New York Life in talks to acquire Cigna unit for $6 billion

First, there was news in August 2019 that US health insurance giant, Cigna Corp, was allegedly seeking buyers for its group benefits insurance business, which was valued at around $6 billion. Now, the company has reportedly found a leading candidate for the acquisition of that unit in New York Life Insurance. Other would-be bidders include MetLife and Sun Life Financial, according to sources familiar with the potential deal. The Cigna business markets insurance products, including life, accident and disability income policies. This isn’t the first time that an insurer has struck a deal for a unit that sells insurance through employers. Lincoln National purchased a group benefits business from Liberty Mutual Holding in 2018 for $3.3 billion, while Hartford Financial Services Group bought an Aetna life and disability business back in 2017.

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