US domiciled mutual life insurer New York Life has completed its $6.3 billion acquisition of health insurer Cigna’s life, accident, and disability insurance business.
The acquisition, which was first announced in 2019, adds approximately 3,000 employees and over nine million customers to New York Life’s portfolio.
The new business will be rebranded as New York Life Group Benefit Solutions and will operate within New York Life’s portfolio of strategic businesses.
New York Life Chairman and CEO Ted Mathas said: “This acquisition, the largest in our company’s history, reinforces our financial strength by generating capital that can contribute to our surplus, dividends, and earnings.
“We are excited to welcome to New York Life our new employees and the millions of new customer relationships that we will gain through this milestone transaction. We look forward to building on our leading group benefit solutions market position in the years ahead.”
William J. Smith, senior vice president and head of New York Life Group Benefit Solutions said: “New York Life Group Benefit Solutions brings deep expertise, differentiated underwriting and risk management capabilities, and extensive consultative experience to New York Life.
“Our mission is to provide financial peace of mind to those we serve and, together, we will maintain our unwavering focus on and commitment to clients, producers, customers, and our employees.”
New York Life President Craig DeSanto added: “Industry-leading New York Life Group Benefit Solutions is an ideal fit for our company, with a strong management team and talented workforce.
“We look forward to adding New York Life Group Benefit Solutions’ complementary suite of benefits and services to our offerings and growing together in the future. With this acquisition, New York Life is even more strongly positioned to continue to deliver financial security to individuals, families, and business owners.”