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A SLIMMER CIGNACIGNA shareholders cheered on July 28 when the Philadelphia insurer said it would sell its life-insurance business for $1.4 billion to New York Life. The news sent CIGNA stock up by 51 5/16, to 196 15/16. The sale is part of a move by CIGNA to cut its consumer business while expanding corporate health-care and property insurance operations. In June, it bought Healthsource, a managed-care insurer, for $1.7 billion. Analysts figure cash from the life-insurance sale could fund more buys or a share buyback.
EDITED BY KELLEY HOLLAND RELATED ITEMS
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Updated July 31, 1997 by bwwebmaster
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