The final transfer of Cigna’s New Zealand life insurance business to Chubb Limited has been confirmed.
In a statement released out of Zurich late on Friday NZ time, the global insurance giant announced it has completed its acquisition of the life and non-life insurance companies that house Cigna’s personal accident, supplemental health and life insurance businesses in six Asia-Pacific markets, including New Zealand.
Using similar references when announcing the acquisition in October 2021, Chubb characterised the transaction overnight as a complementary strategic acquisition that serves to advance the insurer by expanding its presence in the Asia-Pacific region, which it identifies a long-term growth area for the company (see also: Cigna Sells NZ Life Insurance Business).
Chubb paid a final price of US$5.36 billion for Cigna’s Asia-Pacific operations, which include its accident and health and life business in:
- New Zealand
- Hong Kong
- Indonesia
- Korea
- Taiwan
- Thailand
…Cigna in New Zealand will be rebranded as Chubb
The global insurer notes the efficiencies created by the transaction are expected to provide greater flexibility for the company to invest in people, technology, products and distribution in the region.
It adds integration planning has been actively underway since the transaction was originally announced and that Cigna in New Zealand will be rebranded as Chubb as the integration progresses.
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