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Employee Benefits

Cigna writes off $1.8 billion from VillageMD investment amid losses

May 03, 2024 Reprints

Cigna Group has written off $1.8 billion of its $2.5 billion investment in primary care chain VillageMD due to the chain's underperformance and the closure of clinics by majority owner Walgreens, Healthcare Dive reports. This led to a net loss of almost $300 million in Cigna's shareholder earnings. Despite the write-off, Cigna's Q1 performance was solid, with a 23% year-over-year revenue growth to $57.3 billion.

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Cigna writes off $1.8 billion from VillageMD investment amid losses

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