Leerink analyst Ana Gupte sees Anthem's (ANTM) proposed acquisition of Cigna (CI) as having at least 60% probability of receiving regulatory approval, though she expects "considerable" price concessions and divestitures. Gupte thinks the transaction is strategically and financially attractive for shareholders. She views Aetna's (AET) acquisition of Humana (HUM) as "far more probable" from an antitrust perspective.
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Affirms FY 2024 Insurance segment benefit ratio of approximately 90%. Raises 2024 individual Medicare Advantage annual membership growth by 50,000 to now anticipate annual growth of approximately 150,000, or 2.8%.