WELCOME! WE WILL GET STARTED SOON. Business Acumen connects the dots…in order to respond effectively Confidential, unpublished property of Cigna. Do not.

WELCOME! WE WILL GET STARTED SOON. Business Acumen connects the dots…in order to respond effectively Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna Shopping carts get abandoned Sales are lost; order rates go down Customer service gets angry calls VP Sales has to talk to the IT VP to get ETA on site fix Emotions run high; relationships are strained Cost of sales increases Customer loyalty and retention suffers CFO fields calls from Wall Street because the sales forecast was missed Market share is lost; stock price drops When the server that hosts the e- commerce web site crashes…

CIGNA Q1-2015 QUARTERLY ALUMNI REVIEW CALL Follow-up from Business Acumen Class —Earnings Call held April 30, 2015 Keith Gulledge Acumen Learning, LLC May 13-14, 2015 REMINDER: Do NOT use the WebEx call-back feature. Use the special call-in numbers in your invite.

THIS CALL IS BEING RECORDED Online hosts Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna Program Manager: Alicia Engel Alicia.Engel@cigna.com Phoenix, AZ USA Salt Lake City, UT USA Acumen Learning: Keith Gulledge KGulledge@acumenlearning.com

ANNOTATION (SLIDE MARKER) TOOLS Use these as your hosts indicate Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna Highlighter / Pencil Color palette Text tool Eraser Shapes Lines / Arrows Pointer Left-click on an icon to activate the tool and left- click again to deactivate. You’ll see a box around the tool that is active as pointed out here. Click on the down arrow to the right of each icon to see additional tools.

WHERE ARE YOU NOW? Use any annotation tool to mark your current location on the map. Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna

PARTICIPANT INVOLVEMENT We want you to be INVOLVED in this call! Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna Ask questions at any time:  Unmute your phone (*6 or your mute button) and just jump in…OR…  Use the chat box ─ AND / OR ─ Wait until the end for formal Q&A.

WHY PARTICIPATE IN QUARTERLY EARNINGS CALLS AND QUARTERLY REVIEW CALLS? Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna Quarterly Earnings Calls (public)  Better understand Analyst questions and concerns; hear how Cigna responds Quarterly Review Calls (internal)  Understand the “story” behind each quarter’s performance Knowledge supports better decisionmaking

Keith Gulledge Acumen Learning—Orem, Utah REVIEW OF Q1-2015 EARNINGS CALL 8 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna

In conjunction with  Preparation we hope you have made: 1.Listen to or read the Transcript of the Q1-2015 Earnings Call on April 30, 2015 2.Quarterly News Release 3.Quarterly Financial Supplement 4.Quarterly Earnings Call Workbook 5.Navigating the Financials—Q1-2015 (end of Workbook)  Thank you for joining us!  Call will last approximately one hour. Q1-2015 EARNINGS CALL REVIEW Preparations for this Alumni Review Call

DISCLOSURE Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna The primary intent of this call is to supplement and support your Business Acumen training. Our focus is to understand Cigna’s corporate messaging and reported financial performance within the context of the “Five Business Drivers” model which was introduced in the Building Business Acumen training session. The information covered today should not be used to make any investment decisions. Our role is not to editorialize or speculate about business decisions, the sufficiency of communications to investors, or other business matters.

AGENDA Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna  Introduction and Overview 10 min.  Key Messages & Financial Analysis40 min.  Key themes and issues discussed  Performance: Cash, Profit, Asset, Growth, People, External Factors  Analyst Questions & Discussion  Outlook and Guidance for 2015  Wrap-up, Q&A 10 min.

FURTHER STUDY Resources to study—Q1-2015 Earnings Call Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna  News Release  Recording or Transcript of Earnings Call  Financial Supplement  Form 10-Q Cigna.com / Investor Relations / Quarterly Reports

Preparation for participating in this Quarterly Alumni Review Call QUARTERLY EARNINGS CALL WORKBOOK

POLLING QUESTION Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna Vote Did you listen to the Q1-2015 Earnings Call or read the transcript? A. YES – all of it B. YES – some of it C. NO – but read the News Release D. NO – did not listen or read any documents YOUR PREPARATION

 David M. Cordani—Cigna President and CEO  Thomas A. McCarthy—Cigna CFO  Will McDowell—Cigna VP of Investor Relations  13 analysts from:  Wells Fargo Securities  Bank of America Merrill Lynch  Barclays Capital  Wedbush Securities  Morgan Stanley & Co.  Cowen & Co.  Deutsche Bank  Credit Suisse AG  Susquehanna Financial Group  UBS Investment Bank  Leerink Partners  Goldman Sachs  Jeffries, LLC Q1-2015 EARNINGS CALL PARTICIPANTS About 20 analysts regularly follow Cigna with about 11-13 on each call Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna

