Nylife Cigna – The acquisition enhances New York Life’s strategic business portfolio, contributes to its financial strength, and adds value to customers, providers, and policyholders.
, today announced the completion of the company’s acquisition of Cigna’s group life, risk, and disability insurance businesses. The $6.3 billion acquisition, which was first announced on December 18, 2019, adds about 3,000 employees, more than nine million customers.
, and expanding New York Life’s strategic business portfolio, which supports its core life insurance capabilities and increases the company’s financial strength. The new business will be named New York Life Group Benefit Solutions.
Jennifer Anderson (mba)(cdms)
“This acquisition, the largest in our company’s history, strengthens our financial strength by providing capital that can contribute to surplus, dividends, and earnings,” said New York Life President and CEO Ted Mathas. “We are excited to welcome to New York Life our new employees and the millions of new customers we will gain through this important transaction. We look forward to building on a great solution from the market in the coming years.”
“New York Life Group Benefit Solutions brings deep expertise, diverse underwriting and risk management capabilities, and life consulting expertise to New York Life. Our mission is to provide financial stability to the people we serve. And, together, we will continue to focus on our commitment to our customers, suppliers, customers, and employees,” said William J. Smith, senior vice president and president of the company. New York Life Group Solutions.
New York Life President Craig DeSanto added, “New York Life’s industry-leading Group Benefit Solutions is a perfect fit for our company, with a strong management team and talented staff. We look forward to adding New York Life Group Benefit Solutions’ enhanced benefits and services to our offerings and grow together in the future. With this acquisition, New York Life is in a strong position to continue to provide financial security to individuals, families, and business owners.
New York Life and Cigna have also entered into a multi-year partnership that will continue to bring diverse, integrated health care and group benefits to customers and consumers they love.
New York Life Insurance Co. Employee Discounts, Employee Benefits, Employee Perks, Employee Discount Program
New York Life’s Group Benefits solution will be used across New York Life’s strategic business portfolio, which includes Group Membership, Home Equity, Group Life, New York Life Direct, and Seguros Monterrey New York Life, among others.
With the completion of the acquisition, New York Life is now among the top five insurers in all life, casualty, and disability insurance.
Credit Suisse Securities (USA) LLC acted as financial advisor and Debevoise & Plimpton LLP acted as legal advisor to New York Life.
Bank of America Securities acted as financial advisor to Cigna. Sidley Austin LLP acted as lead counsel, and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as counsel to Cigna. Wachtell, Lipton, Rosen & Katz also advised Cigna on the transaction.
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About New York Life New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest life insurance company in the United States* and one of the largest life insurance companies in the world. Headquartered in New York City, the New York Life family of companies provides life insurance, retirement income, investment and long-term care insurance. New York Life has received the highest current financial strength rating of any US life insurer from all four major credit rating agencies***.
New York Life Group Benefit Solutions products and services are provided exclusively by or through Life Insurance Company of North America (“LINA”) or Cigna Life Insurance Company of New York (New York, NY) (“CLICNY”), or through or through . affiliates or subsidiaries of Cigna Corporation and reimbursed by LINA. LINA and CLICNY are responsible for their own financial and contractual obligations.
* Based on revenue as reported in “Fortune 500 in Industry, Insurance: Life, Health (Mutual),” Fortune Magazine, 5/18/2020. For the formula, see https://fortune.com/fortune500/.
** Comment from an independent assessment agency on 10/15/2020: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).
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About Cigna Cigna Corporation is a global health services company dedicated to improving the health, well-being and peace of mind of those it serves. Cigna provides choice, predictability, affordability and access to quality care through a combination of integrated capabilities and personalized solutions that improve people’s overall health. All products and services are offered exclusively by or through subsidiaries of Cigna Corporation, including Cigna Health and Life Insurance Company, Connecticut General Life Insurance Company, Evernorth companies or affiliates and Express Scripts companies or affiliates. These products and services include a combination of health services, such as medical, dental, behavioral health, pharmacy, vision, additional benefits and other related products. Cigna maintains sales opportunities in more than 30 countries and jurisdictions, and has more than 170 million customer relationships worldwide. To learn more about Cigna®, including links to follow us on Facebook or Twitter, visit www.cigna.com.
Cigna Forward-Looking Statements This press release, and oral statements related to this release, may contain forward-looking statements within the meaning of the Securities and Exchange Commission Reform Act of 1995. Forward-looking statements are based on Cigna’s current expectations. and predictions about him. future events, events and uncertainties. That statement is not a historical fact. Forward-looking statements may include, among other things, information about projected adjusted net income from operations per share for 2020; revenue forecast for 2020; future financial or operational performance, including our ability to deliver affordable and customized solutions to our customers and clients, given the challenges presented by the COVID-19 pandemic; future development, business strategy, strategy or operational plan, including our strategic plan; economic, regulatory or competitive conditions, particularly in relation to the pace and changes in the region; funding plan or capital and the amount available for future deployment; our hope for growth in the coming years; strategic transactions, including the merger (“Hedge”) with Express Holdings and the sale of American Group and Life business; response to the COVID-19 pandemic; and other information regarding Cigna’s beliefs, expectations, plans, objectives, financial condition or performance. You can identify forward-looking statements by using words such as “believe,” “expect,” “plan,” “intend,” “expect,” “estimate,” “predict,” “may,” “could.” , ” “should,” “will” or other similar words or expressions, although not all forward-looking statements contain such words.
Forward-looking statements are subject to risks and uncertainties, both known and unknown, that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These risks and uncertainties include, but are not limited to: our ability to achieve our financial goals, strategies and plans or initiatives; our ability to effectively predict and manage drug and pharmacy costs and expenses; our ability to adapt to changes or trends in our rapidly evolving industry; our ability to effectively differentiate our products and services from our competitors and maintain or increase our market share; our ability to develop and maintain good relationships with physicians, hospitals, other health care providers, suppliers, consultants, and pharmaceutical manufacturers; changes in the pharmacy provider market or pharmacy network; changes in drug prices; the impact of the modification on our operations and processes; our ability to identify potential strategic transactions and understand the anticipated benefits (including anticipated synergies) of such transactions as a whole or over the anticipated period of time, including in connection with Group Business Mergers and Lifetime Businesses, as well as our business. the ability to integrate or share services, resources and systems; increased levels of government regulation on our business and the effect of new laws or regulations or changes in existing laws or regulations; results of legal proceedings, regulatory investigations, investigations, operations or audits of the guarantee fund; uncertainties associated with participating in government-sponsored programs such as Medicare; the effectiveness and security of our communications technology and other business systems and our main or third-party suppliers; the impact of debt service obligations on the availability of funds for other business purposes; adverse industry, economic or political conditions, including foreign currency movements; acts of violence, war, terrorism, natural disasters or epidemics; credit risk reinsurance; the scale and magnitude of the COVID-19 pandemic and its impact on our business, results of operations, cash flows and financial condition, as well as our employees, customers, clients, suppliers and partners and on the U.S. and foreign economic world; and specific risks and uncertainties discussed in our most recent reports on Form 10-K, Form 10-Q for the quarter ended March 31, 2020 and subsequent reports on Form 10-Q and 8-K available through Investor Relations. section of www.cigna.com. You should not rely too much on forward-looking statements, which say only on the date they were made, do not guarantee future performance or results, and are subject to risks, uncertainties and assumptions that are difficult to predict or number. Cigna is not responsible for updating or correcting any of the statements below, or as a result