The courtship between insurance giants Cigna and Humana is just not meant to be, Cigna officials said Monday. Why it matters: The statement marks the likely end to on-and-off discussions about combining the companies into what would have been the nation's second-largest insurer — and potentially drawing antitrust scrutiny.

The two health insurance giants held talks about a deal last year, but Cigna walked away after the two companies failed to agree on a price.

Despite reports this fall that the two payers had reopened merger talks, Cigna plans to use excess cash to buy back its shares, David Cordani told investors.