Cigna in talks to sell non-health benefits unit to New York Life

New York Life Insurance is in negotiations to buy a unit from Cigna (CI -3%) that sells non-medical insurance products to employers in a deal that could be valued at as much as $6B, WSJ reports.

Potential buyers including MetLife (MET -0.6%) and Sun Life Financial (SLF +1%) also are vying for company, but New York Life recently emerged as the leading contender, according to the report, which says Cigna hopes to reach a deal by year-end.

Cigna is said to have been seeking a buyer for its business that sells life, accident and disability income insurance to employers for their workers, a move that would help the company focus on its core business.

https://seekingalpha.com/news/3525260-cigna-in-talks-to-sell-non-health-benefits-unit-to-new-york-life-wsj