📋 Tender Overview
Acquisition enhances New York Lifes portfolio of strategic businesses contributes to financial strength and increases value for clients producers and policy ownersGroup Life and Disability Business Rebranded New York Life Group Benefit SolutionsNew York Life Americas largest mutual life insurer1 announced the completion of the companys acquisition of Cignas group life accident and disability insurance business. The 6.3 billion acquisition which was first announced on December 18 2019 adds approximately 3000 employees over nine million customers2 and enhances New York Lifes portfolio of strategic businesses which support the core retail life insurance franchise and bolster the companys financial strength. The new business will be rebranded New York Life Group Benefit Solutions.This acquisition the largest in our companys history reinforces our financial strength by generating capital that can contribute to our surplus dividends and earnings said New York Life Chairman and CEO Ted Mathas. We are excited to welcome to New York Life our new employees and the millions of new customer relationships that we will gain through this milestone transaction. We look forward to building on our leading group benefit solutions market position in the years ahead.New York Life Group Benefit Solutions brings deep expertise differentiated underwriting and risk management capabilities and extensive consultative experience to New York Life. Our mission is to provide financial peace of mind to those we serve and together we will maintain our unwavering focus on and commitment to clients producers customers and our employees said William J. Smith senior vice president and head of New York Life Group Benefit Solutions.New York Life President Craig DeSanto added Industry-leading New York Life Group Benefit Solutions is an ideal fit for our company with a strong management team and talented workforce. We look forward to adding New York Life Group Benefit Solutions complementary suite of benefits and services to our offerings and growing together in the future. With this acquisition New York Life is even more strongly positioned to continue to deliver financial security to individuals families and business owners.New York Life and Cigna have also entered into a multi-year collaboration that will continue to bring differentiated integrated health and group benefit solutions for clients and prospects who desire them.New York Life Group Benefit Solutions will operate within New York Lifes portfolio of strategic businesses which includes Group Membership Association Institutional Annuities Institutional Life New York Life Direct and Seguros Monterrey New York Life among others.With the completion of the acquisition New York Life is now a top five insurer across group life accident and disability insurance3. Based on revenue as reported by Fortune 500 ranked within Industries Insurance Life Health Mutual Fortune magazine 5182020. For methodology please see httpfortune.comfortune500.Individual independent rating agency commentary as of 10152020 A.M. Best A Fitch AAA Moodys Investors Service Aaa Standard Poors AA.1Based on revenue as reported by Fortune 500 ranked within Industries Insurance Life Health Mutual Fortune magazine 5182020. For methodology please see httpfortune.comfortune500.2 Estimated number of unique customer relationships represented among 15.9 million covered lives across both Disability and Life. Source Cigna 3Q2020 earnings httpswww.cigna.comstaticwww-cigna-comdocsabout-usinvestor-relationsquarterly-reports-and-sec-filingscigna-corp-third-quarter-2020-release.pdf PDF3 Source Based on Life Insurance Company of North America and Cigna Life Insurance Company of New York New York NY new sales as reported in LIMRAs U.S. Workplace Benefits Disability and Life Sales 2019 Annual Results
