Global insurer Chubb acquires Cigna’s APAC business for $5.75b | Asian Business Review
, APAC
161 views

Global insurer Chubb acquires Cigna’s APAC business for $5.75b

Cigna has operations in seven markets in Asia-Pacific.

Global insurer Chubb Limited will acquire the life and non-life insurance business of Cigna in seven Asia-Pacific markets for $5.75b.

The operations to be acquired include Cigna's accident and health (A&H) insurance and life business in Korea, Taiwan, New Zealand, Thailand, Hong Kong and Indonesia and its interest in a joint venture in Turkey.  The entire business is worth approximately $3b.

Upon completion of the transaction, Asia-Pacific's share of Chubb's global portfolio will increase from approximately $4b to $7b in premium and represent approximately 20% of the company—excluding China.  Over 80% of the premiums from the business to be acquired are from supplemental A&H products, further building Chubb's leadership in global supplemental A&H, with premiums growing from $3.7b to $6.1b.  Together, A&H and life will comprise 21% of the company's overall premium revenue compared to 14% today. 

"The addition of Cigna's business, which is overwhelmingly A&H, will further balance our global portfolio toward this important region. We have long admired and respected Cigna's business in Asia including its talented people, innovative products, technical and analytical capabilities, distribution and management.  We know these businesses well as we already have a sizable operation of our own in the region and globally,” Evan G. Greenberg, chairman and CEO of Chubb said.

Follow the links for more news on

Join Asian Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

China launches world's first 6G test satellite
The low-earth orbit satellite offers low latency and high data transfer rates.
China Life Insurance to see 45% YoY profit slump – Nomura
China Life is the only insurer Nomura covers that has adopted the transition plan for the new accounting standards (IFRS) for insurance contracts.
Insurance

Exclusives

PLN leads ASEAN in energy sector sustainability governance
In 2023, Indonesia’s PLN decreased its ESG risk rating by 8 points, reduced greenhouse gas emissions by 9.7m tonnes, and added 296mW of renewable energy.
Alfamart’s rapid expansion never overtakes quality service
With 19,087 across Indonesia and 1,680 more in the Philippines, the minimarket operator marks 25 years as a top choice for shopping.
Budget 2024: 3 tax strategies to offset BEPS 2.0 effects
Should the directive be implemented, selected MNEs will be subject to a global minimum tax of 15%.