Thursday, May 24, 2018

Cigna raises stake in India JV

Cigna has filed an application with the regulator to increase its stake in its Indian joint venture Cigna TTK to 49% from 26%.

Cigna Corporation will put in an additional investment of Rs1.13 billion (US$17.6 million) in Cigna TTK Health Insurance, a joint venture between the US firm and India’s TTK Group.

Following the transaction, TTK will own 51% stake in the JV. TTK is in the process of selling its stake in the business partially or completely.

In a statement, Cigna TTK Health Insurance chief executive officer Sandeep Patel said the increase of Cigna’s stake in Cigna TTK is a significant step demonstrating Cigna’s commitment to the Indian health insurance market.

Cigna TTK is among the six standalone private insurers in the country.

It has over 300,000 customers in India and is present in 6,000 locations through its point-of-sale network.


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