May 19, 2024

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New York Lifestyle Completes Acquisition of Cigna’s Group Lifetime and Incapacity Insurance coverage Company

8 min read

NEW YORK–(Organization WIRE)–Dec 31, 2020–

New York Existence, America’s biggest mutual life insurance company 1, now declared the completion of the company’s acquisition of Cigna’s team lifetime, incident, and incapacity insurance policies business. The $6.3 billion acquisition, which was very first declared on December 18, 2019, provides approximately 3,000 workers, about nine million buyers 2, and enhances New York Life’s portfolio of strategic corporations, which assist the core retail everyday living insurance policies franchise and bolster the company’s financial strength. The new business enterprise will be rebranded New York Lifestyle Team Benefit Options.

“This acquisition, the most significant in our company’s record, reinforces our money power by generating capital that can add to our surplus, dividends, and earnings,” mentioned New York Daily life Chairman and CEO Ted Mathas. “We are excited to welcome to New York Daily life our new workers and the hundreds of thousands of new buyer associations that we will get via this milestone transaction. We seem ahead to developing on our leading team benefit alternatives sector position in the several years forward.”

“New York Lifetime Team Benefit Options delivers deep skills, differentiated underwriting and chance administration abilities, and considerable consultative experience to New York Lifestyle. Our mission is to deliver economical peace of head to individuals we provide and, with each other, we will keep our unwavering focus on and determination to clients, producers, clients, and our workforce,” stated William J. Smith, senior vice president and head of New York Existence Team Profit Solutions.

New York Existence President Craig DeSanto extra, “Industry-primary New York Lifestyle Group Reward Alternatives is an perfect in shape for our company, with a strong management crew and talented workforce. We glance forward to incorporating New York Life Group Gain Solutions’ complementary suite of benefits and products and services to our choices and rising together in the foreseeable future. With this acquisition, New York Existence is even more strongly positioned to keep on to produce money security to people, family members, and enterprise owners.”

New York Lifestyle and Cigna have also entered into a multi-calendar year collaboration that will keep on to carry differentiated, built-in overall health and group profit options for shoppers and prospective buyers who desire them.

New York Lifetime Group Reward Answers will function within New York Life’s portfolio of strategic enterprises, which consists of Group Membership Affiliation, Institutional Annuities, Institutional Life, New York Lifestyle Immediate, and Seguros Monterrey New York Lifestyle, amid others.

With the completion of the acquisition, New York Daily life is now a leading 5 insurance provider throughout team life, accident, and incapacity insurance policy 3.

Further Details

Credit Suisse Securities (United states) LLC acted as economical advisor and Debevoise & Plimpton LLP acted as authorized advisor to New York Life.

Bank of The us Securities acted as financial advisor to Cigna. Sidley Austin LLP served as lead legal counsel, and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as antitrust counsel, to Cigna. Wachtell, Lipton, Rosen & Katz also advised Cigna on the transaction.

About New York Life
New York Everyday living Insurance Enterprise ( www.newyorklife.com ), a Fortune 100 organization launched in 1845, is the major mutual lifetime insurance firm in the United States* and one particular of the greatest daily life insurers in the earth. Headquartered in New York City, New York Life’s family of firms offers life coverage, retirement profits, investments and extensive-expression treatment insurance policies. New York Daily life has been given the highest monetary toughness scores currently awarded to any U.S. life insurer from all 4 of the big credit history rating businesses**.

New York Life Team Benefit Answers goods and products and services are offered exclusively by or as a result of Everyday living Insurance Firm of North The us (“LINA”) or Cigna Daily life Insurance policy Firm of New York (New York, NY) (“CLICNY”), or by or by way of affiliates or subsidiaries of Cigna Company and reinsured by LINA. LINA and CLICNY are dependable for their have monetary condition and contractual obligations.

*Based mostly on profits as documented by “Fortune 500 ranked in Industries, Insurance policy: Lifetime, Well being (Mutual),” Fortune magazine, 5/18/2020. For methodology, remember to see http://fortune.com/fortune500/.

**Unique unbiased rating agency commentary as of 10/15/2020: A.M. Most effective (A++), Fitch (AAA), Moody’s Investors Services (Aaa), Normal & Poor’s (AA+).

About Cigna
Cigna Company is a international overall health service organization focused to strengthening the health, very well-being and peace of brain of individuals we serve. Cigna provides choice, predictability, affordability and accessibility to high quality treatment via integrated capabilities and related, individualized methods that progress whole person health. All items and solutions are offered exclusively by or via working subsidiaries of Cigna Company, such as Cigna Wellbeing and Life Insurance coverage Corporation, Connecticut General Life Insurance policies Firm, Evernorth corporations or their affiliates and Categorical Scripts corporations or their affiliate marketers. Such items and expert services include an built-in suite of well being solutions, these types of as health care, dental, behavioral well being, pharmacy, vision, supplemental added benefits and other associated merchandise. Cigna maintains profits functionality in around 30 nations and jurisdictions, and has a lot more than 170 million customer relationships around the environment. To study much more about Cigna®, together with links to comply with us on Fb or Twitter, visit www.cigna.com.

