#1Cigna growth with purpose CIGNA INVESTOR DAY | 2021#2Forward-looking statements CAUTIONARY STATEMENT FOR PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This presentation, the Investor Day webcast of Cigna Corporation ("Cigna" or the "Company") and oral statements made with respect to information contained therein 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 adjusted pharmacy scripts; projected consolidated adjusted tax rate; projected debt to capitalization ratio; projected cash flow from operations; projected capital expenditures for 2021; projected future dividends; projected weighted average shares outstanding; projected market share and addressable market growth; projected medical cost trends; projected capital deployment, including deployment to capital expenditures and surplus to fund growth, mergers and acquisitions, share repurchases and dividends; projected average total shareholder return; 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 pending acquisition of MDLIVE, Inc.; 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," "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 with 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 pending acquisition of MDLIVE, Inc., 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. © 2021 Cigna Cigna. 2#3Non-GAAP measures and other key financial information NON-GAAP MEASURES AND OTHER KEY FINANCIAL INFORMATION Throughout the webcast, the term “earnings" means adjusted income (loss) from operations, “earnings per share" or "EPS" means adjusted income (loss) from operations on a diluted per share basis, and "revenue" means adjusted revenues. Adjusted earnings is defined as adjusted income (loss) from operations which consists of shareholders' net income (loss) excluding the following adjustments: net realized investment results, amortization of acquired intangible assets, and special items. For 2018 and 2019, Cigna also excludes earnings contributions from transitioning pharmacy benefit management clients, Anthem Inc. and Coventry Health Care, Inc. (the "transitioning clients"). Special items are items that management believes are not representative of the underlying results of operations due to the nature or size of these matters, such as integration and transaction related costs and litigation matters. Adjusted income (loss) from operations is measured on an after-tax basis for consolidated results and on a pre-tax basis for segment results. This consolidated measure 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 income (loss) from operations is a 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 earnings per share or Adjusted EPS is defined as adjusted income (loss) from operations on a fully diluted basis. Adjusted revenues is defined as total revenues excluding net realized investment results from equity method investments and special items. For 2018 and 2019, Cigna also excludes revenue contributions from transitioning clients. Cigna excludes these items from this measure because they are not indicative of past or future underlying performance of the business. This consolidated measure 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 2021 outlook includes approximately $1.25 per share in net unfavorable impacts of COVID-19, as well as the impact of the agreement to acquire MDLIVE, Inc. The Company's 2021 and long-term outlook includes future share repurchases and anticipated dividends and does not include the potential effects of any other business combinations that may be announced after the date of this presentation and the Investor Day webcast. Management is not able to provide a reconciliation of adjusted income (loss) from operations to shareholders' net income (loss) or adjusted revenues to total revenues on a forward-looking basis because it is unable to predict, without unreasonable effort, 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 Cigna's control. As such, any associated estimate and its impact on shareholders' net income (loss) and total revenues could vary materially. Note Regarding Dividends and Share Repurchases 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. 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. © 2021 Cigna Cigna. 3#4CIGNA INVESTOR DAY Welcome Alexis Jones, Lead Principal, Investor Relations, Cigna Corporation ©2021 Cigna 7 Cigna. 4#5OU Sup Sad © 2021 Cigna END RACISM HOT RR ང growth with purpose Cigna. 5#6CIGNA INVESTOR DAY Agenda · Positioned for another era of growth Delivering on our promise through differentiated value Fueling growth through partnership and innovation Expanding our addressable market • Growth outlook and capital deployment Q&A 2021 Cigna 7/7 Cigna. 6#7CIGNA INVESTOR DAY Positioned for Another Era of Growth David Cordani, President and Chief Executive Officer, Cigna Corporation © 2021 Cigna 7/7 Cigna. Cigna. 7#82021 Cigna CHAMPIONS FOR affordable predictable simple HEALTH CARE Cigna. 