Jul.04.2022, Shanghai ------ Chubb Limited (NYSE: CB) announces that it has completed its acquisition of the life and non-life insurance companies that house the personal accident, supplemental health and life insurance business of Cigna (NYSE: CI) in six Asia-Pacific markets. Chubb paid $5.36 billion for the operations, which include Cigna's accident and health (A&H) and life business in Korea, Indonesia, Hong Kong, New Zealand, Taiwan, and Thailand. The reduction in the final purchase price from the original announcement reflects the impacts of rising interest rates and foreign exchange rates on acquired book value and other minor adjustments.
"At the same time, I am also pleased to welcome nearly 3,000 new colleagues to Chubb. Together, the leadership and talented professionals of Chubb and Cigna will enable us to provide greater value to our customers, distribution partners, and shareholders", Evan added.
Integration planning has been actively underway since the transaction was announced last October. In Korea, the business will continue to operate under the LINA name, but with a fresh look that aligns with the Chubb brand. In other markets, the businesses will be rebranded as Chubb as the integration progresses and operating entities are combined.
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 34,000 people worldwide. Additional information can be found at: www.chubb.com