SHENZHEN, China & BLOOMFIELD, Conn.--(BUSINESS WIRE)--Cigna & CMC Life Insurance Co., Ltd. (“Cigna & CMC”), a joint venture company between Cigna and a China Merchants Group affiliate, announced today that the company has sold its one millionth policy in force in China. Cigna & CMC has been growing rapidly in the Chinese health and life insurance market since it was established nearly 10 years ago.
“With China’s growing middle class, aging population and expanding urbanization, there will be tremendous opportunities for the insurance sector to help meet China’s health and protection needs”
Mr. Ma Weihua, chairman of Cigna & CMC said: “This is a key historical milestone in Cigna & CMC’s successful growth story. The achievement reflects the collective focus and commitment of the joint venture team. It also illustrates the power of Cigna & CMC’s shared values and vision enabling the company to leverage resources to drive these results. This milestone will inspire Cigna & CMC to achieve even greater success in the next decade and beyond.”
As one of the most successful life insurance joint ventures in China, Cigna & CMC leverages Cigna’s more than 220 years’ experience, distribution expertise, and deep knowledge of insurance services. That foundation, coupled with CMC’s vast retail experience, powerful brand, and strong customer understanding, provides the power behind the JV company’s ability to succeed through its use of analytics and insights on consumer needs in China.
Cigna & CMC has developed a unique business model by embracing a shared vision and set of values for the company and leveraging resources and scale to solidify the reputation of an innovative and trusted brand in the industry. In just under a decade, the company has grown into an impressive insurance operation with licenses to operate in nine provinces across China, approximately 4,000 staff and 1 million in-force policies. In fact, the JV company also won the honor of being named China’s Best Foreign Life Insurance Company and ranks #1 in terms of comprehensive competitive capabilities among life insurance joint ventures in China.
The JV company operates three lines of business in China:
- offering supplemental health, life and accident (HL&A) products that are distributed through direct marketing channels including internet, telemarketing, bancassurance and affinity partner distribution and China Merchants Bank’s established branch network,
- selling and servicing the needs of globally mobile employees through Cigna’s expat business unit, Global Health Benefits, and
- recently launching its global and local individual private medical insurance (IPMI) product suite targeting globally mobile High Net Worth individuals either based out of or working in China
“We are extremely pleased with this remarkable achievement in the China market,” said Mr. David Cordani, president and CEO of Cigna, “As a leading global health service provider, we will continue to bring our product and distribution expertise to this critically important joint venture. Cigna & CMC will continue to see strong growth in the next decade, given China’s growing demand for health insurance and our unique solutions to help fill the diverse set of customers’ needs.”
Cigna & CMC has maintained its rapid growth in 2012 despite a relative slowdown in China’s fast-growing economy. In fact, Cigna & CMC recorded USD $238 million in premiums and fees year-to-date through 9/30/2012, a 35% increase over the prior year. The company attributes the growth to its customer-centric products and services, as well as its innovative, diversified marketing strategies.
“With China’s growing middle class, aging population and expanding urbanization, there will be tremendous opportunities for the insurance sector to help meet China’s health and protection needs,” said Mr. Fernando Moreira, general manager and CEO of Cigna & CMC. “We will stay focused on the customer and leverage the advanced resources of both companies to provide comprehensive, improved health insurance services for the local market.”
Founded in 2003, Cigna & CMC has expanded into Beijing, Shanghai, as well as provinces of Guangdong, Zhejiang, Jiangsu, Sichuan, Hubei, Shandong and Liaoning.
About Cigna & CMC Life Insurance Company Limited
Cigna & CMC Life Insurance Co., Ltd. (“Cigna & CMC”) was established by Cigna and a China Merchants Group affiliate in 2003. Founded in 1792, Cigna Corporation is one of the largest insurance companies in the US. As early as 1897, a Cigna predecessor company was the 1st American insurance company operating insurance business in China granted by the Qing Dynasty Government. China Merchants Group ("CMG"), founded in 1872, is one of the earliest enterprises in Chinese enterprise modernization process in recent China history. Cigna & CMC was awarded Best Foreign Life Insurance Company Award in China for two consecutive years in 2008 and 2009 by China Financial Times and The Institute of Finance and Banking of Chinese Academy of Social Science. Cigna & CMC topped in the overall competency ranking among all joint venture life insurers in China in the 2010 Asia Insurance Competency Ranking Research Report conducted by California State University, Fullerton (CSUF) and 21st Century Business Herald. For more information about Cigna & CMC, Pls. visit www.cigna-cmc.com.
Cigna Corporation (NYSE: CI) is a global health service company dedicated to helping people improve their health, well-being and sense of security. All products and services are provided exclusively by or through operating subsidiaries of Cigna Corporation, including Connecticut General Life Insurance Company, Cigna Health and Life Insurance Company, Life Insurance Company of North America and Cigna Life Insurance Company of New York. Such products and services include an integrated suite of health services, such as medical, dental, behavioral health, pharmacy, vision, supplemental benefits, and other related products including group life, accident and disability insurance. Cigna maintains sales capability in 30 countries and jurisdictions, and has approximately 71 million customer relationships throughout the world. To learn more about Cigna®, including links to follow us on Facebook or Twitter, visit www.cigna.com.