8#9Three forces changing health care 2021 Cigna Pharmacological innovations Mental and physical health connection Access to care Cigna. 9#10Virtual care rapidly changing and growing Use of telehealth in 2019 Use of telehealth in 2020 11% 46% $250B Potential future telehealth spend McKinsey, Telehealth: A quarter-trillion-dollar post-COVID-19 reality? 2020 2021 Cigna https://www.mckinsey.com/industries/healthcare-systems-and-services/our-insights/telehealth-a-quarter-trillion-dollar-post-covid-19-reality MDLIVE® Cigna. 10#11Our growth platforms © 2021 Cigna 7/ U.S. Medical EVERNORTH International Markets Commercial and Government Cigna. 11#12Our growth framework © 2021 Cigna Deliver differentiated value Kal Partner and innovate Expand our addressable markets Cigna. 12#13Delivering innovative and flexible solutions © 2021 Cigna ↑ ↑ Integrated solutions Point solutions Coordinated services Cigna. 13#14Meet our team © 2021 Cigna Aparna Abburi President Medicare Cigna Corporation Amy Bricker President Express Scripts PBM Evernorth Brian Evanko Chief Financial Officer Cigna Corporation Joan Harvey President Care Solutions Evernorth Alexis Jones Lead Principal Investor Relations Cigna Corporation Matt Manders President Government & Solutions Cigna Corporation Eric Palmer President and Chief Operating Officer Evernorth Jason Sadler President International Markets Cigna Corporation Mike Triplett President U.S. Commercial Cigna Corporation Tim Wentworth Chief Executive Officer Evernorth 7/ Cigna. 14#15Questions © 2021 Cigna Given Cigna's business mix, what is driving your continued confidence in your growth projections? When you think about the risks to your business - economic, legislative and political - why won't Cigna fall off of its very attractive growth trajectory? What is your outlook for the impact of COVID-19 dislocation on your business in 2021 and beyond? ↑ ↑ ↑ Cigna. 15#162010-2017 Our track record of growth Cigna U.S. COMMERCIAL Adjusted revenue grew on average by Adjusted earnings grew on average by 9% 13% (more than 4x customer growth) EXPRESS SCRIPTS Adjusted scripts grew Adjusted EBITDA grew ~2X ~3X © 2021 Cigna Medical customers grew on average by 3% Cigna. 16#17Expanding relationships drives profitable growth and improves affordability Medical anchor Up to 30% Adjusted revenue growth Specialty pharmacy Alternative care access Pharmacy anchor © 2021 Cigna Behavioral health Medical and pharmacy provide the foundation for fast growing services Cigna. 17#18© 2021 Cigna Our capital-light model gives us strategic and financial flexibility • Billions returned in affordability savings M&A targeted when differentiated or efficient Innovative new services and solutions created and delivered Cigna. 18#19Long-term growth framework © 2021 Cigna APPROX. APPROX. 2/3 Delivering differentiated value 6%-8% Long-term average annual adjusted revenue growth 1/3 Partnering and innovating + Expanding addressable markets Cigna. 19#20The future will continue to be dynamic © 2021 Cigna Affordability Actively engaged health care buyer groups Regulatory and legislative activity Technology advances Pharmacological innovations Cigna. 20#21Levers for success A change culture and orientation Strategic flexibility and multiple avenues for growth Significant operating cash flow generation © 2021 Cigna Cigna. 21#22Proven ability to grow and innovate through change $20 15% Adj. EPS CAGR Decade track record of average annual adjusted EPS $15 ADJUSTED EPS $10 greater than $5 10%-13% target $- 2010 2011 2012 2013 2014 2015 2016 2017 2018 וה 2019 2020 MAJOR EVENTS CIGNA EVENTS © 2021 Cigna ACA Enacted Individual Mandate Upheld Health Spring Acquisition Public Exchanges Launched Anthem Proposed Merger Express Scripts Acquisition COVID-19 Evernorth Launch Group Divestiture Cigna. 22 22#23Growth with purpose © 2021 Cigna Track record of delivering value Well-positioned growth platforms Durable growth framework Strategic and capital flexibility Cigna. 23 23#24CIGNA INVESTOR DAY Delivering on Our Promise through Differientiated Value Matt Manders, President, Government & Solutions, Cigna Corporation Amy Bricker, President, Express Scripts PBM, Evernorth © 2021 Cigna > K Cigna. 24#25© 2021 Cigna Affordability is the #1 issue in health care $ Cigna. 25#262021 Cigna Delivering sustainable medical and pharmacy trend at or below CPI over time Cigna. 26#27Intensified affordability approach 1 High-performing providers © 2021 Cigna 2 Lowering drug costs 3 Effective sites of care 4 End-to-end clinical solutions Clinical programs Whole-person health Alternative care delivery capabilities Cigna. 