US Insurer Cigna Sells to Chubb Including 'Korea LINA Life'

[Asia Economy Reporter Oh Hyung-gil] LINA Life Insurance is being sold to the American insurer Chubb.

According to foreign media and the insurance industry on the 8th, Cigna, the parent company of LINA Life Insurance, has agreed with Chubb to sell its life and accident insurance businesses in the Asia-Pacific region including Korea and Turkey for $5.77 billion (approximately 6.8649 trillion KRW) in cash.

Cigna stated that LINA Life Insurance Korea will continue to operate under the same brand even after the transfer to Chubb.

Chubb also announced in a separate statement that it will acquire Cigna's insurance businesses in Korea, Taiwan, New Zealand, Thailand, Hong Kong, Indonesia, and a 51% stake in its joint venture in Turkey.

Accordingly, the major shareholder of LINA Life Insurance will change from Cigna to Chubb. Chubb currently operates Ace Insurance in Korea.

A representative from LINA Life Insurance said, "As far as we know, there are no significant changes other than the change of the major shareholder," adding, "Ongoing healthcare business and preparations for establishing a non-life insurance subsidiary will be discussed and decided with Chubb in the future."

Meanwhile, the deal is expected to be completed next year, and Cigna is anticipated to earn an after-tax profit of $5.4 billion.

This content was produced with the assistance of AI translation services.