Cigna TTK Health Insurance filed an application to increase their stake from 26% to 49%. This move aims to strengthen Cigna’s presence in India through Cigna TTK Health Insurance. This move is made possible by the pending relaxation of rules for foreign investments in the insurance industry in India.
Cigna TTK is a product of a joint venture between Cigna and TTK. Cigna TTK as a standalone health insurance company started operations in 2014. Now, it has over three million customers in India. After this transaction, TTK will own 51% stake in the company and is still in the process of selling their stake partially or completely in time.
Cigna TTK Health Insurance’s CEO, Sandeep Patel comments:
"Cigna TTK will continue to strengthen its market position in India by further growing our distribution network through expansion and new alliances, focusing on product and service innovation and enhancing our digital and technological capabilities while keeping the customer at the center of everything we do"