Cigna Group (CI) shares jumped in early trading Monday after reports that it 澳♐洲幸运5官方开奖结果体彩网♋:called off earlier plans to buy Humana Inc. (HUM) and as the company announced a $10 billion share buyback program.

Cigna called off its merger with Humana after the two companies could not agree on price, according to The Wall Street Journal. Cigna also announced a $10 billion share buyback program Sunday, saying that it intends to use the majority of its discretionary cash flow for share repurchases in 2024.

"We believe Cigna's shares are significantly undervalued and repurchases represent a value-enhancing deployment of capital as we work to support high-quality care, improved affordability, and better health outcomes," Cigna CEO David Cordani said in a release.

Cordani also noted that Cigna "will consider bolt-on acquisitions aligned with our strategy, as well as value-enhancing divestitures."

Cigna shares were up 16.6% at $301.78 as of about 10:50 a.m. ET Monday. Despite Monday's gain, the company's shares were down more than 6% year-to-date.