Cigna sells group insurance unit for $6.3B

New York Life agreed to buy Cigna's group life and disability insurance arm for $6.3 billion, the companies said Dec. 18.

The sale was first reported on in August. Cigna's decision to spin off the business comes as the insurer turns a greater focus toward healthcare after its acquisition of pharmacy benefits manager Express Scripts.

Pending regulatory approval, the deal is expected to close in the third quarter of 2020.

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