Seniors Segment Strategies, Trends, Competitors, and Other External Factors Thursday, October 3, 2013

- 2 - Confidential, unpublished property of CIGNA. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2013 CIGNA Senior Segment - Agenda  Overview  Core Strategies  Value Proposition  Recent Driver Performance  Us vs. Them  SWOT Analysis  Stakeholder View  Vision  Direct Customer Perspective

- 3 - Confidential, unpublished property of CIGNA. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2013 CIGNA Senior Segment - Overview Primary Products and Customers Products: Medicare and Medicare Advantage STAR+PLUS is a Texas Medicaid Service Coordination Long–Term Services and Support Transportation Customer 65 older Baby boomers Disabled under 65 Geographic Locations Florida Texas Tennessee Distribution Channels Website Instant access to relevant information and user friendly nature of the website are the key factors driving effectiveness of this marketing channel Low cost and instant delivery Social Channels Insurers can position themselves differently through the use of customized applications and build a strong relationship with the association members

- 4 - Confidential, unpublished property of CIGNA. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2013 CIGNA Senior Segment – Core Strategies Integrate and Optimize Short Term Realize short term synergies Establish Foundation for strategic growth Measure: Realize enterprise synergies of $270M+ through 2016 Grow Products and Markets Long Term Diversify and balance portfolio Go deep & expand in targeted geographies Improve customer retention Measure: Achieve 15-16% revenue CAGR over next 5 years & Enter 10+ new markets Develop Next Generation Insights & Research Long Term Deploy next generation retail & service capabilities Tailor Customer Engagement Enhanced patient- provider engagement Measure: Improve retention, Increase earnings per customer, Achieve 5-star ratings Advance the Value Based Delivery Model Long Term Enhance clinical decision-making Adapt delivery model and commercialize Medicare service operations Measure: Deploy alternate value- based model in new markets, Expanded MSO capabilities & earnings Enablers – People & Technology

- 5 - Confidential, unpublished property of CIGNA. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2013 CIGNA Senior Segment – Value Proposition HealthSpring is the leading health service company that develops value-based delivery systems to help seniors live better through personalized solutions that are simple, affordable and easy to use. How to Create Value Enable deep, personalized patient-physician relationships through innovative clinical and consumer engagement, care coordination and clinical analytics Create value for customers with products and services that fit their needs and improve well-being Align customer and provider incentives to drive improved outcomes and promote healthier living Focus Customer Engagement Physician Engagement Incentives Information Technology Care Extenders

- 6 - Confidential, unpublished property of CIGNA. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2013 CIGNA Senior Segment – Recent Driver Performance Cash Profit People Assets Growth Acquisition of Health Spring -Additional growth may be achieved through a mix of organic seeding and inorganic accelerants -Achieve 15-16% revenue CAGR (compound annual growth rate) over next 5 years -Enter 10+ new markets -Dramatic increase in customers and caregivers HealthSpring, combined with legacy Senior Segment, is forecasted to grow to 2.5 M members and $1.2B in earnings across MA-PD, PDP, and Medicaid by Unlike competitors using cash to execute growth strategy -Medicare plans, HealthSpring operations, Health Spring Clinics

- 7 - Confidential, unpublished property of CIGNA. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2013 CIGNA Senior Segment – Us vs. Them Cigna  HS integration  Opportunity for growth within existing markets.  Large built-in network of users Humana  53.7% of total revenues  25 years in senior segment  Available in all 50 states  High trust in users across portfolio  Higher exposure to potential Medicare changes. Aetna  12% of total revenues  14% growth year over year  1.1M targeted for this year  Benefit ratio over 80%  Much smaller built-in network Mergers & Acquisitions

- 8 - Confidential, unpublished property of CIGNA. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2013 CIGNA Senior Segment – SWOT Analysis Strengths Mature market segment  almost 50 years old HealthSpring integrated / vertical delivery model  improves Cigna’s value proposition (consultative selling & customer focus) Weaknesses Cigna relatively new to Seniors segment pre-HealthSpring Volatility in eligibility  MA vs. PDP Opportunities More Baby Boomers entering eligibility  60% of generation 65+ by 2020 Rx  Medicare Part D & Standalone Lower customer acquisition costs / expenses  enhanced retail capabilities Threats Catamaran PBM / BPO  could disrupt current Catamaran / HealthSpring relationship, could negatively impact Medicare & Medicare Advantage / Plus claims Competitors actively pursuing similar vertical integration through acquisitions / partnerships  expanding portfolios to offer more products & diverse plan offerings Medicare Program Regulations  MLR floor(s) / closing the donut hole, PPACA

- 9 - Confidential, unpublished property of CIGNA. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2013 CIGNA Senior Segment – Stakeholder View - Vision By 2020 over 55m of the total population of the US will be 55+ Customer needs have been and will continue to be more intensive in lower income and chronic regions. Elderly buying behaviors and needs will remain a key factor with employer subsidized customers. Entering this growing market was key to Cigna’s overall growth strategy. (Share Holders and Board key directive)

Confidential, unpublished property of CIGNA. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2013 CIGNA Senior Segment – Stakeholder View – Direct Customer Perspective “Tomorrow’s seniors will be looking for product and technology solutions that enable them to live their lives through financial security and improved health” Plan Values Technology Health Care and the Web Personal Values Freedom and Security Hesitant Possibly Research and Purchase Aid From Others to Manage My Health Financial Security and Doctor Access Engaged Health and Health Plan Independence Today’s Customer Tomorrow’s Customer