New York Life Insurance to Buy Cigna's Life and Disability Insurance Business for $6.3 Billion

Date : 12/18/2019 @ 1:44PM
Source : Dow Jones News
Stock : Cigna Corporation (CI)
Quote : 168.81  0.0 (0.00%) @ 9:00AM

New York Life Insurance to Buy Cigna's Life and Disability Insurance Business for $6.3 Billion

Cigna (NYSE:CI)
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   By Dave Sebastian 
 

New York Life Insurance Co. said Wednesday has agreed to buy Cigna Corp.'s (CI) life and disability insurance business for $6.3 billion in cash.

Cigna said the transaction would likely be neutral to its per-share earnings in 2020 and could add to its earnings in 2021.

Cigna said it expects to realize about $5.3 billion of net after-tax proceeds from the transaction and to use them for share repurchases and debt repayment in 2020. Cigna's board has increased the company's share repurchase authority by $3 billion to $4 billion, it said.

The transaction is expected to close in the third quarter of 2020.

 

Write to Dave Sebastian at dave.sebastian@wsj.com

 

(END) Dow Jones Newswires

December 18, 2019 08:29 ET (13:29 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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