Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is The Cigna Group (CI) Halal?

FAIL

The Cigna Group · NYSE: CI · Healthcare

The short answer

No — The Cigna Group (CI) fails this Shariah stock screen at the business-activity gate and the debt gate. Per the company's own disclosures, Cigna Healthcare is a health-insurance business (medical plan services including employer-sponsored insurance, Medicare Advantage, stop-loss, and individual and family plans), and conventional insurance is a non-compliant business activity under the AAOIFI-style business screen — the same basis on which Progressive (PGR) and Chubb (CB) failed Gate 1 in their October 2026 screens; premiums alone were about 14% of revenue ($19,671M of $140,162M, first half of 2026). Interest-bearing debt of $31,768M is about 44.88% of its ~$70.78B market cap ($267.96, October 2, 2026; 264,154,000 shares outstanding), above the ~33% ceiling. Net investment income of $474M is about 0.34% of revenue ($140,162M), below the 5% ceiling — the screen fails on business activity and debt, not the income ratio. Zoya rates CI not Shariah-compliant and Musaffa rates it not halal; no ShariaPortfolio rating was found — honestly reported as absent, not invented. The debt and cash figures are 10-Q-derived via filing aggregators (direct SEC access was unavailable), so this screen is marked provisional.

Gate 1 — Business activity: FAIL

The Cigna Group (NYSE: CI), headquartered in Bloomfield, Connecticut, describes itself as a global health company operating through two reportable segments: Evernorth Health Services (pharmacy benefit services and specialty and care services) and Cigna Healthcare (U.S. Healthcare and International Health operating segments — medical plan services, i.e., health insurance: employer-sponsored insurance, Medicare Advantage, stop-loss coverage, and individual and family plans). Its Other Operations include corporate-owned life insurance (COLI) and run-off operations. Insurance is not a side line: premiums were $19,671M of $140,162M total revenues for the six months ended June 30, 2026 — about 14%, far above any 5% de-minimis threshold. Haram flag (factual): under the AAOIFI-style business screen applied on this site, conventional insurance is a non-compliant business activity — the same basis on which Progressive (NYSE: PGR) and Chubb (NYSE: CB) failed Gate 1 in their October 2026 screens. Gate 1 fails. Facts only.

Gate 2 — Debt and cash: FAIL

Interest-bearing debt was $31,768M — long-term debt $28,976M plus current portion of long-term debt $2,792M (balance sheet at June 30, 2026, derived from the Q2 2026 10-Q). Insurance operating liabilities (contractholder deposit funds, future policy benefits, unpaid claims, health-care medical claims payable, separate account liabilities) are not counted as debt. Against a market cap of about $70.78B ($267.96 on October 2, 2026; 264,154,000 shares outstanding per the Q2 2026 earnings release), debt ÷ market cap is about 44.88%, above the ~33% ceiling. Cash and cash equivalents of $6,298M are about 8.90% of market cap. Gate 2 fails. Facts only.

Gate 3 — Non-compliant income: PASS

The company's Q2 2026 earnings release (Exhibit 99.1 to the Form 8-K filed July 30, 2026) separately discloses net investment income of $474M against total revenues of $140,162M for the six months ended June 30, 2026 — about 0.34% of revenue, far below the 5% non-compliant income ceiling. The screen fails at Gates 1 and 2 (business activity and debt), not on the income ratio. Gate 3 passes. Facts only.

Key figures used

Frequently asked questions

What does Cigna do?

The Cigna Group (NYSE: CI), headquartered in Bloomfield, Connecticut, is a major health services company operating through two reportable segments: Evernorth Health Services (pharmacy benefit services and specialty and care services) and Cigna Healthcare (U.S. Healthcare and International Health operating segments, providing medical plan services — employer-sponsored insurance, Medicare Advantage, stop-loss coverage, and individual and family plans). Its Other Operations include corporate-owned life insurance (COLI) and run-off operations. Insurance premiums alone were $19,671M of $140,162M total revenues for the first half of 2026 — about 14% — so insurance is a core, non-de-minimis business line.

Why does Cigna fail this Shariah stock screen?

Cigna fails this screen at the first gate — the business-activity gate — and again at the debt gate. Per the company's own disclosures, Cigna Healthcare is a health insurance business (medical plan services including employer-sponsored insurance, Medicare Advantage, stop-loss, and individual and family plans); under the AAOIFI-style business screen applied on this site, conventional insurance is a non-compliant business activity — the same basis on which Progressive (NYSE: PGR) and Chubb (NYSE: CB) failed Gate 1 in their October 2026 screens. The financial picture also trips Gate 2: interest-bearing debt of $31,768M is about 44.88% of its ~$70.78B market cap, above the ~33% ceiling. This is a factual screen, not a religious ruling — consult a qualified scholar for personal rulings.

What is Cigna's interest-bearing debt ratio?

Interest-bearing debt was $31,768M — long-term debt $28,976M plus current portion of long-term debt $2,792M (10-Q-derived balance sheet at June 30, 2026; insurance operating liabilities such as contractholder deposit funds, future policy benefits, unpaid claims, and separate account liabilities are not counted as debt). Against a market cap of about $70.78B ($267.96 current price on October 2, 2026; 264,154,000 shares outstanding per the Q2 2026 earnings release), debt divided by market cap is about 44.88%, above the ~33% ceiling. Cash and cash equivalents of $6,298M are about 8.90% of market cap. Gate 2 fails.

What is Cigna's non-compliant income ratio?

The company's Q2 2026 earnings release (Exhibit 99.1 to its July 30, 2026 8-K) discloses net investment income of $474M against total revenues of $140,162M for the six months ended June 30, 2026 — about 0.34% of revenue, far below the 5% non-compliant income ceiling. Gate 3 passes; this screen fails at Gate 1 (business activity) and Gate 2 (debt), not on the income ratio.

Do Zoya, Musaffa, or ShariaPortfolio cover Cigna?

Zoya covers CI and flags it as not Shariah-compliant (zoya.finance/stocks/ci, accessed October 2026; the page's displayed assessment date was blank) — it does not rate Cigna halal. Musaffa covers CI and classifies it as "not halal" as of October 2026 under its AAOIFI methodology (musaffa.com/stock/CI/). No ShariaPortfolio screening page or rating for CI was found — reported as absent, not invented. All coverage found is consistent with this page's own FAIL outcome. This page applies the screen directly from Cigna's own disclosures and reports these positions honestly.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).