All-Associate Town Hall

Joseph R. Swedish

President & CEO

Filed by Anthem, Inc.

(Commission File No. 001-16751) pursuant

to Rule 425 under the Securities Act of

1933 and deemed filed pursuant to

Rule 14a-12 under the Securities Exchange

Act of 1934

Subject Company: Cigna Corporation

Commission File No. 001-08323

America’s Valued

Health Partner

•

High-quality, high-value

products and services

•

Greater access and choice

for consumers

•

Broader and more diverse

customer base

•

Enhanced analytic and  

clinical capabilities

•

More efficient operations

remain our top priorities

Affordability & Quality

Provider

Collaboration

Managing Total

Cost of Care

Consumer

Centricity

Strategic Pillars

Purpose Statement

Together, we are transforming health care

with trusted and caring solutions

Vision

To be America’s valued health partner

Q&A

Important Information for Investors and Shareholders

This communication does not constitute an offer to sell or a solicitation of an offer to sell or a solicitation of an offer to buy any securities or a solicitation of

any

vote

or

approval,

nor

shall

there

be

any

sale

of

securities

in

any

jurisdiction

in

which

such

offer,

solicitation

or

sale

would

be

unlawful

prior

to

registration

or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the

requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.

The proposed transaction between Anthem, Inc. (“Anthem”) and Cigna Corporation (“Cigna”) will be submitted to Anthem’s and Cigna's shareholders and

stockholders (as applicable) for their consideration.

In connection with the transaction, Anthem and Cigna will file relevant materials with the U.S. Securities

and Exchange Commission (the “SEC”), including an Anthem registration statement on Form S-4 that will include a joint proxy statement of Anthem and Cigna

that also constitutes a prospectus of Anthem, and each will mail the definitive joint proxy statement/prospectus to its shareholders and stockholders,

respectively. This communication is not a substitute for the registration statement, joint proxy statement/prospectus or any other document that Anthem

and/or Cigna may file with the SEC in connection with the proposed transaction.

INVESTORS AND SECURITY HOLDERS OF ANTHEM AND CIGNA ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS

FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE

PROPOSED

TRANSACTION.

Investors

and

security

holders

will

be

able

to

obtain

free

copies

of

the

registration

statement

containing

the

joint

proxy

statement/prospectus and other documents filed with the SEC by Anthem or Cigna (when available) through the web site maintained by the SEC at

http://www.sec.gov.

Copies of the documents filed with the SEC by Anthem will be available free of charge on Anthem’s internet website at

http://www.antheminc.com

or by contacting Anthem’s Investor Relations Department at (317) 488-6168. Copies of the documents filed with the SEC by Cigna

will

be

available

free

of

charge

on

Cigna’s

internet

website

at

http://www.cigna.com

or

by

contacting

Cigna’s

Investor

Relations

Department

at

(215)

761-4198.

Anthem, Cigna and their respective directors and executive officers and other members of management and employees may be deemed to be participants in

the solicitation of proxies in respect of the proposed transaction. You can find information about Anthem’s executive officers and directors in Anthem’s annual

report

on

Form

10-K

for

the

year

ended

December

31,

2014

and

its

definitive

proxy

statement

filed

with

the

SEC

on

April

1,

2015.

You

can

find

information

about Cigna’s executive officers and directors in Cigna’s annual report on Form 10-K for the year ended December 31, 2014 and its definitive proxy statement

filed with the SEC on March 13, 2015. Additional information regarding the interests of such potential participants will be included in the joint proxy

statement/prospectus

when

it

is

filed

with

the

SEC.

You

may

obtain

free

copies

of

these

documents

using

the

sources

indicated

above.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES

LITIGATION REFORM ACT OF 1995

This document, and oral statements made with respect to information contained in this communication,

contain certain forward-looking information about Anthem, Inc. (“Anthem”), Cigna

Corporation (“Cigna”) and the combined businesses of Anthem and Cigna that is intended to be covered by the safe harbor for “forward-looking statements” provided by the Private

Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not generally historical facts. Words such as “expect(s),” “feel(s),” “believe(s),” “will,” “may,”

“anticipate(s),” “intend,” “estimate,” “project” and similar expressions (including the negative thereof) are intended to identify forward-looking statements, which generally are not

historical in nature. These statements include, but are not limited to, statements regarding the merger between Anthem and Cigna; Anthem’s financing of the proposed transaction; the

combined company’s expected future performance (including expected results of operations and financial guidance); the combined company’s future financial condition, operating results,

strategy and plans; statements about regulatory and other approvals; synergies from the proposed transaction; the combined company’s expected debt-to-capital ratio and ability to retain

investment grade ratings; the closing date for the proposed transaction; financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and

expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain known and unknown risks and

uncertainties, many of which are difficult to predict and generally beyond Anthem’s and Cigna’s control, that could cause actual

results and other future events to differ materially from

those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include: those discussed and identified in Anthem’s and Cigna’s

public filings with the U.S. Securities and Exchange Commission (the “SEC”); those relating to the proposed transaction, as detailed from time to time in Anthem’s and Cigna’s filings with the

