Company officials said Monday they are not pursuing a merger with rival Humana, causing Cigna's stock to rise in the markets.

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.

Last December, the two companies failed to agree on a price as Cigna pursued the purchase of the Louisville-based company. The merger would have created a $140 billion giant in the health insurance industry. The Wall Street Journal previously reported Cigna will instead focus on a smaller acquisition.