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Fresh Look at Managed Care Results in Moat Upgrades

Jake Strole (jake.strole@morningstar.com)

To  CVS Health CVS and Cigna we now assign positive trend ratings, largely attributable to the competitive benefits we expect these businesses to achieve through their integrations of Aetna and Express Scripts, respectively. Unrivaled scale allows UnitedHealth to price its insurance book commensurate with the lowest cost per insured member of the companies we cover, which has led to industry-leading gains in membership over the past five years.