27#28Intensified affordability approach Guide to high-performing primary, specialty providers 10% Average customer savings opportunity per year Optimal procedural, drug choices Care at appropriate sites $250K Average employer savings per year with 500 employees Coordination with other high-performers 1 High- performing providers 2 Lowering drug costs Build on long-standing value- based provider relationships 95% Relationships meet or exceed quality benchmarks across U.S. Medical networks ~60% Lower ER admission and hospital readmission rates than non-value-based providers 3 Effective sites of care © 2021 Cigna 4 Clinical solutions 28#29Intensified affordability approach Value-based pharmaceutical programs with specialized clinical support $6,000 Average annual patient savings, inflammatory drug class $1M Average annual client savings, inflammatory drug class High- performing providers 2 Lowering drug costs Target specialty drugs that represent more than half of total drug spend accredo 95% Patients within one hour of specialty pharmacists and nurses Exclusive access to more therapies than the competition 16 Improved: Pricing Utilization Adherence Therapeutic Resource Centers Outcomes 3 Effective sites of care © 2021 Cigna 4 Clinical solutions 29#30Intensified affordability approach Timely cost- MDLIVE effective access to virtual care $425 Average savings per virtual visit, compared to in-person +71 Customer NPS Digital tools, remote monitoring applications myCigna myCigna Industry-leading in-home solutions alegis & 2021 Cigna care eviCore healthcare Longe High- performing providers 2 Lowering drug costs 3 Effective sites of care Medications and primary, post-acute and chronic care to customer homes 4 Clinical solutions 30#31Intensified affordability approach Early behavioral, lifestyle interventions ↑ Preventive care, virtual wellness that get ahead of disease Treat mental, physical health in concert Medical programs Pharmacy programs $3,500 Average savings in future medical costs per customer $2 Medical cost savings for every $1 Spent on behavioral High- performing providers 2 Lowering drug costs 3 Effective sites of care Condition-specific clinical programs Q Connect full breadth of capabilities to eliminate fragmentation 5 key conditions: Behavioral, Oncology, Musculoskeletal, Diabetes and Rare Orphan Diseases 4 Clinical solutions 31 © 2021 Cigna#32Intensified affordability approach 1 High-performing providers © 2021 Cigna 2 Lowering drug costs 3 Effective sites of care 4 End-to-end clinical solutions Clinical programs Whole-person health Alternative care delivery capabilities Cigna. 32 32#33Innovative pharmacy solutions Patient Assurance Program SM $25 Price cap for a 30-day supply of insulin 40% Average annual patient savings Improved adherence 90-day Encouraged refill size 26% Increased adherence rates for patients with diabetes Better health 2021 Cigna + Lower costs Cigna. 33#34Multiple lower- cost sites of care Specialty injectables and gene therapies $4K Incremental savings by administering in home $60K Average savings per patient per year by shifting care to provider office Invasive, surgical and diagnostic services $1,400 Average savings per colonoscopy $2,000 Average savings per upper Gl endoscopy Easier access + improved savings 2021 Cigna Cigna. 34#35End-to-end clinical programs eviCore Connect to oncology specialists Care team Behavioral specialists and services AccredoⓇ specialty pharmacist Improved adherence and medication management Ancillary support Financial, social and return to health programs AccredoⓇ at home infusion Nurses to administer therapies 2021 Cigna SAVINGS Tens of thousands of dollars per patient per year Cigna. 35#36Delivering results 30% Improved customer engagement via our digital tools $10M Client savings by closing gaps in care for 10K+ covered lives 10% Improved pharmacy spend for clients using our most innovative solutions 4% Improved medical spend for integrated clients compared to non-integrated 7/ © 2021 Cigna Taking billions of dollars out of the health care system and increasing the quality of care Cigna 36#37Differentiated value drives our growth APPROX. 2/3 Delivering differentiated value 6%-8% Long-term average annual adjusted revenue growth © 2021 Cigna ↑ ↑ Integrated solutions Point solutions Coordinated services Cigna. 37#38How differentiated value drives our growth © 2021 Cigna EVERNORTH accredo® لا End-to-end clinical solutions Value-based programs Digital therapeutics eviCore healthcare RR Growth driven across pharmacy, benefits management, care solutions, intelligence that also feed U.S. Medical & International Markets Cigna. 38#39How differentiated value drives our growth © 2021 Cigna • Networks that guide to right providers, sites of care Virtual, digital, in-home capabilities • لا Enhanced pharmacy, end-to-end clinical solutions Accelerated trend reduction Commercial Growth driven through integrated offerings, enhanced by Evernorth point solutions for employers of all sizes RR Cigna. 