Money & Banking

Manipal Group to up stake in Cigna TTK to 51%

PTI New Delhi | Updated on June 04, 2019 Published on June 04, 2019

TTK to exit the health insurance business by selling its 31.48% stake to Manipal Group

Manipal Group will raise its shareholding in joint venture Cigna TTK Health Insurance to 51 per cent by buying the stake of TTK Group, a joint statement said on Tuesday.

The Cigna Corporation of the US will continue to hold 49 per cent stake, while TTK will exit the health insurance business by selling its 31.48 per cent stake to Manipal Group, pending regulatory approval from IRDAI.

Manipal holds 19.52 per cent stake in the joint venture. With TTK Group proposed to exit the JV, the name of the JV has been changed to ManipalCigna, the statement said. Along with the name change, the company has adopted a new corporate identity, including a new logo and website. The changes are effective immediately and all future business activities will be under the new company name, it said.

“India’s insurance sector has tremendous growth potential, it is evolving rapidly and is an important market for Cigna. Our new JV with Manipal Group will now allow us to further expand our existing relationships, explore new markets and drive innovative solutions and capabilities,” said Jason Sadler, President, Cigna International Markets. The re-branding and name change will not impact the company’s existing business model, agents, bancassurance partnerships or customers’ existing health insurance policies. The company’s management and staff remain the same, the statement said.

“The combination of Manipal Group’s integrated healthcare expertise with multi-speciality hospital networks and Cigna’s global expertise in health and wellness, positions ManipalCigna Health Insurance Company as a differentiated healthcare provider for people across India,” said Ranjan Pai, Chairman, Manipal Edu and Medical Group.

Drawing on the strengths of both companies, the new JV can provide easy and lifetime access to quality healthcare to millions of people in India and create a strong path for future growth, Pai said. Cigna Corporation operates in 30 countries and jurisdictions and has more than 160 million customer relationships worldwide.

Published on June 04, 2019

A letter from the Editor

Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!


Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.