Cigna + Humana = Cigmana ?

It's been reported that a merger is in the works.

What do CI + HUM Q3 2023 financials look like together?

1/ Potential Merger

-It’s been reported that Cigna (“CI”) and Humana (“HUM”) are exploring a merger
-Let’s compare Q3 2023 results to understand the financial implications

2/ Insurance vs. Healthcare Services Segments

-Cigna generates most Revenue through Healthcare Services (75%)
-Humana generates most Revenue through Insurance (85%)

-Combined -> 53% Healthcare Services & 47% Insurance

Note: similar to UnitedHealth Group (“UNH”) -> 45% Healthcare Services and 55% Insurance

3/ Operating Profit / Loss

-Together CI + HUM would rival CVS and UnitedHealth Group in Revenues:

 -UNH -> $92.4 Billion (Q3 2023)
 -CVS -> $89.8 Billion (Q3 2023)
 -CI + HUM -> $75.5 Billion (Q3 2023)

-would have had similar Operating Profits to CVS, while still trailing UNH:

 -UNH -> $8.5 Billion (Q3 2023)
 -CVS -> $3.7 Billion (Q3 2023)
 -CI + HUM -> $3.4 Billion (Q3 2023)

4/ Membership

-Cigna insures and/or services a lot of Commercial business (~16 million)
-Humana has a large block of Medicare Advantage business (~5.9 million)
-Combined their block would rival