Cigna Sells Group Disability Insurance Business to New York Life in $6.3 Billion Deal

Health insurer Cigna Corp. said on Wednesday it had agreed to sell its disability insurance and accidental death coverage unit for company employees to New York Life Insurance Co for $6.3 billion.

The company said it expects to use the net proceeds of about $5.3 billion for share repurchases and repayment of debt in 2020 and raised its share repurchase authority by $3 billion to $4 billion.

(Reporting by Saumya Sibi Joseph in Bengaluru; Editing by Vinay Dwivedi)