Managed care company Cigna Corp. said Tuesday it has formed a joint venture with the Indian conglomerate TTK Group, and it expects to start selling health insurance through it by early next year.
Cigna, based in Bloomfield, Conn., said the venture will be named Cigna TTK and will be based in Mumbai. It named Sandeep Patel the venture's CEO. Patel is managing director for Cigna Health Solutions India Pvt. Ltd. and joined the insurer in 1998.
The joint venture will focus on the health sector, one of the fastest-growing economic segments in India, which has 1.2 billion people, according to Cigna. It will sell individual private medical insurance, supplemental health and accident products and health benefits for expatriates.
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Cigna is the fourth-largest U.S. commercial health insurer based on enrollment. It has a broader business mix than some of its competitors, and that includes an international business it has touted as an important source of future growth. Premiums and fees from that business grew 33 percent to $765 million in the third quarter.
Overall, Cigna earned $200 million, or 74 cents per share, on $5.61 billion in revenue in the three months that ended Sept 30. The company will release fourth-quarter results on Feb. 2.
Company shares climbed 2.6 percent, or $1.19, to $46.80 in Tuesday morning trading, outpacing gains of less than 1 percent by broader trading indexes.
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