Manipal Group will raise its shareholding in joint venture Cigna TTK Health Insurance to 51 per cent by buying the stake of TKK Group, a joint statement said Tuesday.
The Cigna Corporation of the US will continue to hold 49 per cent stake, while TKK will exit the health insurance business by selling its 31.48 per cent stake to Manipal Group, pending regulatory approval from Irdai.
Manipal holds 19.52 per cent stake in the joint venture.
With TTK Group proposed to exit the JV, the name of the JV has been changed to ManipalCinga, the statement said.
Along with the name change, the company has adopted a new corporate identity, including a new logo and website.
The changes are effective immediately and all future business activities will be under the new company name, it said.
"India's insurance sector has tremendous growth potential, it is evolving rapidly and is an important market for Cigna. Our new JV with Manipal Group will now allow us to further expand our existing relationships, explore new markets and drive innovative solutions and capabilities," said Jason Sadler, President, Cigna International Markets.
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, the statement said.
"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 differentiated healthcare provider for people across India," said Ranjan Pai, Chairman, Manipal Edu and Medical Group.
Drawing on the strengths of both companies, the new JV can provide easy and lifetime access to quality healthcare to millions of people in India and create a strong path for future growth, Pai said.
Cigna Corporation operates in 30 countries and jurisdictions and has more than 160 million customer relationships worldwide.
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