39#40How differentiated value drives our growth © 2021 Cigna • • Superior clinical quality, Stars ratings • • Value-based provider partner of choice لا RR PPO, HMO, supplemental benefits Strengthened by affordable Commercial networks, Evernorth pharmacy solutions Government Medicare Advantage Growth driven through integrated offerings, enhanced by Evernorth point solutions for individual customers Cigna. 40#41How differentiated value drives our growth © 2021 Cigna International Markets Peace of mind solutions لا + Targeted health solutions + Access to care capabilities Growth driven through supplemental, integrated and coordinated offerings, enhanced by enterprise capabilities RR Cigna. 41#42CIGNA INVESTOR DAY Fueling Growth through Partnership and Innovation Tim Wentworth, Chief Executive Officer, Evernorth Jason Sadler, President, International Markets, Cigna Corporation © 2021 Cigna Cigna. 42#43Partnership and innovation fuel our growth with purpose Strategic partnerships: © 2021 Cigna Accelerate the pace of innovation Create mutual value Rapidly expand our addressable market Cigna. 43#44Our powerful track record of innovation Capabilities Medical benefits and management ⚫ Pharmacy solutions ⚫ Care solutions ⚫ Behavioral health services • Data and analytics Scale and Distribution 175 million global customer relationships 1.6 million global relationships with providers, clinics and facilities 300 health plans • 2,300 employers 170 labor and government entities Culture of Innovation Committed to solving health care's biggest issues Rapid pace of "test, learn, adjust" uncommon in health care • Evernorth Lab, a state-of-the art innovation work zone © 2021 Cigna Cigna. 44#45eschaton and © 2021 Cigna R Express Scripts combination accelerated the pace of innovation Capabilities Scale and Distribution Culture of Innovation & = Introduced Embarc Benefit Protection SM Launched Patient Assurance Program SM Created groundbreaking Digital Formulary Cigna. 45#46Partnership is key to our strategy • Driving the future of virtual care MDLIVE Gave customers access to virtual urgent care services Expanded partnership to virtual behavioral health; added primary care services in 2020 Deployed clinical colleagues to help meet demand • Expanding our reach through an innovative partnership oscar Successfully launched in three markets; another five markets in the approval stages Opportunities to offer commercial solutions to small businesses • Leading the way to enable greater access Vaccine Credential Initiative Partnering with industry innovators to enable customers to access, store, and share their digital COVID-19 vaccination records © 2021 Cigna Cigna. 46#47Partnership and innovation are key to reshaping the future of health care © 2021 Cigna + Innovation EVERNORTH Partnership Cigna. 47#48New solutions to differentiate us and fuel our growth © 2021 Cigna EVERNORTH. Curator of the best-in-class capabilities from within our own organization Coordinate or integrate with partners from across the health care ecosystem Offering coordinated, integrated or point solutions PHARMACY+ CARE+ BENEFITS MANAGEMENT* INTELLIGENCE+ Cigna. 48#49EVERNORTH + PRIME THERAPEUTICS® Building trust and delivering value Additional 30 million lives across 23 health plans Earned the right to expand into home delivery and specialty pharmacy © 2021 Cigna Cigna. 49#50BY 2025 10M people will encounter fertility challenges IN 2018 80% of people who underwent fertility treatments had little or no fertility coverage The power of coordinated services Family Path™ Comprehensive medical and treatment guidelines Integrated pharmacy management and 24/7 support to help patients manage medications Post-birth education and services to help set parents up for success Behavioral health resources to help families with the emotional as well as medical journey 1. https://www.premierhealth.com/your-health/articles/women-wisdom-wellness-/what-s-up-with-rising-infertility-rates- 2. https://www.cnbc.com/2019/06/28/despite-the-high-cost-ivf-is-often-an-out-of-pocket-expense.html © 2021 Cigna Cigna. 50 50#51Intelligence drives results COVID-19 case study Analyzed data from confirmed COVID-19 cases across U.S. Commercial business Results 80% of total COVID-19-related costs were from hospitalized customers Cigna case management reduced 60-day post-COVID-19 costs by ~$2,000 Case management enabled a return to work seven days sooner 7/ © 2021 Cigna Insights leveraged to develop tailored solutions that address buyer group pain points, lower costs and improve outcomes Cigna 551#52Partnership and innovation fuel our growth globally 30+ Countries/ jurisdictions © 2021 Cigna 7K+ Employer clients ~14M Customer relationships ANZ Africa Asia Pacific Australia China Europe India North America Middle East New Zealand South Korea Turkey AIS QNB FINANSBANK EON MA 招商银行 BCcard CENTRAL Group CHINA MERCHANTS BANK นศ พ Cigna. 52 52#53Cigna. + nib = +9 HONEYSUCKLE HEALTH 50/50 joint venture with nib Group, one of the leading health insurers in Australia Using data science to improve outcomes and lower costs Hospital support program achieved: 17% reduction in the number of readmissions 25% reduction in costs +66 customer NPS © 2021 Cigna Better health outcomes, better customer experience, greater affordability 4+ Cigna. 