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Report: New York Life in discussions to acquire Cigna unit for up to $6B

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Report: New York Life in discussions to acquire Cigna unit for up to $6B

New York Life Insurance Co. is in talks to acquire Cigna Corp.'s nonhealth benefits unit in a deal that could value the subsidiary at up to $6 billion, The Wall Street Journal reported, citing people familiar with the matter.

Other possible buyers include MetLife Inc. and Sun Life Financial Inc., though New York Life is the leading candidate, the people said, according to the report.

In order to focus on its main business, Cigna has been recently looking for a buyer for a business that offers life, accident and disability-income insurance to employers for their employees, the sources reportedly said.