U.S. insurer Chubb Ltd has agreed to acquire health insurer Cigna Corp.
In a statement released late on Thursday, Chubb said it would acquire Cigna’s A&H (accident and health) and life businesses in South Korea, Taiwan, New Zealand, Thailand, Hong Kong and Hong Kong. Kong and Indonesia, in addition to Cigna’s 51% stake in a joint venture. in Turkey.
“The addition of Cigna’s business, primarily A&H (accident and health), will rebalance our global portfolio towards this key region,” said Chubb CEO Evan Greenberg said.
Chubb said the acquisition would lift Asia’s share of its global portfolio to $7 billion from about $4 billion in net premiums written, representing about 20% of total business activity. corporate business, excluding China.
This transaction comes at a time when the insurance industry in key markets is in turmoil.
In August, HSBC Holdings agreed to acquire the assets of French insurer Axa in Singapore for $575 million.
Last year, Singapore Life, an upstart insurer backed by investors including acquisition group TPG, acquired the Singapore business of British insurer Aviva for nearly $2 billion. as it expands in Southeast Asia.
Cigna said Chubb will acquire Cigna’s Korean business and continue operating under the LINA Korea brand.
Cigna will focus on its global health services portfolio, as well as local market services in the Middle East, Europe, Hong Kong, Singapore and joint ventures in Australia, China and India.
The deal has no financing conditions, and Cigna is expected to raise about $5.4 billion after taxes.
The transaction, subject to regulatory approvals, is expected to be completed in 2022.
(Reporting by Anshuman Daga in Singapore and Bhargav Acharya in Bengaluru; edited by Uttaresh.V & Shri Navaratnam)
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