U.S. health insurer Cigna Corp is exploring a sale of its group benefits insuran...
- 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.
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