Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
  1. Homepage
  2. Equities
  3. United Kingdom
  4. London Stock Exchange
  5. Aviva plc
  6. News
  7. Summary
    AV.   GB0002162385


SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Aviva : Insurer Chubb to acquire Cigna's business in Asia, Turkey for $5.8 bln

10/07/2021 | 09:55pm EST
A screen displays the logo fro Cigna Corp. on the floor at the NYSE in New York

SINGAPORE, Oct 7 (Reuters) - U.S. insurer Chubb Ltd has agreed to buy health insurer Cigna Corp's life, accident, and supplemental benefits businesses in Asia Pacific and Turkey for $5.75 billion in cash, both insurers said, marking the latest consolidation in Asia's insurance sector.

In a statement issued late on Thursday, Chubb said it will acquire Cigna's A&H (accident and health) and life business in South Korea, Taiwan, New Zealand, Thailand, Hong Kong and Indonesia, in addition to Cigna's 51% stake in a joint venture in Turkey.

"The addition of Cigna's business, which is overwhelmingly A&H (accident and health), will rebalance our global portfolio towards this important region," Chubb CEO Evan Greenberg said.

Chubb said the acquisition will boost Asia's share of its global portfolio to $7 billion from about $4 billion in net premiums written, representing about 20% of the company's total business, excluding China.

The transaction comes at a time of a shakeup in the insurance sector in key markets.

In August, HSBC Holdings agreed to acquire https://www.reuters.com/world/asia-pacific/hsbc-buy-axas-insurance-assets-singapore-575-mln-2021-08-16 French insurer Axa's Singapore assets for $575 million.

Last year, Singapore Life, an upstart insurer backed by investors including buyout group TPG, acquired the Singapore business of British insurer Aviva https://www.reuters.com/article/us-aviva-gb-divestiture-idUSKBN26225B<AV.L > for nearly $2 billion, as it expands in Southeast Asia.

Cigna said Chubb will acquire Cigna's business in South Korea and continue to operate it under the LINA Korea brand.

Cigna will focus on its global health services portfolio, as well as local market services in the Middle East, Europe, Hong Kong, Singapore and its joint ventures in Australia, China and India.

The deal is not subject to a financing condition and Cigna expects to realize about $5.4 billion of net after-tax proceeds.

The transaction, subject to regulatory approvals, is expected to be completed in 2022. (Reporting by Anshuman Daga in Singapore and Bhargav Acharya in Bengaluru; Editing by Uttaresh.V & Shri Navaratnam)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AVIVA PLC 0.13% 379.3 Delayed Quote.16.30%
AXA -0.72% 24.06 Real-time Quote.24.21%
All news about AVIVA PLC
11/29AVIVA : Climate change is too low on business leaders' list of concerns
11/24OUR ANNA : “Somebody claimed for a pickled egg that went missing”
11/24AVIVA : More than half of UK adults say pandemic has impacted retirement plans
11/22Fitch Maintains Aviva's Stable Outlook On Strong Business Profile
11/21IN FOCUS : Health & Protection
11/18LONDON STOCK EXCHANGE : FTSE 100 ends lower on commodity weakness; GlaxoSmithKline goes ex..
11/18AVIVA : launches ESG Profiling tool on Adviser Platform
11/18AVIVA : Risk Insights Report
11/17AVIVA : Bringing a fresh perspective through neuro-inclusivity
11/12Andrea Montague
More news
Analyst Recommendations on AVIVA PLC
More recommendations
Sales 2021 46 647 M 62 133 M 62 133 M
Net income 2021 1 820 M 2 424 M 2 424 M
Net cash 2021 8 664 M 11 540 M 11 540 M
P/E ratio 2021 7,38x
Yield 2021 5,88%
Capitalization 14 368 M 19 113 M 19 138 M
EV / Sales 2021 0,12x
EV / Sales 2022 0,11x
Nbr of Employees 28 596
Free-Float 97,1%
Duration : Period :
Aviva plc Technical Analysis Chart | AV. | GB0002162385 | MarketScreener
Technical analysis trends AVIVA PLC
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 20
Last Close Price 378,20 GBX
Average target price 466,63 GBX
Spread / Average Target 23,4%
EPS Revisions
Managers and Directors
Amanda Blanc Chief Executive Officer & Executive Director
Jason Michael Windsor Chief Financial Officer & Director
Mark George Culmer Non-Executive Chairman
John Cummings Chief Information Officer
Nitinbhai Babubhai Maganbhai Amin Chief Operating Officer
Sector and Competitors
1st jan.Capi. (M$)
AVIVA PLC16.30%19 113
AXA24.21%65 224
METLIFE, INC.28.01%50 377
PRUDENTIAL PLC-3.90%47 063