Cigna New Zealand announced that Cigna Life Insurance here in New Zealand has been sold to Chubb. Additionally, Cigna has sold businesses in Hong Kong, Indonesia, Korea, Taiwan, Thailand and Turkey to Chubb for US$5.75 billion. Cigna New Zealand CEO Gail Costa has said the focus will continue to be Cigna customers.
“This afternoon Cigna Corporation announced that it has sold a number of businesses in its International Markets portfolio to Chubb for US$5.75 billion.
This includes our very attractive life insurance business in New Zealand as well as businesses in Hong Kong, Indonesia, Korea, Taiwan, Thailand and Turkey.
For those of you that may not be familiar with Chubb, they are one of the world’s largest publicly traded insurance companies. They have operations in 54 countries and territories, employ 31,000 people and have net assets of almost US$200 billion. They are one of the top 200 companies in the world by market capitalisation.
Importantly, Chubb are looking forward to playing a leading role in the future of the global life insurance industry. They see New Zealand as a highly desirable market and are excited about our growth potential.
Chubb view the purchase of our business as highly complementary to their global business as it now adds life insurance to their fire and general presence in New Zealand.
David, the leadership team and I firmly believe Chubb are committed and well positioned to continue developing our offering. We have a number of initiatives in progress, which we’ll share more about with you in the coming months.
This is 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.
I’d like to use today’s announcement to reinforce the importance of our long-term partnership, our commitment to third party distribution and to growing our businesses together.
Our focus on being there when our customers need us most is at the heart of everything we do and we look forward to continuing to deliver great insurance solutions for New Zealanders alongside you. ”