New York Life has agreed to acquire health insurer Cigna’s group life and disability operations in a transaction valued at approximately $6.3bn.

The acquisition is part of New York Life’s strategy to strengthen its business outside the core business of life insurance and annuities.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

As part of the agreement, New York Life will absorb Cigna Group Insurance employees along with the staff who primarily support the acquired business.

New York Life said that Cigna’s group life and disability insurance business will function within its portfolio of strategic businesses.

Commenting on the deal, New York Life chairman and CEO Ted Mathas said: “This transaction increases the value we can deliver to our policy owners, strengthens our well-defined business model, and adds millions of customers to the New York Life family.

“Cigna’s group life and disability business enhances our portfolio of strategic businesses and is led by an experienced management team and high-quality workforce, who we look forward to welcoming to our company. We are fully committed to making this transition as seamless as possible for employees and clients alike.”

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.

Company Profile – free sample

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 GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Cigna president of strategy and solutions Matt Manders stated: “We are confident that clients and customers, including the many who also receive health and related benefits through Cigna, will continue to enjoy the high-quality benefits solutions and service for which this business is known.”

Subject to receipt of regulatory approvals, the transaction is expected to conclude in the third quarter of next year.