Cigna Corporation has announced it has sold its New Zealand life insurance business to global insurer Chubb in an arrangement that is expected to be completed in 2022.
In announcing the sale to advisers, Cigna CEO, Gail Costa, said the organisation’s New Zealand life operations formed part of a number of businesses in Cigna’s International Markets portfolio that have been sold to Chubb for US$5.75 billion.
Costa described Chubb as one of the world’s largest publicly traded insurance companies, with operations in 54 countries and territories, and is one of the top 200 companies in the world by market capitalisation.
the new owner …sees New Zealand as a highly desirable market…
She added that the new owner of Cigna’s New Zealand life insurance business is looking forward to playing a leading role in the future of the global life insurance industry; that it sees New Zealand as a highly desirable market and is excited about Cigna’s growth potential.
Costa says this acquisition is viewed by Chubb as highly complementary to its global business as it now adds life insurance to the fire and general presence it already holds in New Zealand.
She sees this development as “…an exciting opportunity for us, given Chubb’s size, scale and desire to invest in our business so that we can continue to innovate and expand our product and service offerings”.
A statement issued by Chubb says the operations to be acquired include Cigna’s A&H and life business in Korea, Taiwan, New Zealand, Thailand, Hong Kong and Indonesia and its interest in a joint venture in Turkey. These operations generated approximately US$3 billion in net premiums written in 2020.
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb says: “We have long admired and respected Cigna’s business in Asia including its talented people, innovative products, technical and analytical capabilities, distribution and management.”