ManipalCigna Health Insurance

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ManipalCigna Health Insurance private Ltd
HeadquartersMumbai, Maharashtra, India
ServicesInsurance, Health Insurance
Websitewww.manipalcigna.com

ManipalCigna Health Insurance Limited is a joint venture between the Manipal Group, a healthcare and higher education group in India and Cigna Corporation, a global health services company. The company presence is in 30+ countries and serving 160 million+ customers around the world.[1]

History[edit]

Origin & Growth (2014 – 2019)

Cigna TTK (Cigna TTK Health Insurance Company Limited) was formed as a joint venture between the Cigna, the global insurance player and TTK Group, an Indian conglomerate in 2011. Cigna Corporation and TTK have 26% and 74% of the joint venture as per the Indian regulations. The Company was granted IRDA approval in November, 2013 paving the way for a formal launch of its services in India in February 2014.[2]


ManipalCigna Joint Venture (2018 - present)

In 2018, Manipal Group entered into a joint venture partnership with Cigna Corporation and TTK Group with due regulatory approvals. After TTK group filed an application with the insurance regulatory for a change of partnership from TTK Group to Manipal group. [3]

In 2019, the Manipal group increased their stake in the company which is 51% and bought 31.48% of TTK Group’s stake and ended the joint venture. The newly formed joint venture is called ManipalCigna Health Insurance. [4]

Background[edit]

Cigna is a global health services company which is listed on the NYSE (NYSE: CI) and is headquartered in Bloomfield, Connecticut, United States. The company has operations in 31 countries including United States, United Kingdom, China, Spain, Korea, Indonesia, New Zealand, Taiwan, Turkey, Thailand and India.

TTK Group is an industry conglomerate based in Chennai, India. The company had different business interests including medical devices (Dr. Scholl's, Chitra heart valves), contraceptives (Skore, Kohinoor), consumer goods (Woodward's gripe water) & kitchenware (Prestige pressure cookers).

Board Committee[edit]

  • Dr. Ranjan Pai (Chairman, Manipal Education and Medical Group)
  • Jason Sadler (President, Cigna International Markets)[5]
  • Prasun Sikdar (MD & CEO ManipalCigna Health Insurance)[6]

Offices[edit]

ManipalCigna is headquartered in Mumbai and has offices in the following Indian cities:[7]

References[edit]

  1. ^ "Cigna TTK Health Insurance Changes Company Name to ManipalCigna Health Insurance". The News Strike. 2019-06-04. Retrieved 2019-12-28.
  2. ^ "Cigna & TTK form health insurance JV". The Financial Express. 2011-11-22. Retrieved 2019-12-28.
  3. ^ "Manipal Grp to buy 16% stake in Cigna insurance". India Post. Retrieved 2019-12-29.
  4. ^ "Cigna TTK Health Insurance Changes Company Name To ManipalCigna Health Insurance". THE PERSPECTIVE. Retrieved 2019-12-29.
  5. ^ "Cigna TTK Health Insurance Changes Company Name To ManipalCigna Health Insurance". THE PERSPECTIVE. Retrieved 2019-12-29.
  6. ^ "Manipal Group Buys Strategic Stake in Cigna TTK Health Insurance Company – YourChennai.com". yourchennai.com. Retrieved 2019-12-29.
  7. ^ http://articles.economictimes.indiatimes.com/2014-02-25/news/47670948_1_commercial-operations-mumbai

https://www.moneycontrol.com/news/business/economy/manipal-group-ttk-group-to-hold-51-stake-in-cignattk-health-insurance-2910071.html

External links[edit]