Press Release

CIGNA Exploring Alternatives for Retirement & Investment Services Business

PHILADELPHIA, PA, July 30, 2003 -- CIGNA Corporation (NYSE: CI) said today it is exploring strategic alternatives to further maximize the value of its retirement and investment services business. Options under consideration include placing the retirement and investment services business in a separate operating company with its own financial ratings or a possible divestiture.

"We have a sound business strategy for our retirement business and it continues to generate positive results, both absolutely and competitively. We appreciate the importance of financial security to our retirement and investment services customers and we are continuously exploring steps to enhance that security. We will choose the option that allows us to deliver on our commitments to provide competitively superior value for clients and their participants and to maximize shareholder value," said H. Edward Hanway, CIGNA chairman and chief executive officer.

CIGNA Corporation, headquartered in Philadelphia, and its subsidiaries constitute one of the largest publicly owned employee benefits organizations in the United States. Its subsidiaries are major providers of employee benefits offered through the workplace, including health care products and services; group life, accident and disability insurance; retirement products and services; and investment management. As of March 31, 2003, CIGNA Corporation had consolidated assets of $89.0 billion and shareholders' equity of $4.1 billion. Full-year 2002 revenues totaled $19.3 billion. Web site: http://www.cigna.com.

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