53#54© 2021 Cigna Cigna. + NAS neuron نيورون #1 TPA in the UAE with a shared vision of improving the health care system Expanding our reach in an important region 1M+ customers through 20% of all insurers and medical government clients claims Coordinated health services that put customers at the center Cigna. 54#55Innovation + partnership = sustainable growth with purpose ✓✓ 2021 Cigna 3.14 77 Cigna. 55#56CIGNA INVESTOR DAY Expanding Our Addressable Market Eric Palmer, President & Chief Operating Officer, Evernorth Joan Harvey, President, Care Solutions, Evernorth Mike Triplett, President, U.S. Commercial, Cigna Corporation Aparna Abburi, President, Medicare, Cigna Corporation © 2021 Cigna Cigna. 56#57EVERNORTH U.S. MEDICAL COMMERCIAL U.S. MEDICAL GOVERNMENT 2021 Cigna Expanding our addressable market GEOGRAPHIC PRODUCTS + SOLUTIONS NEW BUYER GROUPS ☑ Cigna. 57#58© 2021 Cigna EVERNORTH serves a diversified client base SM -80% of Evernorth adjusted revenues from external clients Cigna. 58#59CARE ACCESS CAPABILITIES Meeting customers where and when they want 2021 Cigna home work virtual Cigna. 59#60EVERNORTH + MDLIVE® Driving the future of virtual care Primary care services Chronic care services Behavioral Urgent services care © 2021 Cigna Cigna. 60 00#61© 2021 Cigna Demand for behavioral services will continue to rise in all markets . • Depression Loneliness Anxiety Substance use Cigna. 61#62Putting patients at the center of the care equation CARE SOLUTIONS+ accredo 2021 Cigna ☑ EXPRESS SCRIPTSⓇ evicore healthcare Cigna. 62 42#63Behavioral services enable us to improve the system and grow with purpose © 2021 Cigna Increasing the addressable market more than 5X L Cigna. 63 63#64EVERNORTH SM 2021 Cigna ↑↓↑ U.S. Medical Commercial and Government Fueling each other's growth Cigna. 64#65U.S. MEDICAL Increase our addressable market and deliver attractive growth Improved competitive positioning driven by improved affordability Broader portfolio of capabilities to reach new buyer groups I Innovative partnerships 2021 Cigna Cigna. 65#662021 Cigna Expanding our U.S. Commercial competitive footprint by 25% to win in more geographies by 2025 Cigna. 66#67© 2021 Cigna Cigna. Cigna. + EVERNORTH Evernorth is a differentiator Strong partner Early adopter Cigna. 67#68Cigna + Oscar An innovative partnership to expand our reach © 2021 Cigna New buyer segment New geographies Cigna. 68#692021 Cigna • Medicare Advantage ↑ 10%-15% average annual customer growth Geographic expansion Reach 50% of Medicare eligibles by 2025 • Product expansion Medicare Advantage PPO 150,000 Cigna Commercial customers will turn 65 every year Addressing new buyers Employer Group Waiver Plans, specifically Group Medicare Advantage Cigna. 69#70© 2021 Cigna Differentiators to achieve our growth Strong Stars rating Outstanding Net Promoter Score $ Affordability Cigna. 70#712021 Cigna Cigna One Cigna: the power of our brand U.S. Commercial Medicare Advantage Individual and Family Plans Cigna. 71#72Individual and Family Plans growth by 2025 Doubling membership to ↑ 500K customers ↑ Doubling markets to 20 states © 2021 Cigna Cigna. 72 12#73☑Expanding our addressable market GEOGRAPHIC PRODUCTS + SOLUTIONS NEW BUYER GROUPS EVERNORTH Expansion of post-acute and in home capabilities Expanded services and offerings: virtual capabilities and behavioral services Serving all entities U.S. MEDICAL COMMERCIAL U.S. MEDICAL GOVERNMENT Growth from improved competitive positioning Continued expansion to address 50% of Medicare eligibles by 2025 INTERNATIONAL 2021 Cigna MARKETS Growth in Middle East and Australia Evernorth and coordinated services Small Group - Oscar partnership New products (e.g. PPO) Employer market Growth in Honeysuckle Health New partnerships Cigna. 73#742021 Cigna OVER THE NEXT FIVE YEARS Our overall U.S. total addressable market will more than double 2025 TODAY $1T $2.2T Cigna. 74#75CIGNA INVESTOR DAY Growth Outlook and Capital Deployment Brian Evanko, Executive Vice President and Chief Financial Officer, Cigna Corporation © 2021 Cigna ↑↑ Cigna. 75#762021 Cigna CAPITAL-LIGHT MODEL Our service-based business model drives significant financial capacity and strategic flexibility Cigna. 76#77Key takeaways 2021 Cigna Well positioned to deliver in 2021 and 2022 Raised Evernorth long-term outlook Long-term adjusted EPS growth of 10%-13% while paying a meaningful dividend ↑ ↑ ↑ Cigna. 77#782021 outlook at least $165B Adjusted revenues at least $6.95B Adjusted earnings¹ at least $20.00 Adjusted EPS1 $1.25 EPS COVID-19 impact O -50% Medical care ratio within U.S. Medical 35%-40% Lower customer volumes 10%-15% Smaller impacts across our platform 2021 Cigna 1Includes $1.25 EPS COVID-19-related headwind and impact of MDLIVE. Cigna. 