logo
  Join        Login             Stock Quote

Cigna (CI) Finalizes Purchase Of 51 Pct Stake In Finansbank's Insurance Unit

 November 09, 2012 09:26 AM
 


(By Balaseshan) Cigna Corp. (NYSE: CI) has finalized its acquisition of a 51% stake in Finansbank's insurance unit, Finans Emeklilik, a life and pension product provider in Turkey through in-branch banking channels.

Cigna received regulatory approval of the acquisition from the Treasury of Turkey in early November. Finans Emeklilik will be part of Cigna's Global Individual Health, Life & Accident business.

Finans Emeklilik will provide Cigna greater access to serve a rapidly expanding middle class market in Turkey through Finansbank's network of over 500 retail banking branches.

"This unique joint venture will strengthen Cigna's presence in Turkey and enables us to offer an expanded range of products to Finansbank's base of over 10 million customers," said Jason Sadler, President, Global Individual Health Life & Accident, Cigna.

[Related -How Higher Interest Rates Would Boost Profits Of CIGNA Corporation (CI), UnitedHealth Group Inc. (UNH)?]

Leveraging Cigna's expertise in direct to consumer channels, Finans Emeklilik can expand distribution and sell life, pension and other health, life and accident products through a 15-year exclusive distribution agreement with Finansbank.

This arrangement provides the joint venture with distribution capabilities via the bank's extensive branch network and sizeable customer base.

Cigna is a global health service company, with insurance subsidiaries that are providers of medical, dental, disability, life and accident insurance and related products and services.

[Related -Futures Fall After BOJ Policy Decision; Lululemon Athletica Inc. (LULU) Drops]

Cigna operates in five segments: Health Care, Disability and Life, International, Run-off Reinsurance, and Other Operations, including Corporate-owned Life Insurance.

CI closed Thursday's regular session at $52.24. The stock has been trading between $39.01 and $53.75 for the past 52 weeks.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageChipotle Mexican Grill, Inc. (CMG) Q2 Earnings Preview: Will Higher Traffic Offset Higher Costs the Key

Chipotle Mexican Grill, Inc. (NYSE:CMG) will host a conference call to discuss second quarter 2014 read on...

article imageNetflix, Inc. (NFLX) Q2 Earnings Preview: The Ruby Month for a Reason

Netflix, Inc. (NASDAQ:NFLX) will post its second-quarter 2014 financial results and business outlook on its read on...

article imageLadenburg Thalmann Financial Services (NYSEMKT:LTS): Heavy, Durable Insider Buying

Ahh, but any worries over price levels didn’t stop multiple insiders at Ladenburg Thalmann Financial read on...

article imageInternational Business Machines Corp. (IBM) Q2 Earnings Preview: Small Beat and Pop

International Business Machines Corp. (NYSE:IBM) will host a conference call Wednesday, Jul. 16, 2014 at read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.