Cigna Ahead Hunting Statements
This push release, and oral statements designed in relationship with this launch, may possibly consist of ahead-looking statements within the indicating of the Private Securities Litigation Reform Act of 1995. Forward-hunting statements are dependent on Cigna’s existing anticipations and projections about potential tendencies, situations and uncertainties. These statements are not historical points. Ahead-seeking statements could incorporate, among the other individuals, statements regarding our projected consolidated altered money from functions outlook for 2020 on a per share basis projected altered income outlook for 2020 long run economic or working overall performance, including our means to produce cost-effective, individualized and modern alternatives for our buyers and clientele, in light of the worries introduced by the COVID-19 pandemic future advancement, business enterprise tactic, strategic or operational initiatives, which include our organizational effectiveness strategy financial, regulatory or aggressive environments, particularly with regard to the tempo and extent of adjust in these locations funding or capital deployment strategies and quantities obtainable for long run deployment our potential clients for development in the coming many years strategic transactions, such as the merger (the “Merger”) with Express Scripts Holding Firm and the sale of our U.S. Group Incapacity and Everyday living company our ongoing operational response to the COVID-19 pandemic and other statements regarding Cigna’s upcoming beliefs, expectations, ideas, intentions, money condition or overall performance. You could discover ahead-on the lookout statements by the use of terms these kinds of as “believe,” “expect,” “plan,” “intend,” “anticipate,” “estimate,” “predict,” “potential,” “may,” “should,” “will” or other phrases or expressions of equivalent which means, despite the fact that not all ahead-looking statements include these kinds of terms.

Ahead-looking statements are subject to threats and uncertainties, each known and unknown, that could result in real benefits to differ materially from those expressed or implied in ahead-wanting statements. These kinds of threats and uncertainties incorporate, but are not confined to: our means to obtain our financial, strategic and operational ideas or initiatives our ability to predict and regulate healthcare and pharmacy expenditures and selling price properly our capability to adapt to variations or traits in an evolving and speedily modifying marketplace our skill to correctly differentiate our solutions and companies from people of our competition and preserve or raise marketplace share our ability to acquire and sustain excellent associations with medical professionals, hospitals, other well being care providers, producers, consultants, and pharmaceutical suppliers adjustments in the pharmacy company marketplace or pharmacy networks alterations in drug pricing the effects of modifications to our operations and processes our means to determine prospective strategic transactions and recognize the predicted gains (which includes predicted synergies) of these transactions in total or in just the anticipated time body, like with regard to the Merger and the sale of our Group Disability and Lifestyle company, as very well as our capacity to integrate or individual functions, methods and methods the considerable degree of federal government regulation in excess of our business enterprise and the possible outcomes of new legal guidelines or restrictions or improvements in present rules or regulations the consequence of litigation, regulatory audits, investigations, actions or warranty fund assessments uncertainties surrounding participation in government-sponsored courses this kind of as Medicare the efficiency and security of our information technological know-how and other business units and all those of our key suppliers or other third parties the affect of our debt services obligations on the availability of resources for other business uses unfavorable field, financial or political conditions, like international forex actions functions of civil unrest, war, terrorism, all-natural disasters or pandemics reinsurance credit history hazard the scale and scope of the COVID-19 pandemic and its probable effect on our business, operating final results, funds flows and financial affliction, as well as on our workforce, customers, consumers, suppliers and companions and on the U.S. and international economies as well as far more particular pitfalls and uncertainties reviewed in our most the latest report on Form 10-K, our Kind 10-Q for the quarter ended March 31, 2020 and subsequent reviews on Kinds 10-Q and 8-K readily available by means of the Investor Relations part of www.cigna.com. You must not area undue reliance on forward-looking statements, which discuss only as of the day they are made, are not guarantees of future efficiency or results, and are issue to pitfalls, uncertainties and assumptions that are difficult to forecast or quantify. Cigna undertakes no obligation to update or revise any forward-wanting statement, no matter if as a final result of new information, potential functions or if not, apart from as may be needed by law.

1 Dependent solely on New York Life’s profits as claimed by “Fortune 500 ranked within just Industries, Insurance coverage: Existence, Wellness (Mutual),” Fortune journal, 5/18/2020. For methodology, you should see http://fortune.com/fortune500/.
2 Believed quantity of one of a kind client interactions represented among 15.9 million covered lives throughout the two Disability and Daily life. Source: Cigna 3Q2020 earnings: https://www.cigna.com/static/www-cigna-com/docs/about-us/trader-relations/quarterly-stories-and-sec-filings/cigna-corp-3rd-quarter-2020-launch.pdf
3 Source: Dependent on Lifestyle Insurance coverage Organization of North America and Cigna Lifestyle Insurance coverage Company of New York (New York, NY) new revenue as documented in LIMRA’s U.S. Workplace Advantages, Incapacity and Life Profits 2019 Annual Benefits)

Perspective source edition on businesswire.com:https://www.businesswire.com/information/household/20201231005239/en/

Get in touch with: NEW YORK LIFEJacqueline Meere

New York Life

646-468-0020

[email protected] Jim Cohn

Cigna

224-214-8781

[email protected]

Keyword: NEW YORK UNITED STATES NORTH The usa

Industry Keyword: Professional Solutions Insurance policy HUMAN Methods

Supply: New York Lifetime

Copyright Small business Wire 2020.

PUB: 12/31/2020 04:15 PM/DISC: 12/31/2020 04:15 PM

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