78#79Long-term growth framework 6%-8% Long-term average annual adjusted revenue growth APPROX. 2/3 Delivering differentiated 6%-8% Long-term average annual adjusted earnings growth © 2021 Cigna value 6%-8% Long-term average annual adjusted revenue growth APPROX. 1/3 Partnering and innovating + Expanding addressable markets Cigna. 79#80Evernorth long-term growth Long-term targets 4%-6% Adjusted revenue growth 4%-6% Adjusted earnings growth 4.5%-5.5% Adjusted pretax margins Flexible funding arrangements Percentage of clients with full pass-through arrangements on rebates: < 50% 50% > 75% Pre-2018 2018 2021 Accredo Specialty Pharmacy ~ 1/3 of Evernorth adjusted revenues with double-digit growth rate 2021 Cigna Cigna. 80#81U.S. Medical long-term growth Long-term targets 9%-12% Adjusted revenue growth 8%-11% Adjusted earnings growth 9%-10.5% Adjusted pretax margins Cigna. © 2021 Cigna 81#82U.S. Medical: Commercial Long-term targets 8%-10% Adjusted revenue growth 8%-10% Adjusted earnings growth 12%-14% Adjusted pretax margins © 2021 Cigna Millions 14.1 M 16 15 6543 14 13 12 10.9M 11 10 10 Strong track record of growth 9 8 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 ■U.S.Commercial Medical Customers Cigna. 82#83U.S. Medical: Commercial Long-term targets 8%-10% Adjusted revenue growth 8%-10% Adjusted earnings growth 12%-14% Adjusted pretax margins Drove 5% full-year 2020 customer growth in Select segment © 2021 Cigna Cigna. 83#84U.S. Medical: Government Medicare Advantage 10%-15% of customers in 4-Star-rated average annual customer growth through 2025 88% plans or higher in 2021 Long-term targets 12%-15% Adjusted revenue growth 12%-15% Adjusted earnings growth 4%-5% Adjusted pretax margins Strong NPS © 2021 Cigna 54 74 14 The only national carrier with 4.5 weighted average Stars 2016 2020 Cigna. 84#85U.S. Medical: Government Long-term targets 12%-15% Adjusted revenue growth 12%-15% Adjusted earnings growth 4%-5% Adjusted pretax margins Individual and Family Plans Addressable market growth opportunities 20%-40% Doubling ACA customer base and number of states where we offer solutions by 2025 © 2021 Cigna Cigna. 85#86International Markets long-term growth Long-term targets 8%-10% Adjusted revenue growth 8%-10% Adjusted earnings growth 11%-13% Adjusted pretax margins Expanding health solutions and addressable market HONEYSUCKLE HEALTH NAS © 2021 Cigna Cigna. 86#87© 2021 Cigna Long-term financial targets by growth platform Growth platform Enterprise Annual adjusted Annual adjusted Adjusted margins revenue growth earnings growth 6%-8% 6%-8% 4%-5% After-tax Evernorth 4%-6% 4%-6% 4.5%-5.5% U.S. Medical 9%-12% 8%-11% 9%-10.5% U.S. Commercial 8%-10% 8%-10% 12%-14% Pre-tax U.S. Government 12%-15% 12%-15% 4%-5% International 8%-10% 8%-10% 11%-13% Cigna. 87 40#88Competitively differentiated SG&A ratio Midpoint of 2021 guidance range for SG&A ratio Cigna Humana Anthem CVS* UnitedHealth Group *CVS reported SG&A for 2020. 2021 Cigna 7.8% 10.5% 10.8% 13.1% 14.0% Cigna. 88#89Cash flow generation and capital deployment framework ~$50B 2021-2025 Cash flow from operations Average annual deployment to dividends, share repurchase and M&A 2021 to 2025 © 2021 Cigna ~$10B ~$40B Capital expenditures and surplus to fund growth -20% Dividend -80% Share repurchase Strategic M&A 2019 to 2020 ~$3B ~$8B ~40% Long-term target debt to capitalization ratio Cigna. 89#90SINCE 2014 Cigna's cost of debt has declined by >20% 5.5% 5.0% 4.5% 4.0% Interest Expense as % of Outstanding Debt 5.1% 4.0% © 2021 Cigna 3.5% 2014 2015 2016 2017 2018 2019 2020 Cigna. 90#91Approach to strategic M&A 2021 Cigna Care coordination and alternate site of care capabilities Government programs and services Intelligence and technology capabilities International health care capabilities Cigna. 91#92Strong 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 → Meaningful dividend – current ~2% yield © 2021 Cigna Cigna. 92 32#93© 2021 Cigna Growth with purpose Track record of delivering value Well-positioned growth platforms Durable growth framework Strategic and capital flexibility Cigna. 93#94CIGNA INVESTOR DAY Closing David Cordani, President and Chief Executive Officer, Cigna Corporation ©2021 Cigna ㄱ Cigna. Cigna. 94#95Cigna is positioned for another era of sustained, strategic growth Three forces changing health care Our growth platforms Pharmacological innovations Mental and physical health connection Access to care Evernorth U.S. Medical International Markets Our growth framework Deliver differentiated value Partner and innovate Expand our addressable market Key differentiators for growth Purpose-driven Strategic flexibility Capital flexibility 10%-13% Long-term average annual adjusted EPS growth ~2% Current yield - meaningful dividend 6%-8% Long-term average annual adjusted earnings growth © 2021 Cigna Cigna. 95#96© 2021 Cigna CignaⓇ 96 96#97© 2021 Cigna Financial Snapshot appendix Cigna. 