Cigna expects $3 billion in cost savings by 2030

(Corrects headline and paragraph 1 to clarify that ​Cigna is not investing $3 billion, but expecting that amount in cost savings ‌by 2030)

Sept 30 (Reuters) - Cigna on Wednesday announced a new ⁠program that aims ​to deliver about $3 ⁠billion in cost savings by 2030 ‌by focusing ‌on modernizing processes and streamlining workflows with ⁠AI-enabled insights and ⁠tools.

Here are some details:

• The health insurer expects its adjusted earnings per share to grow 10% to 14% annually through 2030.

• It also expects to ‌generate about $50 billion in ​cash from its operations over the five-year period from 2026.

• Cigna has been actively investing in artificial intelligence tools to identify patients with chronic conditions, an initiative that is expected to ​save customers $200 million in medical costs ‌over the next ‌three ⁠years.

• The company reiterated its forecast for 2026, expecting annual revenue of about $280 billion and a per-share adjusted profit ‌of at least $30.45.

• Cigna ​is hosting its ‌investor event on ⁠Wednesday.

(Reporting ​by Christy Santhosh in Bengaluru; Editing by Shinjini ​Ganguli)

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