CIGNA GLOBAL SUPPLEMENTAL BENEFITS February 2018 Forward-Looking Statements and Non-GAAP Measures

CIGNA GLOBAL SUPPLEMENTAL BENEFITS February 2018 Forward-looking statements and non-GAAP measures

CAUTIONARY STATEMENT FOR PURPOSES OF THE “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This presentation, and oral statements made with respect to information contained in this presentation, 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 outlook for 2018, on both a consolidated and segment basis; projected total revenue growth and global medical customer growth, each over year-end 2017; projected growth beyond 2018; projected medical care and operating expense ratios and medical cost trends; the anticipated effects of U.S. tax reform and our projected consolidated adjusted tax rate; future financial or operating performance, including our ability to deliver personalized and innovative solutions for our customers and clients; 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; and other statements regarding Cigna’s future beliefs, expectations, plans, intentions, 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 financial, strategic and operational plans or initiatives; our ability to predict and manage medical costs and price effectively and develop and maintain good relationships with physicians, hospitals and other health care providers; the impact of modifications to our operations and processes; our ability to identify potential strategic acquisitions or transactions and realize the expected benefits of such transactions; 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; the outcome of litigation, regulatory audits, investigations, actions and/or guaranty fund assessments; uncertainties surrounding participation in government-sponsored programs such as Medicare; the effectiveness and security of our information technology and other business systems; unfavorable industry, economic or political conditions, including foreign currency movements; acts of war, terrorism, natural disasters or pandemics; as well as more specific risks and uncertainties discussed in our most recent report on Form 10-K and subsequent reports on Forms 10-Q and 8-K available on 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.

• Market forces and customer needs • Local markets • Strategy • Growth priorities and long-term financial targets • Business overview • Investor considerations

GROWING RISING CHRONIC HEALTH MIDDLE CONDITIONS & PROTECTION CLASS HEALTH GAPS AWARENESS

Spending by the Asian middle class Rising chronic conditions, aging populations, Health protection gaps projected to estimated to potentially rise 9% medical cost inflation create affordability grow to ~$200B by 2020 (>40% CAGR) annually through 2030, driven by growth challenges for governments, employers and in Asia, including significant gaps in in China, India and Indonesia1 individuals China, India, Indonesia and South Korea2

Growing awareness of health and well Personal health insurance is becoming more In more than half of Asia-Pacific being and growing trend of non- valued in emerging markets as the cost of markets, the growth of medical costs has communicable diseases (diabetes, treatment is beyond the means of many outpaced inflation2 cancer) households3

Market forces drive customer needs for accessible, affordable, high quality solutions

GO DEEPER GO LOCAL GO BEYOND To expand and deepen our To ensure our solution suite To innovate and further customer, client and partner and services meet customer, differentiate our businesses, the relationships; depth in targeted client and partner needs at a experiences we deliver, and sub-segments, geographies local market level overall social impact

3 joint ventures Range of solutions Protection Savings/investment Serving + individual customer relationships 13 million • Personal accident • Return of premium through a wide range of innovative and easy-to-access • Hospital care • Endowment • Critical illness • Whole life solutions to help improve their health, well-being and • Dental/vision • Investment linked sense of security • Private medical • Pension/retirement • Term life • Short/Long term Globally mobile China • Hong Kong • India • Indonesia • Korea disability • Individual private medical New Zealand • Taiwan • Thailand • Turkey • U.K. • U.S. • Credit-related

Revenue $3.9B Earnings $369M

$1.1B $106M 17% CAGR 17% CAGR

2009 2017 2009 2017

Mid-teens revenue growth High single-digit after-tax margins

Mid-teens earnings growth Attractive returns on capital

Serving evolving needs of Personalized, affordable growing middle class solutions that fill gaps in and seniors populations globally private/public coverage

Innovative direct Leveraging deep Locally licensed to consumer consumer insights and managed by distribution to drive product and strong, locally capabilities service innovation developed talent

DEEP PERSONALIZED, DIRECT TO CONSUMER AFFORDABLE CONSUMER INSIGHTS SOLUTIONS DISTRIBUTION

Understanding customer needs through Provide the right customer, with the Ability to leverage best-in-class, focused customer research, right product, at the right time multi-channel distribution capabilities

segmentation and advanced analytics including mobile marketing, online, face to

face, and over the phone

Leverage customer insights and Close collaboration with our partners Providing customers with a patented analytics capability (e.g. Next to ensure solutions meet customer seamless, pre and post sale Best Offer Optimization) to drive value for needs and align with brand values integrated experience each customer segment

Differentiated capabilities drive ongoing success

Globally, Cigna is a leader in direct marketing and provides We work with our partners through a leading health, life protection, accident and medical solutions customer-centered approach to understand their customer segments, We have a long history of working in identifying needs and tailoring partnership with other businesses, including packaged solutions for each segment multinational and local banks, credit card companies, telecommunication companies, We are market leaders in developing best-fit supermarkets and many other industries affinity partnership models

