Cigna in talks to sell $6B group insurance unit to New York Life

New York Life Insurance is emerging as a top potential buyer of Cigna's nonmedical group insurance products, according to The Wall Street Journal.

Reports first surfaced in August that Cigna was considering selling the unit, which is valued at $6 billion. People familiar with the matter told WSJ that while Sun Life Financial and MetLife are also potential buyers, New York Life is the top contender.

Cigna and New York Life hope to reach a deal by the end of the year, according to the report. The sale could help Cigna tackle some of its $39 billion debt, part of which came from its acquisition of Express Scripts.

More articles on payers:
Optum's 'city by city' healthcare strategy: 4 things to know
BCBS accuses Tennessee hospital of using 'suspicious' billing tactics
Humana accidentally auto-billed 25,000 members for 100 times their owed fees

© Copyright ASC COMMUNICATIONS 2020. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.


Featured Content

Featured Webinars

Featured Whitepapers