NU Online News Service, Nov. 18, 2003, 2:10 p.m. – Prudential Financial, Inc. reached an agreement to buy Cigna Corp.’s retirement business for $2.1 billion in cash.
The definitive agreement between Pru, Newark, N.J., and Cigna, Philadelphia, is part of a broader plan to refocus Pru. A final closing is expected in the first half of 2004 and will be accretive to Pru’s earnings per share in that year.
Earlier this month, Pru completed the sale of its property-casualty business to Liberty Mutual Group and its New Jersey p-c operations to Palisades Group. And earlier this year, Pru and Wachovia Corp., Charlotte, N.C. announced a merger of their retail brokerage operations. Pru retains a 38% interest in the new operation.
As part of its refocusing effort, Pru purchased American Skandia, Inc. at the end of 2002.