Confidential, unpublished property of CIGNA. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2011 CIGNA.

CIGNA Corporation

Bank of America Merrill Lynch2011 Health Care Conference

Matt MandersPresident, U.S. Service, Clinical and SpecialtyMay 11, 2011

Confidential, unpublished property of CIGNA. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2011 CIGNA.2

Forward Looking Statements

Financial information is provided as of May 11, 2011 only. CIGNA does not undertake to revise or update this information.

Confidential, unpublished property of CIGNA. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2011 CIGNA.3

Agenda

CIGNA Overview and Growth Strategy

Why We are Winning

Financial Highlights

Investor Considerations

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Our MissionTo help the people we serve

improve their health, well-being and sense of security

4

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Improving Health & Productivity

Actionable InformationAligned IncentivesTransparency of InformationPrograms and Solutions

ENGAGEMENT

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CIGNA Overview: Diversified Portfolio of Solutions

Disability

Life andAccident

Voluntary

Dental andVision

Behavioral

DiseaseManagement

Pharmacy

ExpatriateBenefits

Int’l Health,Life &

Accident

HealthCare

Confidential, unpublished property of CIGNA. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2011 CIGNA.

Highlights of Ongoing Businesses

National provider of health & wellness services to variety of business segments– 11.4M medical members

Industry-leading health advocacy and clinical management capabilities– Award-winning

consumer engagement capabilities

HealthCare

Leading disability management programs

Best-in-class return to work results: 11% more quickly than competition

Focused, targeted distribution system

Leverage clinical expertise of health business

Leader in Expatriatehealth benefit solutions

Unique distribution model for Health, Life and Accident solutions

– Serving nearly 7M individuals

Consistent double digit revenue, earnings growth with strong profitability

International

7

Group Disability & Life

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Go Deep. Go Global. Go Individual.

Execution of Growth Strategy

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Execution of Growth Strategy: Product & Geographic Focus

DomesticMiddle Market

Select Segment

Disability

National Employers

InternationalAsia Health, Life, Accident

Global Expatriate

Go Deep.

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Go Deep. Go Global. Go Individual.

Execution of Growth Strategy

Confidential, unpublished property of CIGNA. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2011 CIGNA.

Why We are Winning: Differentiated Capabilities and Service

Differentiated service model

Advantaged global and expatriate offering

Highly consultative selling approach and industry-leading sales force talent

Proven advantage in improving health through engagement and incentives

Broad array of funding types

Integrated product offering

Leading analytic capabilities to support “Go Deep” strategy

Onsite health capabilities

11Confidential, unpublished property of CIGNA. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2011 CIGNA.

Confidential, unpublished property of CIGNA. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2011 CIGNA.12

Financial Highlights

First Quarter 2011 ResultsStrong quarter: earnings growth in each of our ongoing businesses

– Strategy execution driving organic growth in targeted areas of focus

Full Year 2011 OutlookNow expect full year consolidated EPS1 of $4.65 to $5.00

– Would represent growth of up to 8% over a strong 2010 result

Strong capital outlook– Expect $1.1 billion available for deployment in 2011

(already deployed $360 million through May 4th)

(1) Earnings per share (EPS) are on a diluted basis using adjusted income from operations. Does not include impact of any future share repurchase, and assumes breakeven VADBe results. Adjusted income from operations is shareholders’ net income excluding special items, GMIB business results, and realized investment results.

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Investor Considerations

Creating Sustainable Shareholder Value

Solid performance in each of our ongoing businesses

Diversified portfolio of businesses with differentiated growthopportunities

Strong return on capital and free cash flow generation

Attractive 2011 and longer-term earnings outlook

13

Go Deep. Go Global. Go Individual.

Confidential, unpublished property of CIGNA. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2011 CIGNA.

CIGNA Corporation

Matt MandersPresident, U.S. Service, Clinical and Specialty