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Cigna TTK Health Insurance, a joint venture between U.S. based global health service leader, Cigna Corporation (NYSE:CI), and Indian conglomerate TTK Group and Manipal Group announced today that it has changed its company name to ManipalCigna Health Insurance Company Limited after receiving all necessary regulatory approvals. Under the new structure, Cigna Corporation will continue to hold its 49 percent stake, while Manipal Group will increase its stake to 51 percent and TTK Group plan to exit from this joint venture after receiving all necessary regulatory approvals from the Insurance Regulatory and Development Authority of India (“IRDAI”).
Along with the name change, the company has adopted a new corporate identity, including a new logo and website that can be found at www.manipalcigna.com.The changes are effective immediately, and all future business activity will be under the new company name.
Jason Sadler, President, Cigna International Markets said, “India’s insurance sector has tremendous growth potential and it is evolving rapidly, and is an important market for Cigna. Over the past five years, we have made great progress in this growing market and we greatly appreciate TTK Groups’ support in playing an important role in strengthening our position in India. We strongly believe our new joint venture with Manipal Group will now allow us to further expand our existing relationships, explore new markets, and drive innovative solutions and capabilities to better serve our customers, employees, clients, and partners.”
Dr Ranjan Pai, Chairman, Manipal Edu and Medical Groupsaid, “We believe the combination of Manipal Group’s integrated healthcare expertise with multi-specialty hospital networks and Cigna‘s global expertise in health and wellness, positions ManipalCigna Health Insurance Company as a truly differentiated healthcare provider for people across India. The two organisations are a good cultural fit and drawing on the strengths of both companies together we can provide easy and lifetime access to quality healthcare to millions of people in India and create a strong path for our future growth.”
Manipal Group has diversified and established business models to serve the needs of its customers. This includes building world-class hospitals, fostering preventive healthcare processes, and nurturing best medical faculties through education institutions. With more than 200 years’ experience, Cigna Corporation operates in 30 countries and jurisdictions and has more than 160 million customer relationships worldwide. The company has adopted its new name as a reflection of the brand value of its partnership and to demonstrate its commitment to bridge the gap between healthcare delivery and healthcare financing in the Indian market.
Prasun Sikdar, MD and CEO, ManipalCigna Health Insurance Company Limited said, “While our company name is changing, all core elements of the organization will remain the same. We remain committed to our mission to improve the health, well-being and peace of mind of those we serve. This new joint venture with Manipal Group will help us deliver a superior customer experience to build a differentiated market position, and enable the expansion of quality healthcare to millions of people in India”
The rebranding 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.