New York Life Insurance Co. has agreed to acquire Cigna Corp.'s nonmedical insurance unit for more than $6 billion, the Financial Times reported, citing sources familiar with the matter.
Cigna's group disability and life business unit provides accident, disability and life insurance plans to companies, nonprofit organizations and other groups. Acquiring the entity would expand New York Life's offerings beyond its core life insurance and annuities franchise, according to the report. The deal is expected to be announced Dec. 18.
Previously, it has been reported that New York Life, MetLife Inc. and Sun Life Financial Inc. were vying to acquire the unit.
New York Life Insurance and Cigna did not immediately respond to S&P Global Market Intelligence's request for comment outside of U.S. business hours.