Exclusive: Cigna seeks sale of group benefits insurance business - sources

- U.S. health insurer Cigna Corp is exploring a sale of its group benefits insurance business, which could be valued at as much as $6 billion, four people familiar with the matter said on Tuesday.

The unit for sale offers disability insurance as well as life and accidental death and dismemberment coverage to clusters of company employees. Cigna’s move to shed it underscores its decision to focus on healthcare following its $54-billion acquisition of pharmacy benefits manager Express Scripts Holding Co last year.

While stating the company does not comment on rumors and speculation, a Cigna spokesman said: “Given the dynamic marketplace, we continually review opportunities to ensure we continue to deliver value to our customers and clients.”Cigna’s group benefits business sits within the company’s group disability and other operations division. This unit reported $1.31 billion of adjusted revenue in the three months to June 30, and covered 15.

As health insurers face regulatory uncertainty amid political efforts to lower U.S. healthcare costs ahead of the 2020 presidential election, Cigna is hoping the acquisition of Express Scripts will help rein in its own costs.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bayer Sells Its Animal Health Business For $7.6 Billion Amid Mounting Roundup Cancer ClaimsBayer's sale of its animal health business comes after the German chemicals giant proposed an $8 billion payout to settle all cases alleging that Monsanto's Roundup weed killer causes cancer. Bayer=Monsanto. Wake up folks. They are killing us and your pets.
Source: Forbes - 🏆 394. / 53 Read more »

The CEOs of nearly 200 companies just said shareholder value is no longer their main objectiveThe Business Roundtable, a group of CEOs of nearly 200 major U.S. corporations, gave a new definition of the 'purpose of a corporation.' All well and good until the money stops flowing. Principles will suddenly change back to investor focused. Fire them It never was, it has only been their own value that is the main objective. They are just finally admitting it publicly. If that has not been the case explain their pay and all their cronies on the boards approving their pay and golden parachutes. AmericanGreed
Source: CNBC - 🏆 12. / 72 Read more »