.15) $(0.40) $(0.49) $(0.11) $(0.15) $(0.18) $0.26 $0.15 $0.13 Results of guaranteed minimum - $ - - - $(0.09) $(0.10) $0.49 $0.09 income benefits business Adjustment for transitioning clients Special items $ - $ $(3.46) $(0.19) $ $ SA $ - $ $ $0.82 $(7.73) $1.65 $2.74 $2.04 $0.97 $0.47 $2.19 $0.59 $0.03 $(0.16) Adjusted income (loss) from operations $20.47 $18.45 $17.05 $14.22 $10.46 $8.10 $8.66 $7.87 $7.29 $6.49 $5.11 $4.53 *Includes the Company's share of certain realized investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting. © 2022 Cigna Cigna. 21