(AOF) – Health insurer Cigna announced that its board of directors has approved a $10 billion increase in its share repurchase program, bringing the total share repurchase authorization to 11, 3 billion dollars. According to Reuters, he also abandoned his plan to buy Humana. The company intends to use the majority of its discretionary cash flow for share repurchases in 2024.
Cigna plans to repurchase at least $5 billion of shares by the end of the first half of 2024, with a portion of this repurchase to be accomplished through an accelerated share repurchase program conducted during the first quarter 2024.
The health insurer reaffirmed its full-year 2023 outlook for adjusted consolidated operating income per share of at least $24.75. The company also continues to target adjusted consolidated operating income per share of at least $28 for the full year 2024.