Cigna expects China to surpass South Korea as its largest international business through a joint venture with China Merchant Bank, according to the South China Morning Post.
Cigna's President of International Markets Jason Sadler said the insurer intends to expand its Chinese operations through its 50-50 joint venture with CMB. Cigna covers 2 million-plus lives across 15 provinces in China.
The insurer's international business, which includes markets in India, Hong Kong, Turkey and the Middle East, is its fastest growing portfolio. Those markets have seen double-digit revenue and earnings growth during the past seven years, according to the South China Morning Post.
While Mr. Sadler didn't specify when Cigna expects its China business to surpass its South Korea operations, he said China's aging market and continued rise of chronic disease will drive the shift. He added Cigna's digital strategies are key to growing its China business.