CI · 10-Q · 2026Q3 · Full report

Investment Portfolio Quality

Cigna Group · 2026-11-05 · Importance 31 · Surprise 6

Cigna’s debt securities portfolio had a carrying value of $8.4 billion at both September 30, 2026 and December 31, 2025, and remained in a net unrealized depreciation position. Investment-grade securities represented $7.5 billion, or 89%, of the portfolio at September 30, while $0.9 billion was below investment grade. The company’s commercial mortgage loan portfolio totaled $1.2 billion and comprised approximately 40 fixed-rate loans.

Key facts

• Cigna's debt securities portfolio carrying value was $8.4 billion at both September 30, 2026 and December 31, 2025, and remained in a net unrealized depreciation position due to generally increasing interest rates over recent years. source
• At September 30, 2026, $7.5 billion, or 89%, of Cigna's debt securities were investment grade, while $0.9 billion were below investment grade; most below-investment-grade bonds were at the higher end of that rating spectrum. source
• Cigna net investment income increased 23% in the third quarter and 8% in the first nine months of 2026 due to stronger returns on real estate investments and securities partnerships. source
• At September 30, 2026, Cigna's $1.2 billion commercial mortgage loan portfolio consisted of approximately 40 fixed-rate loans; borrower cash invested in the properties generally ranged from 30% to 40%. source
• Cigna Group's commercial mortgage loan portfolio had approximately 26% exposure to office properties. source
• Cigna Group said future losses on its commercial mortgage loan portfolio remained possible due to further credit deterioration, but it did not expect those losses to materially adversely affect results of operations, financial condition or liquidity. source
• Cigna Group's primary market risk exposure is interest rate risk. source
• As of September 30, 2026, Cigna Group reported no material change in its risk exposure compared with its 2025 Form 10-K. source