Cigna Corp Q3 2020 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Gary Paul Taylor - JPMorgan Chase & Co, Research Division - Analyst : First, a clarification then a question. In the slide deck, you do explicitly still point to the $20 to $21 in 2021. So I just wanted to confirm you're explicitly affirming that today just wasn't featured real prominently in the release. So I want to make sure on that. And then my question is on your experience rated commercial business, are there going to be premium or MLR headwinds because of the lower utilization as you move into '21? Or has there been enough customer relief, so to speak, that it smooths out that dynamic.

Question: Andrew Mok - Barclays Bank PLC, Research Division - Analyst : This is Andrew Mok on for Steve. I wanted to revisit the Medicare Advantage growth targets when you unveiled the new MA strategy last year, you laid out 10% to 15% membership growth targets with 2020 serving as a stepping stone year. You're now on track to outperform the high end of that target in year 1. And it looks like you'll have a very attractive product offering for 2021. So is it fair to say that your formal growth targets, even at the high end might be a bit conservative when we think about 2021 membership growth?

Question: Andrew Mok - Barclays Bank PLC, Research Division - Analyst : Got it. And if I could just have a quick follow-up. How are you thinking about potential inorganic opportunities related to the senior platform?

Question: Stephen Tanal - SVBLeerink - Analyst : David, I hope to follow-up on your comments on the commercial market. You clarified the point about enrollment into 2021. Maybe tie that back to the selling season for group accounts. I think I heard national accounts enrollment might be down some to start '21, but offset by select and middle market growth. I just wanted to clarify that. But I'm also wondering if you could elaborate on your comment on the actions employers are taking in response to the pandemic as it relates to this business. Are you seeing benefit buy downs? Or what kind of innovation that you mentioned is resonating with employers into '21? Maybe if you can give us a sense for how pricing is going in the group insured side as well, that would be helpful?