Cigna Group confirmed it is "not pursuing a combination with Humana, a big provider of Medicare Advantage coveage.

Late last year, The Wall Street Journal reported that Cigna was in talks with Humana for a healthcare merger but abandoned its pursuit after shareholders balked at a deal that would have created a roughly $140-billion health-insurance industry giant.

In light of recent and persistent speculation, The Cigna Group (CI) expects to communicate that the company is not pursuing a combination with

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.

Cigna said it isn't seeking to buy Humana, bolstering its stock and weighing on the share price of the Medicare-focused company. Cigna spoke out because of ongoing speculation it would strike a deal to take over Humana,

KEY TAKEAWAYS Humana shares are tumbling Monday morning after The Cigna Group said it is not pursuing a merger with its smaller health insurance rival.Negotiations by Cigna to buy Human fell apart last year but Bloomberg reported last month that the two companies had held informal talks about a deal,