CI
The Cigna Group
Is CI Halal?
Major health-insurance and pharmacy-benefit-management company — conventional insurance is built on gharar (excessive uncertainty) and riba, failing the Sharia business-activity screen.
What You Should Know
The Cigna Group combines Evernorth Health Services — including pharmacy-benefit services, specialty pharmacy and care services — with Cigna Healthcare's commercial and international health-insurance operations. Its March 31, 2026 Form 10-Q reports $153,266 million of total assets, $30,900 million of interest-bearing debt, $7,040 million of cash, $26,607 million of net accounts receivable and $68,494 million of quarterly revenue. Those inputs produce debt/assets of 20.16%, liquidity of 15.06%, receivables plus cash/assets of 21.95% and a conservative net-investment-income upper bound of 0.29%; the examined asset-based financial ratios pass. The filing also reports $9,812 million of premiums, or 14.33% of total revenue. Conventional insurance remains a core business-activity disqualifier under the retained qualitative analysis, so the overall result is HARAM even though the mechanical balance-sheet ratios pass. This is a current quantitative calculation, not an index-membership claim.
⚠️ Concerns
- •Conventional health insurance is built on gharar (excessive uncertainty) in the contract structure — most classical and contemporary scholars hold conventional insurance contracts to be impermissible
- •Cigna reported $9,812 million of premiums, or 14.33% of quarterly revenue; that directly disclosed minimum is enough to establish a core conventional-insurance activity without estimating every prohibited line
- •The filing reports $202 million of net investment income; the screen treats it as a conservative upper bound, not as a claimed pure interest percentage or a scholar-approved purification rate
- •The PBM, specialty-pharmacy and care-services businesses are operationally permissible services in isolation but are consolidated within an insurance-centric issuer
- •The HCSC transaction changed Cigna's Medicare Advantage perimeter; future screens must re-check segment composition and revenue mix
- •Muslim investors seeking insurance-related exposure should look to takaful (Sharia-compliant cooperative insurance) structures rather than conventional insurers
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.
30,900 / 153,266
23,085 / 153,266
33,647 / 153,266
202 / 68,494
- Financial
- Pass
- Overall
- Fails
Debt/assets are 20.16%, liquidity is 15.06%, receivables plus cash are 21.95%, and the conservative net-investment-income upper bound is 0.29%, below the examined FTSE limits. The overall result fails because conventional insurance is a core activity and disclosed premiums are 14.33% of revenue.
- Financial
- Pass
- Overall
- Fails
Debt/assets, liquidity and receivables-plus-cash are below the examined MSCI total-assets limits. The issuer still fails overall because conventional insurance is a core business activity; this is a calculation against the named method, not an index-membership claim.
- Financial
- Pass
- Overall
- Fails
Debt/assets and liquidity are below the examined Malaysia SAC financial limits, but premiums alone are 14.33% of revenue and conventional insurance is a core activity. This is a calculation against SAC ratios, not an official classification of a U.S.-listed security.
- Financial
- Not calculated
- Overall
- Fails
A properly licensed historical market-cap series is not stored. A different denominator cannot cure the independently failed conventional-insurance business activity.
Business-activity disclosure
Cigna combines Evernorth pharmacy-benefit and specialty-care services with Cigna Healthcare medical and international health-insurance operations. The filing reports $9,812 million of premiums in the quarter; conventional insurance is a core activity and the disclosed premium revenue alone exceeds the examined 5% activity benchmark.
Limitation: The filing does not allocate every product, contract, investment return or service line into a universal Sharia prohibited-revenue taxonomy. That limitation does not make the result uncertain because conventional insurance is a core business and premiums alone establish a structural business-activity failure under the retained qualitative analysis.
Purification
Purification is not calculated because conventional insurance is a core business-activity failure. The 14.33% premium minimum establishes the structural result; it is not a percentage that can be donated to make continued ownership compliant. Investors should follow qualified guidance for disposing of income from an impermissible holding.
Inputs, assumptions and primary sources
- Inputs use The Cigna Group's March 31, 2026 Form 10-Q; amounts are USD millions and revenue and net investment income are for the three-month period.
- Debt is $1,529 million of short-term debt plus $29,371 million of long-term debt.
- Cash uses $7,040 million of cash and cash equivalents. Interest-bearing securities use $16,045 million of identifiable debt securities, commercial mortgage loans, policy loans, other long-term investments and short-term investments; equity securities are excluded.
- Receivables use $26,607 million of net accounts receivable. Reinsurance recoverables are not added to avoid mixing insurance-specific balances with trade and service receivables.
- Total revenue is $68,494 million. The filing reports $202 million of net investment income; the full amount is treated as a conservative upper bound for potentially non-compliant investment income rather than asserted to be pure interest.
- Premiums of $9,812 million are used as a directly disclosed conventional-insurance revenue numerator. That 14.33% minimum is sufficient to establish business-activity failure without pretending that every other Cigna revenue line is permissible or impermissible.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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