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

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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)