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Delaware
(State
or other jurisdiction of incorporation)
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1-8323
(Commission
File Number)
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06-1059331
(IRS
Employer
Identification
No.)
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1.
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increased
medical costs that are higher than anticipated in establishing premium
rates in CIGNA’s health care operations, including increased use and costs
of medical services;
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2.
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increased
medical, administrative, technology or other costs resulting from
new
legislative and regulatory requirements imposed on CIGNA’s employee
benefits businesses;
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3.
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challenges
and risks associated with implementing the improvement initiatives
in the
health care operations, the organizational realignment and the reduction
of overall CIGNA and health care cost structure, including that
operational efficiencies and medical cost benefits do not emerge
as
expected and that membership does not stabilize and begin to grow,
resulting in significantly greater than expected reductions in medical
membership;
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4.
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risks
associated with the amount and timing of gain recognition on the
sale of
CIGNA’s retirement benefits business;
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5.
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risks
associated with pending and potential state and federal class action
lawsuits, purported securities class action lawsuits, disputes regarding
reinsurance arrangements, other litigation and regulatory actions
challenging CIGNA’s businesses and the outcome of pending government
proceedings;
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6.
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heightened
competition, particularly price competition, which could reduce product
margins and constrain growth in CIGNA’s businesses, primarily the health
care business;
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7.
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significant
changes in interest rates;
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8.
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downgrades
in the financial strength ratings of CIGNA’s insurance subsidiaries, which
could, among other things, adversely affect new sales and retention
of
current business;
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9.
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limitations
on the ability of CIGNA’s insurance subsidiaries to dividend capital to
the parent company as a result of downgrades in the subsidiaries’
financial strength ratings, changes in statutory reserve or capital
requirements or other financial constraints;
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10.
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inability
of the program adopted by CIGNA to substantially reduce equity market
risks for reinsurance contracts that guarantee minimum death benefits
under certain variable annuities (including possible market difficulties
in entering into appropriate futures and forward contracts and in
matching
such contracts to the underlying equity risk);
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11.
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adjustments
to the reserve assumptions and other considerations (including lapse,
partial surrender, mortality, interest rates and volatility) used
in
estimating CIGNA’s liabilities for reinsurance contracts that guarantee
minimum death benefits under certain variable annuities;
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12.
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adjustments
to the assumptions (including annuity election rates and reinsurance
recoverables) used in estimating CIGNA’s assets and liabilities for
reinsurance contracts that guarantee minimum income benefits under
certain
variable annuities;
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13.
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significant
stock market declines, which could, among other things, result in
increased pension expenses in CIGNA’s pension plan in future periods and
the recognition of additional pension obligations;
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14.
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unfavorable
claims experience related to workers’ compensation and personal accident
exposures of the run-off reinsurance business, including losses
attributable to the inability to recover claims from retrocessionaires;
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15.
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significant
deterioration in economic conditions, which could have an adverse
effect
on CIGNA’s operations and investments;
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16.
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changes
in federal laws, such as amendments to income tax laws, which could
affect
the taxation of employer provided benefits; and pension legislation,
which
could increase pension cost;
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17.
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potential
public health epidemics and bio-terrorist activity, which could,
among
other things, cause our covered medical expenses and mortality
experience
to rise significantly, depending on the severity of the event
and number
of individuals affected who are covered under CIGNA's insurance
products;
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18.
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risks
associated with security or interruption of information systems,
which could among other things cause operational
disruption; and
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19.
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risk
factors detailed in CIGNA’s Form 10-Q for the fiscal quarter ended
September 30, 2005, and its Form 10-K for the fiscal year ended December
31, 2004, including the Cautionary Statement in Management’s Discussion
and Analysis.
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| CIGNA CORPORATION | |
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Date:
November 30, 2005
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By:
/s/
Michael W. Bell
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Michael
W. Bell
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Executive
Vice President and
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Chief
Financial Officer
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