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CIGNA Sells Stake In Japanese Joint Venture

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NU Online News Service, Nov. 30, 11:13 a.m. – CIGNA Corp., Philadelphia, says it has completed the sale of its 40% stake in a Japanese joint venture, Yasuda Kasai Himawari Life Insurance Company Ltd., Tokyo.

CIGNA sold the stake to the other venture partner, Yasuda Fire & Marine Insurance Company Ltd., for $267 million, under an agreement that was announced in May.

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CIGNA continues to own half of another joint venture with Yasuda Kasai, Yasuda Kasai CIGNA Securities.

CIGNA will continue to team up with Yasuda Fire to go after the new Japanese defined contribution pension market, CIGNA says.