STOCK MARKET 5-YEAR PERFORMANCE What is the relationship of the 5 DRIVERS to Cigna’s stock price? July 2010 s $30

REVIEW OF 5-DRIVERS Earnings Call Workbook Summary Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna Please Review the 5 Drivers in the Summary of the Earnings Call Workbook www.5-drivers.com/behealthy

5-DRIVER FOCUS FROM ANALYSTS and EARNINGS CALL INTRODUCTION Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna

BASIC FOCUS OF ANALYSTS AROUND 5 DRIVERS What analysts are looking for Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna  Capital Allocation  Liquidity  Consistent Cash Flow  Reasons for increase/decrease  Profit & EPS outlook  Cost analysis & trend: MLR & SG&A  Impact of exchanges  Segment analysis— Gov’t. & Commercial  Business units as Assets  Diversification, Efficiency  Minimum focus on Cash investments or hard Assets  Focus: Revenue & EPS Growth  Strategies: Acquisitions, markets  Outlook for Profits, EPS, members  Sources of Growth  Membership Growth, Segments  Seniors Market  Outlook for Exchanges, ACA  Costs associated with Segments

MESSAGES AROUND THE 5 DRIVERS Please complete this Activity in the Earnings Call Workbook Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna

OVERALL THEMES DISCUSSED BIG PICTURE of Earnings Call topics David’s major themes:  Financial strength and capital deployment  Execution of profitable Growth strategy—Outlook  Cigna’s integrated and differentiated capabilities  Strategy to focus NOT on financing costs of illness and disease cure, but on preventive health care and maintaining and improving health and wellness  Costs: Medical trends, operating expenditures  Exchanges: Trends and cost impact  Market segments: Trends, opportunities  Impact of alliances—only questions on Assets Themes the analysts focused on:

 13 analysts asked @ 25 questions plus follow-ups Dominant questions and discussion: PROFITABILITY (Costs) driven by PEOPLE Customers, Markets, Exchanges + Cost pressures  15 or 60% PROFIT – Costs focus—in context of Growth & various Cost pressures  5 or 20% PEOPLE – Exchanges, Customer segments, Markets, Medicare Advantage  2 or 8% ASSETS –JV with Catamaran in light of UNH; JV & SCAN Health  2 or 8% CASH – Strategic spending in Q-1  1 or 4% GROWTH– Context of Commercial and Government business Analysts’ questions by Driver (many questions addressed more than one Driver): AREAS OF FOCUS BY ANALYSTS & MANAGEMENT Here’s what was on their mind

INTRODUCTION TO EARNINGS CALL Q1-2015 Earnings Call—David Cordani, Pres. & CEO “Cigna's first-quarter 2015 performance represents a strong start to the year. We are pleased with our results, which extends our track record of attractive financial performance. “Once again, our success was driven by the effective and disciplined execution of our strategy, which continues to guide our actions in a dynamic marketplace. Our first-quarter 2015 consolidated revenue increased 11% to $9.5 billion with strong contributions across our business segments.”

Cigna Q1-2015 performance  Revenues: ▲ 11% to $9.5 billion  Adjusted Income from Operations: DN  4% to $513 million  Adjusted Income from Operations per share: ▲ 1% to $1.96  Shareholders’ Net Income: ▲ 1% to $533 million  Shareholders’ Net Income per share: ▲ 6% to $2.04  “We are pleased with our results.” Q1-2015 PERFORMANCE OVERVIEW Key metrics highlighted by Cigna management

POLLING QUESTION Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna Vote How did CASH FLOW perform in Q1-2015 as compared with Q1-2014? A. Slightly higher B. Significantly higher C. Slightly lower D. Significantly lower CASH

POLLING QUESTION Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna Vote Which of the following is NOT core to Cigna’s Capital Deployment priorities? A. Buying back stock B. Reinvesting in operations for Growth C. Paying increasingly high dividends D. Investing in selected acquisitions worldwide CASH

“Our capital deployment strategies and priorities have not changed.” These priorities are:  Support Growth of our ongoing operations;  Pursuing M&A activity to focus on acquiring capabilities and scale to further grow in our targeted areas of focus; and  Return capital to shareholders—primarily through share repurchase. CAPITAL DEPLOYMENT PRIORITIES Q1-2015 Earnings Call—Tom McCarthy, CFO Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna

