NEW YORK CITY (dpa-AFX) - New York Life Insurance Co. is negotiating with Cigna Corp. to buy a unit that sells non-medical insurance products to employers, a deal that could be valued at as much as $6 billion, the Wall Street Journal reported citing people familiar with the matter.
Cigna is also talking to other bidders including MetLife Inc. and Sun Life Financial Inc. But New York Life recently emerged as the leading contender, according to the Journal. The report said Cigna expects to reach a deal by year-end.
Cigna in recent months has been seeking a buyer for a business that sells life, accident and disability-income insurance to employers for their workers, in a move that would help the health giant focus on its core business, according to the report.
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