PR92187

BLOOMFIELD, Conn., Oct. 8, 2021 /PRNewswire=KYODO JBN/ --

-- Agreement will sharpen Cigna's focus on the growth path for its rapidly

expanding global health portfolio

Cigna Corporation (NYSE:CI), a global health service company, today announced a

definitive agreement with Chubb (NYSE: CB) to sell its life, accident and

supplemental benefits businesses in seven countries for $5.75 billion dollars.

The transaction is expected to be completed in 2022, subject to applicable

regulatory approvals and customary closing conditions.

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"Our agreement with Chubb is another step forward in advancing our strategic

focus on our global health services portfolio," said David M. Cordani,

president and chief executive officer, Cigna Corporation.  "We are proud of our

success in building these life, accident and supplemental benefits businesses

in Asia Pacific and improving the well-being and sense of security of our

customers throughout the region."

Upon completion of the transaction, Chubb will acquire Cigna's life, accident

and supplemental benefits businesses in Hong Kong, Indonesia, Korea, New

Zealand, Taiwan and Thailand as well as Cigna's interest in a joint venture in

Turkey.  In Korea, Chubb will acquire and plans to continue to operate the

business under the LINA Korea (Life Insurance Company of North America Korea)

brand.

Cigna will continue to operate its robust international health businesses for

the globally mobile population, as well as local market services in the Middle

East, Europe, Hong Kong, Singapore and its joint ventures in Australia, China

and India.

Chubb will pay Cigna a cash consideration of $5.75 billion. The transaction is

not subject to a financing condition and Cigna expects to realize approximately

$5.4 billion of net after-tax proceeds from this transaction. Cigna expects to

utilize the proceeds from the transaction primarily for share repurchase,

broadly consistent with Cigna's capital deployment framework. The impact of the

transaction is expected to be neutral to slightly dilutive to Cigna's earnings

per share in 2022.

"The addition of Cigna's business, which is overwhelmingly A&H, will rebalance

our global portfolio toward this important region," said Evan G. Greenberg,

chairman and chief executive officer, Chubb. "We have long admired and

respected Cigna's business in Asia including its talented people, innovative

products, technical and analytical capabilities, distribution and management."

Cigna and Chubb are committed to ensuring a smooth transition for customers,

partners, clients and employees throughout this period.

Wachtell, Lipton, Rosen & Katz is serving as lead legal counsel, and Baker

McKenzie is serving as lead regulatory counsel on the transaction.  

About Cigna

Cigna Corporation (NYSE: CI) is a global health service company dedicated to

improving the health, well-being and peace of mind of those we serve. Cigna

delivers choice, predictability, affordability and access to quality care

through integrated capabilities and connected, personalized solutions that

advance whole person health. All products and services are provided exclusively

by or through operating subsidiaries of Cigna Corporation, including Cigna

Health and Life Insurance Company, Connecticut General Life Insurance Company,

Evernorth companies or their affiliates, and Express Scripts companies or their

affiliates. Such products and services include an integrated suite of health

services, such as medical, dental, behavioral health, pharmacy, vision,

supplemental benefits, and other related products.

Cigna maintains sales capability in over 30 countries and jurisdictions, and

has over 190 million customer relationships throughout the world. To learn more

about Cigna(R), including links to follow us on Facebook or Twitter, visit

www.cigna.com.

NOTES:

    1. The timing and actual number of shares repurchased will depend on a

       variety of factors, including price, general business and market

       conditions, and alternate uses of capital. The share repurchase

       program may be effected through open market purchases or privately

       negotiated transactions in compliance with Rule 10b-18 under the

       Securities Exchange Act of 1934, as amended, including through Rule

       10b5-1 trading plans. The program may be suspended or discontinued at

       any time.

    2. Earnings per share means adjusted income from operations on a fully

       diluted basis. At the consolidated level, adjusted income from

       operations is not determined in accordance with accounting principles

       generally accepted in the United States ("GAAP") and should not be

       viewed as a substitute for the most directly comparable GAAP measure,

       shareholders' net income. Adjusted income (loss) from operations is

       defined as shareholders' net income (or income before taxes for the

       segment metric) excluding net realized investment results,

       amortization of acquired intangible assets and special items. Cigna's

       share of certain realized investment results of its joint ventures

       reported in the International Markets segment using the equity method

       of accounting are also excluded. Adjusted income (loss) from

       operations is measured on an after-tax basis for consolidated results.

CIGNA FORWARD LOOKING STATEMENTS

This press release, and oral statements made in connection with this release,

may contain forward-looking statements within the meaning of the Private

Securities Litigation Reform Act of 1995. Forward-looking statements are based

on Cigna's current expectations and projections about future trends, events and

uncertainties. These statements are not historical facts. Forward-looking

statements include statements relating to the impact of the sale of Cigna's

life, accident and supplemental benefits businesses, including, without

limitation, the impact of the transaction on Cigna's projected earnings per

share, Cigna's share repurchase other capital deployment plans, the projected

closing date for the transaction and the projected impact of the transaction on

the parties. You may identify forward-looking statements by the use of words

such as "believe," "expect," "plan," "intend," "anticipate," "estimate,"

"predict," "potential," "may," "should," "will" or other words or expressions

of similar meaning, although not all forward-looking statements contain such

terms.

Forward-looking statements are subject to risks and uncertainties, both known

and unknown, that could cause actual results to differ materially from those

expressed or implied in forward-looking statements. Such risks and

uncertainties include, but are not limited to: receipt of the regulatory

approvals necessary for the transaction; the satisfaction or waiver of closing

conditions for the transaction; effects on the business as a result of

uncertainty surrounding the proposed transaction; as well as more specific

risks and uncertainties discussed in Cigna's most recent report on Form 10-K

and subsequent reports on Forms 10-Q and 8-K available on the Investor

Relations section of www.cigna.com. You should not place undue reliance on

forward-looking statements, which speak only as of the date they are made, are

not guarantees of future performance or results, and are subject to risks,

uncertainties and assumptions that are difficult to predict or quantify. Cigna

undertakes no obligation to update or revise any forward-looking statement,

whether as a result of new information, future events or otherwise, except as

may be required by law.

Cigna Contacts:

Investor Relations

Alexis Jones

Alexis.Jones@cigna.com

Media

Ellie Polack

Elinor.Polack@cigna.com

SOURCE Cigna Corporation