New York Life Insurance is emerging as a top potential buyer of Cigna's nonmedical group insurance products, according to The Wall Street Journal.
Reports first surfaced in August that Cigna was considering selling the unit, which is valued at $6 billion. People familiar with the matter told WSJ that while Sun Life Financial and MetLife are also potential buyers, New York Life is the top contender.
Cigna and New York Life hope to reach a deal by the end of the year, according to the report. The sale could help Cigna tackle some of its $39 billion debt, part of which came from its acquisition of Express Scripts.