Cigna Group is not pursuing a combination with rival Humana, the health insurer said on Monday, days after Donald Trump's re-election as U.S. president raised investor hopes that the reported merger may pass antitrust scrutiny.

Shares of The Cigna Group CI jumped 7.3% yesterday after it clarified in a press release that it's not pursuing a merger with Humana Inc. HUM. Recent speculation suggested a possible merger deal due to a potentially more business-friendly environment following the presidential election.

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.