Cigna on Dec. 31 announced the completion of the sale of its Group Life and Disability Insurance Business to mutual life insurer New York Life for $6.3 billion. Shares of the mutual life insurance company rose 2% at the close on Thursday. Previously on Dec.18, 2019, Cigna (CI) disclosed the acquisition could potentially add 3,000 employees, over nine million customers, and boost New York Life’s portfolio of strategic businesses, supporting the core retail life insurance franchise and bolstering the company’s financial strength. It was also stated that the new business would be rebranded as New York Life Group Benefit Solutions.
https://www.tipranks.com/news/new-york-life-snaps-up-group-life-disability-insurance-business-from-cigna-for-6-3b