India-based Manipal Education & Medical Group (MEMG) has acquired a majority stake in its health insurance joint venture (JV) with American insurer Cigna.
As part of the deal, the third partner TTK Group will exit the JV.
Go deeper with GlobalData
TTK Group owned a 74% stake in the health insurance JV, when it was formed in 2014 in collaboration with Cigna. Later in August 2017, Cigna increased its stake from 26% to 49% in the JV through a preferential allotment.
With the latest acquisition, MEMG’s holding in Cigna TTK Health Insurance will increase to 51%, while Cigna will continue to own the remaining 49% stake in the JV.
The latest deal follows MEMG’s acquisition of a 16% stake in the venture last year.
Post-acquisition, the name of health insurance JV has been changed to ManipalCigna Health Insurance from Cigna TTK.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataMEMG chairman Ranjan Pai said: “We believe the combination of Manipal Group’s integrated healthcare expertise with multi-specialty hospital networks and Cigna‘s global expertise in health and wellness, positions ManipalCigna Health Insurance Company as a truly differentiated healthcare provider for people across India.
“The two organisations are a good cultural fit and drawing on the strengths of both companies together we can provide easy and lifetime access to quality healthcare to millions of people in India and create a strong path for our future growth.”
The transaction has secured green signal from the Insurance Regulatory and Development Authority of India (IRDAI).
ManipalCigna Health Insurance currently manages a distribution network of 20,000 advisors, 28 branch offices, 250 major brokers and 7,000 points of sales.
