New York Life to buy Cigna unit in US$6b plus deal, FT says

Health-insurance giant Cigna had been talking to other would-be bidders including MetLife Inc. and Sun Life Financial Inc.

SINGAPORE: New York Life Insurance Co. has agreed to acquire a business from Cigna Corp. that sells non-medical insurance products to employers in a transaction worth north of $6 billion, the Financial Times reported Wednesday, citing people familiar with the matter.

The acquisition would broaden New York Life’s offerings beyond its core life insurance and annuities franchises. It would also provide a large cash injection to Cigna, saddled with debt following its $67 billion takeover of pharmacy-benefit manager Express Scripts last year, according to the report.