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Cigna Corp. (CI) Institutes, Declares $1.00 Quarterly Dividend; 1.9% Yield

January 6, 2021 4:31 PM EST

Cigna Corp. (NYSE: CI) instituted and declared a quarterly dividend of $1.00 per share, or $4.00 annualized. The dividend will be payable on March 25, 2021, to stockholders of record on March 10, 2021, with an ex-dividend date of March 9, 2021. The annual yield on the dividend is 1.9 percent.

"Cigna has a long track record of effective capital deployment, and our initiation of a quarterly dividend demonstrates our confidence in our ongoing ability to drive growth as we meet the needs of those we serve," said David M. Cordani, president and chief executive officer. "We are excited to share more at our Investor Day on March 8, 2021 about the strategic positioning of our businesses, drivers of ongoing, differentiated growth, and strong operating cash flow generation, which position us to deliver attractive shareholder returns."

"The Board's initiation of a quarterly dividend is part of a balanced capital deployment strategy to maximize shareholder value," said Brian C. Evanko, executive vice president and chief financial officer. "As we complete our intended deleveraging plans, our strong operating cash flows and forward growth path enable us to initiate a quarterly dividend while maintaining strong liquidity and capital flexibility in order to support ongoing investments for growth and expected meaningful share repurchase activity."

Cigna 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.

As of December 31, 2020, Cigna's outstanding share repurchase authority as approved by Cigna's Board of Directors was approximately $3.9 billion. Cigna expects to deploy at least $2 billion to share repurchase during the first quarter of 2021.1 From November 5, 2020, when Cigna reported third quarter 2020 earnings, through December 31, 2020, Cigna repurchased 5.9 million shares of common stock for approximately $1.2 billion.

For a dividend history and other dividend-related data on Cigna Corp. (CI) click here.



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