Sample of our partners

Financial institutions Non-Financial Institutions

Right Customer Affinity Partner

• Deep customer Right • Customer access + insights = • Prior experience • CVM analytics Product and relationships • Segmentation • Strong local brand • Innovative insurance Right solutions Time

CVM model is replicable across markets and affinity relationships

2017 New Sales 2009 New Sales Telemarketing Telemarketing Bancassurance 19% 19% 1% 32% Bancassurance Ind. Agent/Broker 12% Ind. Agent/ Broker 68% Direct TV, home 31% shopping, internet 18% Direct TV, home and offline shopping, internet channels and offline channels

Continued evolution of distribution channels for supplemental benefits

MARKET DEVELOPMENT DEVELOPED PROGRESSION Korea c • High insurance penetration DEVELOPING • Diverse and sophisticated solutions • Broad set of established distribution China channels – affinity, home shopping, • Moderate insurance penetration bancassurance, agency… • Life, A&H, private medical solutions • Multiple established distribution EMERGING channels – bancassurance, affinity… Expanded product suite, clear ownership of market segments, India multi-channel

Products and Distribution • Lower insurance penetration • Simple A&H solutions • Affinity telemarketing Range of health, life and accident products across multiple channels

Market Development

Diverse portfolio of markets with multiple phases of solutions and distribution

Revenues Operating locally $2.5 for 30 years

$2.0 Industry leading ROE $1.5

$1.0 Diversified product suite

$0.5

Continued market $0.0 share gains 2009 2010 2011 2012 2013 2014 2015 2016 2017

Consistent, strong revenue growth over the long term

2016 Return on Equity 30% 23%

20% AIA

10% MetLife Prudential

ChubbLife Allianz 0% Cigna

Korea -10%

-20%

-30%

Consistently strong after-tax margins and returns on capital

$1.2 1st life insurer to $1.0 utilize alternative (non-agency) $0.8 distribution $0.6 model

$0.4 Wide range of $0.2 health, life and accident $- solutions 2009 2010 2011 2012 2013 2014 2015 2016 2017

Consistent, strong revenue growth over the long term

Heilongjiang Beijing 2005

Liaoning (2011) Tianjin Hebei (2017)

Shandong Henan (2010) Shanghai Shaanxi (2015) Jiangsu (2005) (2014) (2007) Sichuan Hubei (2008) (2008) Zhejiang (2006) Sales capability in 2017 Hunan Jiangxi (15 provinces) (2015) (2017) Chong Planned entry in 2018 Guangdong Qing (2010) (2 provinces) (2015)

© 2018 Cigna 17 Mix of local and global competitors in local markets Korea China Hong Kong • AIA • AIA • Chubb • AIA • AXA • Kyobo • AXA • China Life • MetLife • BUPA • Manulife • Samsung Life • Manulife • Ping An • Aetna

India Taiwan • Apollo Munich • AIA • BUPA • Allianz • New India • Cathay Life Assurance • Chubb • Religare Health • Fubon Life • Star Health Indonesia Thailand • Allianz • AIA • AXA • Allianz • Chubb • AXA • Manulife • Chubb • Prudential UK • Tokio Marine Insights, solutions and distribution enable Cigna’s competitive differentiation

Go Deeper Go Local Go Beyond

• Deeper customer insights, • Leverage local bank partners’ • Invest further in artificial expansion of CVM, multi- networks in China and intelligence, insights and channel and product breadth Turkey, customer base and analytics to enhance across all geographies sales infrastructure solutions and customer • Continued focus on core experience direct marketing distribution • Expand multi-channel • Expand digital capabilities with ongoing improvements approach in India to the (e.g. Cigna Well-Being, to segmentation, product addressable market of Perfect Life apps) to development and deepening 250M+ facilitate greater access to customer relationships solutions and services

Targeted approach for all markets

• Revenue and customer growth Mid-teens • Deepening of our customer and annual revenue growth partner relationships while achieving • Continuous innovation and investments in capabilities High single digit • Further expense leverage after-tax margins

Continued growth, strong margins and shareholder value creation

Strong track record of delivering value

Clear strategy and path for sustained growth

Differentiated customer insights, solutions and distribution

Innovative local talent, locally licensed

Mid-teen revenue growth and high single digit after-tax margins

© 2018 Cigna 21 All Cigna products and services are provided exclusively by or through operating subsidiaries of Cigna Corporation, including Cigna Health and Life Insurance Company, Connecticut General Life Insurance Company, Cigna Behavioral Health, Inc., and HMO or service company subsidiaries of Cigna Health Corporation. The Cigna name, logo, and other Cigna marks are owned by Cigna Intellectual Property, Inc. All pictures are used for illustrative purposes only.