97 46#98Forward-looking statements CAUTIONARY STATEMENT FOR PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This presentation, the Investor Day webcast of Cigna Corporation ("Cigna" or the "Company") and oral statements made with respect to information contained therein 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 adjusted pharmacy scripts; projected consolidated adjusted tax rate; projected debt to capitalization ratio; projected cash flow from operations; projected capital expenditures for 2021; projected future dividends; projected weighted average shares outstanding; projected market share and addressable market growth; projected medical cost trends; projected capital deployment, including deployment to capital expenditures and surplus to fund growth, mergers and acquisitions, share repurchases and dividends; projected average total shareholder return; 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 pending acquisition of MDLive, Inc.; 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," "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 with 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 pending acquisition of MDLive, Inc., 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. © 2021 Cigna Cigna. 98#99Non-GAAP measures and other key financial information NON-GAAP MEASURES AND OTHER KEY FINANCIAL INFORMATION Throughout the webcast, the term “earnings" means adjusted income (loss) from operations, “earnings per share" or "EPS" means adjusted income (loss) from operations on a diluted per share basis, and "revenue" means adjusted revenues. Adjusted earnings is defined as adjusted income (loss) from operations which consists of shareholders' net income (loss) excluding the following adjustments: net realized investment results, amortization of acquired intangible assets, and special items. For 2018 and 2019, Cigna also excludes earnings contributions from transitioning pharmacy benefit management clients, Anthem Inc. and Coventry Health Care, Inc. (the "transitioning clients"). Special items are items that management believes are not representative of the underlying results of operations due to the nature or size of these matters, such as integration and transaction related costs and litigation matters. Adjusted income (loss) from operations is measured on an after-tax basis for consolidated results and on a pre-tax basis for segment results. This consolidated measure 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 income (loss) from operations is a 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 earnings per share or Adjusted EPS is defined as adjusted income (loss) from operations on a fully diluted basis. Adjusted revenues is defined as total revenues excluding net realized investment results from equity method investments and special items. For 2018 and 2019, Cigna also excludes revenue contributions from transitioning clients. Cigna excludes these items from this measure because they are not indicative of past or future underlying performance of the business. This consolidated measure 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 2021 outlook includes approximately $1.25 per share in net unfavorable impacts of COVID-19, as well as the impact of the agreement to acquire MDLive, Inc. The Company's 2021 and long-term outlook includes future share repurchases and anticipated dividends and does not include the potential effects of any other business combinations that may be announced after the date of this presentation and the Investor Day webcast. Management is not able to provide a reconciliation of adjusted income (loss) from operations to shareholders' net income (loss) or adjusted revenues to total revenues on a forward-looking basis because it is unable to predict, without unreasonable effort, 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 Cigna's control. As such, any associated estimate and its impact on shareholders' net income (loss) and total revenues could vary materially. Note Regarding Dividends and Share Repurchases 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. 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. © 2021 Cigna Cigna. 99#1002021 outlook at least $165B Adjusted revenues at least $6.95B Adjusted earnings¹ at least $20.00 Adjusted EPS1 $1.25 EPS COVID-19 impact ~50% Medical care ratio within U.S. Medical 35%-40% Lower customer volumes 10%-15% Smaller impacts across our platform 2021 Cigna 1Includes $1.25 EPS COVID-19-related headwind and impact of MDLIVE Cigna. 100#1012021 outlook Adjusted EPS at least $20.00 Additional Metrics Adjusted Revenues: at least $165B Total Medical Customer Growth: at least 325,000 customers 2021 Adjusted Pharmacy Scripts: at least 1.55 billion scripts Adjusted Income from Operations Key Ratios Medical Care Ratio: 81% to 82% SG&A expense ratio: 7.5% to 8.0% Adjusted tax rate: 22.5% to 23.5% © 2021 Cigna Enterprise, after-tax: at least $6.95B Evernorth, pre-tax: at least $5.6B U.S. Medical, pre-tax: at least $3.8B Capital Deployment Cash Flow from Operations: at least $7.5B Capital Expenditures: ~ $1B Shareholder Dividends: $1.4B Weighted Average Shares Outstanding: 346M to 349M Cigna. 