 Diversified portfolio of businesses produce “significant free cash flow”  Enables “financial flexibility”  Over $500 million to repurchase shares Q-1  Provides “continued focus and effective strategic execution”  Help us meet “unique local market needs through the right balance of affordability and personalization of our produces and services”  End Q1 with $1.3 B in parent company Cash—includes $900 M in long-term debt CASH STRENGTHS Q1-2015 Earnings Call—David Cordani, Pres. & CEO Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna

“Our free cash flow outlook continues to reflect the industry leading margins and returns on capital in our businesses, and a high level of capital efficiency, particularly from our fee-based businesses. IMPORTANCE OF CAPITAL IN GROWTH Q1-2015 Earnings Call—Tom McCarthy, CFO Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna “This capital efficiency allows us to fund attractive organic growth while continuing to generate significant free cash flow to be deployed for the benefit of shareholders.”

PROFIT: COSTS AND PRODUCTIVITY Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna Q1-2015 Earnings Call—David Cordani, Pres. & CEO “…we've chosen to redefine our orientation around scale to ensure that we have appropriate scale to have competitive cost structure from an administrative cost standpoint, which we have. We've been able to prove productivity gains year in, year out, and free capacity to further ongoing investment back to within the franchise. “And then you come down to medical cost in your dialogue, and that's a very localized conversation.”

POLLING QUESTION Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna Vote What is the PRIMARY measure used by Cigna management in reporting past and projected earnings? A. Shareholders’ Net Income B. Income Before Income Taxes C. Adjusted Income from Operations D. Total Revenues PROFIT E. Shareholders’ Net Income per Share

PROFIT TERMINOLOGY Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna 1.What does “adjusted” mean? 2.What does “diluted” earnings per share mean (in contrast to “basic”)?  “Adjusted” means “normalized”  “Diluted” EPS includes all the eligible options that could be converted to shares

POLLING QUESTION Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna Vote How did ADJUSTED INCOME FROM OPERATIONS perform in Q1-2015 as compared with Q1-2014? A. Slightly higher B. Significantly higher C. Slightly lower D. Significantly lower PROFIT

Consolidated PROFIT PERFORMANCE DEPS = Diluted Earnings Per Share Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna

What is the high end range of revised Adjusted Income from Operations, per share (EPS) for 2015? $7.00$8.75$7.75 Range: $8.15 to $8.50 REVISED ADJ. EPS OUTLOOK FOR 2015 Mark with your Annotation Tool $9.00$8.50$7.25$7.50$8.00$8.25

ASSETS & PEOPLE STRATEGY Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna Q1-2015 Earnings Call—David Cordani, Pres. & CEO “By leveraging our integrated capabilities and coordinating clinical care resources for each individual through their health journey, we are improving affordability while creating a more sustainable health care system. “Over the long term, we believe our approach to healthcare rather than sick care will promote better health, sustainability, and economic vibrancy, and lower the cost burden on customers as well as employers.”

ASSETS & PEOPLE STRATEGY –Cont’d. Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna Q1-2015 Earnings Call—David Cordani, Pres. & CEO “And this success translates to shareholder value as we leverage our capabilities to meet customer needs with products and services that are enhanced through our highly aligned coordinated offerings. “This value is evidenced by our industry-leading medical cost trend over the last several years, higher customer retention levels, and strong growth in our specialty and integrated services to achieve the personalization of services outcomes that I previously referenced.”

1 Liabilities adds redeemable non- controlling interests of Finansbank ASSET PERFORMANCE Consolidated * Quarterly figures are annualized (x4) Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna 1

GROWTH STRATEGY Q1-2015 News Release—David Cordani, Pres. & CEO Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna "Cigna continues to deliver differentiated, personalized and affordable solutions, creating value for our customers and clients. "We continue our focus on delivering innovative products and services centered around unique local market needs, driving growth in new and existing markets."

SUMMARY: GROWTH PERFORMANCE Already looked at GROWTH for each Driver Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna

GROWTH STRATEGY Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna Q1-2015 Earnings Call—David Cordani, Pres. & CEO “As we have discussed previously, we have a clear framework to drive ongoing future value creation for Cigna. First, our diversified businesses are well positioned to create attractive value for customers and clients, and as a result, differentiated revenue growth. “Second, we are focused on targeted and effective capital deployment to create ongoing shareholder value through investments in our business, strategic M&A, and share repurchase. Our businesses generate high levels of free cash flow which give us financial flexibility and the opportunity to deploy capital to further create value for the benefit of shareholders.

