Bloomfield health insurer Cigna Corp. said Thursday it will repurchase $3.5 billion of common stock through accelerated stock repurchase agreements with Mizuho Markets Americas LLC and Morgan Stanley & Co. LLC.
The repurchase agreement is part of  Cigna’s existing share repurchase program, which had remaining authority of approximately $8.8 billion as of June 14, 2022, the company said.
“This accelerated share repurchase is part of our ongoing commitment to return significant value to our shareholders,” said Cigna Chairman and CEO David M. Cordani. “When combined with our previously completed share repurchases, we remain on track to repurchase at least $7 billion of our shares in 2022.”
Cigna isn’t alone in its share repurchase efforts. Hartford area companies have repurchased billions of dollars of their own shares in recent months, a nationwide trend in corporate America.Â
In fact, companies trading on the S&P 500 repurchased $881.7 billion inÂ
shares last year, up 69.6% from 2020, according to S&P Global.Â
