06 November 2023, 6:28 pm 1 minute
Reuters was first to report that U.S. health insurer Cigna Group (CI.N) is exploring the sale of its Medicare Advantage business, which manages government health insurance for people aged 65 and older, a move that would mark a reversal of its expansion in the sector.
Cigna shares rose as much as 1% to $314.06 after Reuters reported the talks, but gave back some of those gains and were up about 0.4% in midday trading. Cigna’s Medicare Advantage business generated 4.4% of the company’s $179.4 billion in revenue from external customers in 2022. Those eligible must already be covered by Medicare, a government program that mainly applies to Americans age 65 and over, or those with some disabilities.
Topics of Interest: DealsGovernmentHealth
Type: Reuters Best
Sectors: Business & FinanceMergers & AcquisitionPharmaceuticals & Healthcare
Win Types: Speed
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Significant National Story