Cigna Corporation has confirmed that it has entered into a partnership with India-based TTK Group to sell health insurance in India.
The Hartford Courant reports that the insurance will be sold as Cigna TTK, and will be headquartered in Mumbai.
David Cordani, Cigna’s chief operating officer, told the news agency that if approved by Indian regulators, the new company should be up and running in 2013.
“We have proven expertise in offering solutions that seek to improve customers’ health while managing cost,” Cordani added. “We recognize the value of TTK’s deep insights into the Indian consumer’s interests and needs as well as their ability to reach these consumers across the country.”
A company spokeswoman said a change in accounting will result in few jobs at Cigna’s Bloomfield and Philadelphia offices and is not related to the overseas expansion.
Meanwhile, the UK-based Bupa Insurance Limited is among a number of companies eyeing a move to buy HSBC’s medical insurance business in Asia, according to Bloomberg Businessweek.
Axa and Ace are reportedly also in discussions to buy HSBC’s entire non-life Asian unit, as well as the Australia-based QBE Insurance Group.
HSBC’s non-life insurance business reported $1 billion in sales last year.