US-headquartered health insurer Cigna has
signed an agreement to acquire a 51% stake of Finans Emeklilik, the
life and pensions subsidiary of Turkey’s Finansbank.
Cigna will purchase the 51% stake Finans
Emeklilik for €85m ($103.8m) and enter into a long term
distribution agreement with Finansbank for the distribution of
insurance products through its branch network and other channels.
Finansbank has more than 500 branch locations in Turkey.
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As part of the agreement, Finansbank will
receive commissions. Cigna said it would also enable it to serve
Turkey’s rapidly expanding middle class market.
Jason Sadler, CEO of Cigna International
Health, Life and Accident, said: “With its expanding population,
growing GDP, and low insurance penetration, Turkey is an ideal
market for Cigna’s innovative product offering that helps customers
improve their health, well-being and sense of security,”
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