Cigna Is First to Benefit from Connecticut's New "First Five" Economic Development Program
- Cigna to Add 200 Jobs and Upgrade Connecticut Operations
- State Will Provide $50 Million in Economic Assistance to Support Job Growth
- Company Designates Bloomfield, CT, its U.S. Headquarters
BLOOMFIELD, Conn., July 12, 2011 - Cigna (NYSE:CI) today announced it will receive $50 million in economic benefits from the Connecticut Department of Economic and Community Development and will add at least 200 jobs within the next two years, increasing the company's employment in the state to more than 4,000.
In addition, the company said it will make a significant investment in capital improvements and technology infrastructure to upgrade its facilities in Connecticut.
Cigna is the first company to receive economic incentives under Governor Dannel Malloy's "First Five" program, which was designed to spur job growth and support Connecticut businesses in becoming more competitive in the global marketplace.
"We are extremely pleased to be the first Connecticut company to step forward and commit to expanding in the state under the 'First Five' program," said Cigna Chief Executive Officer David Cordani. "The combination of these economic benefits and our own investment in our company is a major positive step for Cigna, the state of Connecticut and all those we serve as a leading health service company."
"Fostering an environment in which Connecticut businesses can create new jobs and thrive in a highly competitive market is our top priority," said Gov. Malloy. "The 'First Five' program is a key initiative that leverages economic incentives to drive substantial business development projects. Cigna is proof that these tools work and that Connecticut is open for business."
In addition, Cigna declared Bloomfield its corporate headquarters in the United States. Philadelphia had been the company's corporate headquarters since 1982. The headquarter designation is not expected to materially impact employment or Cigna operations in Philadelphia. Outside the United States, Cigna operates in 30 countries and maintains hubs in Belgium and Hong Kong for its growing international business.
Under terms of the economic development package, Cigna will receive a combination of incentives including tax credits and job training grants that can be used over the next 10 years. By committing to create 200 jobs, Cigna will receive $50 million in assistance from the state. The benefits increase commensurate with the number of jobs Cigna creates. For example, the state has agreed to provide Cigna with $80 million in economic incentives if the company were to create 800 jobs.
"Through this partnership with the Governor and the state, we are building upon our long history in Connecticut," Cordani said. "Taken together, this economic package, coupled with our own investment in Cigna, is a substantial investment in our future and our global mission to help the people we serve improve their health, well-being and sense of security."
Cigna (NYSE: CI) is a global health service and financial company dedicated to helping people improve their health, well-being and sense of security. Cigna Corporation's operating subsidiaries in the United States provide an integrated suite of health services, such as medical, dental, behavioral health, pharmacy and vision care benefits, as well as group life, accident and disability insurance. Cigna offers products and services in 29 countries and jurisdictions and has more than 66 million customer relationships throughout the world. All products and services are provided exclusively by such operating subsidiaries and not by Cigna Corporation. Such operating subsidiaries include Life Insurance Company of North America, Cigna Life Insurance Company of New York, and Connecticut General Life Insurance Company. To learn more about Cigna, visit www.cigna.com. To sign up for email alerts or an RSS feed of company news, log on to http://www.cigna.com/newsroom/rss. Also, follow us on Twitter at @cigna, visit Cigna's YouTube channel at http://www.youtube.com/cigna and listen to Cigna's podcast series with healthy tips and information at http://www.cigna.com/podcasts or by searching "Cigna" in iTunes.
Safe Harbor Provisions
This press release contains forward-looking statements that are based on Cigna management's beliefs and assumptions and on information available to management at the time the statements are or were made. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words "will," "future," "believe," "expect," "plan," "intend," "anticipate," "estimate," "predict," "potential," "may," "should" or similar expressions. In order for Cigna to use the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, you are cautioned that these statements may be affected by the important factors, among others, included in the discussion in Part I, Item 1A, and Part II, Item 7, of Cigna's Annual Report on Form 10-K for the year ended December 31, 2010.
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