SEC; increased government participation in, or regulation or taxation of health benefits and managed care operations, including,

but not limited to, the impact of the Patient Protection and

Affordable Care Act and the Health Care and Education Reconciliation Act of 2010, or Health Care Reform; trends in health care costs and utilization rates; our ability to secure sufficient

premium rates including regulatory approval for and implementation of such rates; our participation in the federal and state health insurance exchanges under Health Care Reform, which

have experienced and continue to experience challenges due to implementation of initial and phased-in provisions of Health Care Reform, and which entail uncertainties associated with the

mix and volume of business, particularly in Individual and Small Group markets, that could negatively impact the adequacy of our

premium rates and which may not be sufficiently offset by

the risk apportionment provisions of Health Care Reform; our ability to contract with providers consistent with past practice; competitor pricing below market trends of increasing costs;

reduced enrollment, as well as a negative change in our health care product mix; risks and uncertainties regarding Medicare and Medicaid programs, including those related to non-

compliance

with

the

complex

regulations

imposed

thereon

and

funding

risks

with

respect

to

revenue

received

from

participation

therein;

our

projected

consolidated

revenue

growth

and

global medical customer growth; a downgrade in our financial strength ratings; litigation and investigations targeted at our industry and our ability to resolve litigation and investigations

within estimates; medical malpractice or professional liability claims or other risks related to health care services provided by our subsidiaries; our ability to repurchase shares of its

common stock and pay dividends on its common stock due to the adequacy of its cash flow and earnings and other considerations; non-

compliance by any party with the Express Scripts,

Inc. pharmacy benefit management services agreement, which could result in financial penalties; our inability to meet customer demands, and sanctions imposed by governmental entities,

including

the

Centers

for

Medicare

and

Medicaid

Services;

events

that

result

in

negative

publicity

for

us

or

the

health

benefits

industry;

failure

to

effectively

maintain

and

modernize

our

information systems and e-business organization and to maintain good relationships with third party vendors for information system resources; events that may negatively affect Anthem’s

licenses

with

the

Blue

Cross

and

Blue

Shield

Association;

possible

impairment

of

the

value

of

our

intangible

assets

if

future

results

do

not

adequately

support

goodwill

and

other

intangible

assets; intense competition to attract and retain employees; unauthorized disclosure of member or employee sensitive or confidential information, including the impact and outcome of

investigations,

inquiries,

claims

and

litigation

related

to

the

cyber

attack

Anthem

reported

in

February

2015;

changes

in

the

economic

and

market

conditions,

as

well

as

regulations

that

may

negatively

affect

our

investment

portfolios

and

liquidity;

possible

restrictions

in

the

payment

of

dividends

by

our

subsidiaries

and

increases

in

required

minimum

levels

of

capital

and

the

potential negative effect from our substantial amount of outstanding indebtedness; general risks associated with mergers and acquisitions; various laws and provisions in Anthem’s

governing documents that may prevent or discourage takeovers and business combinations; future public health epidemics and catastrophes; and general economic downturns.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES

LITIGATION REFORM ACT OF 1995

Important

factors

that

could

cause

actual

results

and

other

future

events

to

differ

materially

from

the

forward-looking

statements

made

in

this

communication

are set forth in other reports or documents that Anthem and/or Cigna may file from time to time with the SEC, and include, but are not limited to: (i) the

ultimate outcome of the proposed transaction, including the ability to achieve the synergies and value creation contemplated by the proposed transaction, (ii)

the ultimate outcome and results of integrating the operations of Anthem and Cigna, (iii) disruption from the merger making it more difficult to maintain

businesses and operational relationships, (iv) the risk that unexpected costs will be incurred in connection with the proposed transaction, (v) the timing to

consummate the proposed transaction, (vi) the possibility that the proposed transaction does not close, including, but not limited to, due to the failure to satisfy

the

closing

conditions,

including

the

receipt

of

required

regulatory

approvals

and

the

receipt

of

approval

of

both

Anthem’s

and

Cigna’s

shareholders

and

stockholders, respectively, and (viii) the risks and uncertainties detailed by Cigna with respect to its business as described in its reports and documents filed with

the SEC. All forward-looking statements attributable to Anthem, Cigna or any person acting on behalf of Anthem and/or Cigna are expressly qualified in their

entirety

by

this

cautionary

statement.

Readers

are

cautioned

not

to

place

undue

reliance

on

these

forward-

looking

statements

that

speak

only

as

of

the

date

hereof. Except to the extent otherwise required by federal securities law, neither Anthem nor Cigna undertake any obligation to republish revised forward-

looking

statements

to

reflect

events

or

circumstances

after

the

date

hereof

or

to

reflect

the

occurrence

of

unanticipated

events

or

the

receipt

of

new

information. Readers are also urged to carefully review and consider the various disclosures in Anthem’s and Cigna’s SEC reports.