Skip to main content
Friday, October 30, 2026Oct 30
Subscribe
All Sections
Search
More

This story is free to read.

Cigna to sell life, accident and benefits business to Chubb in $5.75 billion deal

FILE - This Nov. 26, 2018, file photo shows the Cigna Corp., logo at the headquarters of the health insurer in Philadelphia. New York Life will spend more than $6 billion in cash to buy the group life and disability coverage business of the insurer Cigna. The life insurer said Wednesday, Dec. 18, that the deal will add millions of customers to its business. It also gives Cigna Corp. cash to buy back stock and pare its debt. (AP Photo/Matt Rourke, File)
FILE - This Nov. 26, 2018, file photo shows the Cigna Corp., logo at the headquarters of the health insurer in Philadelphia. New York Life will spend more than $6 billion in cash to buy the group life and disability coverage business of the insurer Cigna. The life insurer said Wednesday, Dec. 18, that the deal will add millions of customers to its business. It also gives Cigna Corp. cash to buy back stock and pare its debt. (AP Photo/Matt Rourke, File) FILE - This Nov. 26, 2018, file photo shows the Cigna Corp., logo at the headquarters of the health insurer in Philadelphia. New York Life will spend more than $6 billion in cash to buy the group life and disability coverage business of the insurer Cigna. The life insurer said Wednesday, Dec. 18, that the deal will add millions of customers to its business. It also gives Cigna Corp. cash to buy back stock and pare its debt. (AP Photo/Matt Rourke, File)

By Stephen Singer / Hartford Courant (Tribune News Service) 2 min read

Cigna Corp. has struck a $5.75 billion deal to sell its life, accident and supplemental businesses to Swiss insurer Chubb Ltd.

The agreement is “another step forward” in advancing Cigna’s strategic focus on its global health businesses, Chief Executive Officer David M. Cordani said in announcing the deal Thursday night. It’s expected to be completed next year.

Chubb was rebuffed earlier this year when it made an unsolicited $23 billion offer for The Hartford Financial Services Group Inc.

Chubb will acquire the Cigna businesses in Hong Kong, Indonesia, Korea, New Zealand, Taiwan and Thailand and Cigna’s interest in a joint venture in Turkey. In Korea, Chubb will acquire and plans to continue to operate the business under the LINA Korea brand, also known as Life Insurance Co. of North America.

Cigna said it will continue to operate its international health businesses and local market services in the Middle East, Europe, Hong Kong, Singapore and joint ventures in Australia, China and India. It said it expects to realize about $5.4 billion of net after-tax proceeds and will use the proceeds primarily for share repurchase.