New York Life to Acquire Cigna's Group Life and Disability Insurance Business

Transaction to bring together two top-ranked, complementary businesses

New York Life, America's largest mutual life insurer, and Cigna, a leading global health service company, announced on December 18, 2019 that they have entered into a definitive agreement, whereby New York Life will acquire Cigna's U.S. group disability and life insurance business valued at $6.3 billion.

New York Life intends to operate the business as a standalone entity, and the acquisition is expected to close in the third quarter of 2020, subject to applicable regulatory approvals and other customary closing conditions.