GROWTH STRATEGY Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna Q1-2015 Earnings Call—David Cordani, Pres. & CEO Framework for Growth “And finally, we continue to seek new and emerging opportunities to expand in new distribution marketplaces, new geographies, and new buying Segments…This framework also positions us to support our focus on enabling healthcare over financing sick care, which is well aligned with Cigna's efforts to improve the current healthcare system. “M&A continues to be a component of our value creation framework.”

PEOPLE FOCUS Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna Q1-2015 Earnings Call—David Cordani, Pres. & CEO “To meet these goals, we must continue to accelerate the transition from yesterday's view of health insurance as a mechanism for financing the cost of illness to an orientation centered around maintaining and improving the health and wellness of individuals. “At Cigna, we are and will continue to make significant strides toward achieving a more sustainable healthcare system by engaging with individuals and physicians through coordinated offerings and aligned incentives.”

PEOPLE PERFORMANCE From Q1-2015 Financial Supplement Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna

$2.62 B $664 M $9.47 B $854 M 9.0% $533 M 0.9% 11.4% 6.3% 19.5% $2.04 5.6% Q-1 2015

NAVIGATING THE FINANCIALS WORKSHEET Pre-call preparation Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna Use this worksheet to put it all together for yourself. www.5-drivers.com/behealthy

POLLING QUESTION Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna Vote What is the revised projected Consolidated Revenue Growth for 2015? A. 2% to 4% B. 5% to 7% C. 8% to 10% C. 11% to 13% GROWTH

2015 FULL-YEAR OUTLOOK Excludes potential effects of future capital deployment 1.Revenue Growth: ▲ 8% to 10% over 2014 2.Adjusted Inc. from Operations: $2.12 B to $2.21 B ▲ 6.2% to 10.7% INCREASED: Prior Outlook = $2.10 B to $2.20B 3.Adjusted Inc. fr. Ops. per Share (EPS): $8.15 to $8.50 ▲ 9.7% to 14.4% INCREASED: Prior Outlook = $8.00 to $8.40 4.Global Health Care Operating Expense Ratio: 21% to 22% 5.Commercial MCR: 78% to 79% 6.Government MCR: 84.5% to 85.5 7.Global Medical Customer Growth: ▲ 2% to 4% 2014 = 3% INCREASED: Prior Outlook = 1-3%

EARNINGS CALL SUMMARY “We are effectively executing our strategy and creating value for our customers and clients by leveraging integrated capabilities that promote health care rather than sick care, and driving improved personalization and affordability for the benefit of the individuals we serve. Q1-2015 Earnings Call—David Cordani, Pres. & CEO “We remain committed to our long-term objective, which is to double the size of our business over the next seven to eight years, yielding an 8% to 10% annual revenue growth rate on average. “And over this time horizon, we expect to continue to deliver competitively attractive long-term EPS growth of 10% to 13% annually on average, all while we continue to invest in our Company's business portfolio.”

ENCOURAGEMENT & CHALLENGE What will you do from here?  Quarterly review of Cigna’s financial performance ̶ Investor Relations section of Cigna website ̶ Financial information each Quarter  Listen to quarterly Earnings Call or review transcript  Quarterly reviews of competitors, industry, economy  Continue to watch stock performance  Consider how your decisions impact business metrics as represented by the 5 Drivers  Teach your teams

QUESTIONS AND FEEDBACK Participant comments, Questions and Answers Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna Program Manager: Alicia Engel Alicia.Engel@cigna.com Acumen Learning: Keith Gulledge KGulledge@acumenlearning.com

62 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna Offered by: Connecticut General Life Insurance Company or Cigna Health and Life Insurance Company. “Cigna” and the “Tree of Life” logo are registered service marks, and “Together, all the way.” is a service mark, of Cigna Intellectual Property, Inc., licensed for use by Cigna Corporation and its operating subsidiaries. All products and services are provided by or through such operating subsidiaries, including Connecticut General Life Insurance Company and Cigna Health and Life Insurance Company, and not by Cigna Corporation. All models are used for illustrative purposes only. 000000 00/15 © 2015 Cigna. Some content provided under license.

WELCOME! WE WILL GET STARTED SOON. Business Acumen connects the dots…in order to respond effectively Confidential, unpublished property of Cigna. Do not.

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WELCOME! WE WILL GET STARTED SOON. Business Acumen connects the dots…in order to respond effectively Confidential, unpublished property of Cigna. Do not.

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