Photo: Julia Rendleman/Getty Images for Eventive Marketing

Cigna finally pulled the trigger on selling its life and disability insurance business, netting $5.3 billion after taxes from New York Life.

The big picture: Health insurers have been divesting products that have less to do with actual medical care and instead combining with companies that sell drug benefits

Yes, but: That money isn't resulting in lower health premiums.

  • Cigna said it would use $3 billion from the New York Life deal to buy back stock, while the rest will go toward paying down the debt associated with its Express Scripts acquisition.

Speaking of stock buybacks, four of the five major insurers (Anthem, Cigna, Humana and UnitedHealth Group) have now bought back $13.2 billion worth of their stock this year, according to financial filings analyzed by Axios.

  • That's roughly what it would cost to cover the annual premiums of benchmark health plans for almost 2.4 million people on the ACA's marketplaces next year, based on Kaiser Family Foundation data.

Go deeper: Health care profits dip, but stocks soar

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Updated 49 mins ago - Politics & Policy

Voters in Wisconsin, Michigan urged to return absentee ballots to drop boxes

Signs for Joe Biden are seen outside a home in Coon Valle, Wisconsin, on Oct. 3. Photo by KEREM YUCEL via Getty

Wisconsin Democrats and the Democratic attorney general of Michigan are urging voters to return absentee ballots to election clerks’ offices or drop boxes, warning that the USPS may not be able to deliver ballots by the Election Day deadline.

Driving the news: The Supreme Court rejected an effort by Wisconsin Democrats and civil rights groups to extend the state's deadline for counting absentee ballots to six days after Election Day, as long as they were postmarked by Nov. 3. In Michigan, absentee ballots must also be received by 8 p.m. on Election Day in order to be counted.

57 mins ago - Technology

Facebook warns of "perception hacks" undermining trust in democracy

Photo Illustration: Sarah Grillo/Axios. Photo by Jamie Squire/Getty Images

Facebook warned Tuesday that bad actors are increasingly taking to social media to create the false perception that they’ve pulled off major hacks of electoral systems or have otherwise seriously disrupted elections.

Why it matters: "Perception hacking," as Facebook calls it, can have dire consequences on people's faith in democracy, sowing distrust, division and confusion among the voters it targets.

Obama: Trump is "jealous of COVID's media coverage"

Former President Barack Obama launched a blistering attack on President Trump while campaigning for Joe Biden in Orlando on Tuesday, criticizing Trump for complaining about the pandemic as cases soar and joking that he's "jealous of COVID's media coverage."

Driving the news: Trump has baselessly accused the news media of only focusing on covering the coronavirus pandemic — which has killed over 226,000 Americans so far and is surging across the country once again — as a way to deter people from voting on Election Day and distract from other issues.