Cigna is selling $5.75 billion of its international insurance businesses to the world's largest property and casualty insurer, Chubb.
The deal, which sells Cigna life, accident and supplemental benefits businesses in seven countries, is an effort to focus the business on its health insurance offerings, according to an Oct. 7 news release.
Chubb's acquired assets are spread throughout the Asia Pacific region, including Hong Kong, Indonesia, Korea, New Zealand, Taiwan and Thailand. It also includes interest in a joint venture in Turkey.
"Our agreement with Chubb is another step forward in advancing our strategic focus on our global health services portfolio," said David Cordani, president and CEO of Cigna. "We are proud of our success in building these life, accident and supplemental benefits businesses in Asia Pacific and improving the well-being and sense of security of our customers throughout the region."
Cigna will primarily use the $5.4 billion in post-tax proceeds to repurchase shares, according to the release.