101#102Strong 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 © 2021 Cigna → Meaningful dividend – current ~2% yield Cigna. 102#103Appendix Definitions 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. For Adjusted pharmacy scripts, non-specialty network scripts filled through 90-day programs and home delivery scripts are multiplied by three. All other network and specialty scripts are counted as one script. Adjusted tax rate is defined as the consolidated income tax rate applicable to the Company's pre-tax income excluding net realized investment results, amortization of acquired intangible assets, special items, and transitioning clients. 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." 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. Customer relationships are defined as follows: • • Total medical customers includes individuals in Cigna's U.S. Medical and International Markets segments 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. Pharmacy customer relationships for 2018 and 2019 exclude transitioning clients. • International Markets medical customers excludes medical customers served by less than 100% owned subsidiaries. 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, Medicaid, and individual on and off-exchange products within our U.S. Medical segment. 2021 Cigna Cigna. 103#104Appendix Definitions of Key Financial and Business Terms Market Segments are defined as follows: U.S. Commercial comprises employers from the following market segments: • National. Multistate employers with 5,000 or more U.S.-based, full-time employees. • Middle Market. Employers generally with 500 to 4,999 U.S.-based, full-time employees. This segment also includes single-site employers with more than 5,000 employees and Taft-Hartley plans and other groups. • Select. Employers generally with 51-499 eligible employees. Small Group. Employers generally with 2-50 eligible employees. U.S. Government solutions include Medicare Advantage, Medicare Supplement, and Medicare Part D plans for seniors, Medicaid plans, and individual health insurance plans both on and off the public exchanges. International Markets includes supplemental health, life and accident insurance products and health care coverage in our international markets as well as health care benefits to globally mobile employees of multinational organizations. For additional information regarding our market segments, please see our most recent report on Form 10-K available through the Investor Relations section of www.cigna.com SG&A expense ratio represents enterprise selling, general and administrative expenses excluding special items as a percentage of adjusted revenue at a consolidated level. Express Scripts Adjusted EBITDA represents, for 2010, Express Scripts, Inc.'s net income from operations before income taxes, depreciation and amortization, interest expense, net, and special items. For 2017, Express Scripts adjusted EBITDA represents Express Scripts Holding Company's net income from operations before income taxes, depreciation and amortization, other expense (income), net, and special items. Express Scripts' adjusted EBITDA is not determined in accordance with GAAP and should not be viewed as a substitute for the most directly comparable GAAP measure and may not be comparable to non-GAAP measures utilized by other companies, including Cigna. Detailed information, including reconciliations to GAAP, for Express Scripts' adjusted EBITDA can be found in the annual reports on Form 10-K as filed by Express Scripts, Inc. for 2010 and Express Scripts Holding Company for 2017, both available on the Securities and Exchange Commission's website at www.sec.gov. © 2021 Cigna Cigna. 104#105Reconciliation of GAAP to non-GAAP financial measures Diluted Earnings per share Year Ended December 31, Shareholders' net income (loss) 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 $22.96 $13.44 $10.54 $ 8.77 $ 7.19 $ 8.04 $ 7.83 $ 5.18 $ 5.61 $ 4.59 $ 4.65 After-tax adjustments to reconcile to adjusted income from operations: Realized investment (gains) losses Amortization of other acquired $ (0.66) $(0.50) $0.42 $(0.61) $(0.42) $(0.15) $ (0.40) $ (0.49) $ (0.11) $ (0.15) $ (0.18) intangible assets, net $ 3.88 $5.92 $ 0.71 $0.26 $ 0.36 $ 0.30 $ 0.44 $ 0.50 $ 0.50 $ 0.15 $ 0.13 Results of guaranteed minimum income benefits business $ $ - SA - $ GA - I $ (0.09) $ (0.10) $ 0.49 $ 0.09 Adjustment for transitioning clients $ (3.46) (0.19) SA - - - $ Special Items $ (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 $ 18.45 $17.05 $ 14.22 $10.46 $ 8.10 $ 8.66 $ 7.87 $ 7.29 $ 6.49 $ 5.11 $ 4.53 2021 Cigna Cigna. 105