NEW YORK - New York Life, America's largest mutual life insurer, announced the completion of the company’s acquisition of Cigna’s group life, accident, and disability insurance business. The $6.3 billion acquisition, which was first announced on December 18, 2019, adds approximately 3,000 employees, over nine million customers, and enhances New York Life’s portfolio of strategic businesses, which support the core retail life insurance franchise and bolster the company’s financial strength. The new business will be rebranded New York Life Group Benefit Solutions.
“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,” said New York Life Chairman and CEO Ted Mathas. “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.”
“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,” said William J. Smith, senior vice president and head of New York Life Group Benefit Solutions.
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.”
New York Life and Cigna have also entered into a multi-year collaboration that will continue to bring differentiated, integrated health and group benefit solutions for clients and prospects who desire them.
New York Life Group Benefit Solutions will operate within New York Life’s portfolio of strategic businesses, which includes Group Membership Association, Institutional Annuities, Institutional Life, New York Life Direct, and Seguros Monterrey New York Life, among others.
With the completion of the acquisition, New York Life is now a top five insurer across group life, accident, and disability insurance.