Cigna Corporation
CI
Health Care
1
exclusion reason
1 theme
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Cigna has a documented pattern of regulatory violations across multiple domains, demonstrating systemic disregard for compliance. In September 2023, the company paid $172 million to resolve False Claims Act allegations that it submitted inaccurate and untruthful patient diagnosis data to the Centers for Medicare & Medicaid Services to inflate payments. This settlement included a five-year Corporate Integrity Agreement with the U.S. Department of Health and Human Services Office of Inspector General.
Separately, in May 2023, congressional committees launched probes following an investigation that found Cigna allowed its doctors to deny hundreds of thousands of claims per month using a system that did not require a review of patient medical records. In January 2024, the Connecticut Department of Financial Services issued a consent order to Cigna Health and Life Insurance Company following a regulatory review of its submissions. This pattern of significant settlements and ongoing regulatory scrutiny across different business functions indicates a compliance failure that extends beyond isolated incidents.
Research Sources
10 organizations
Related Exclusions
Wondering what we do invest in?
The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.