Cigna Corporation a global health service company, is selling its life, accident, and supplemental benefits business in seven countries to Chubb for US $ 5.75 billion.

"Our agreement with Chubb is another step forward in advancing our strategic focus on our global health services portfolio," said David M. Cordani, president and chief executive officer, Cigna Corporation.”

Upon completion of the transaction, Chubb will acquire Cigna's life, accident and supplemental benefits businesses in Hong Kong, Indonesia, Korea, New Zealand, Taiwan and Thailand as well as Cigna's interest in a joint venture in Turkey.  In Korea, Chubb will acquire and plans to continue to operate the business under the LINA Korea (Life Insurance Company of North America Korea) brand.

Cigna will continue to operate its robust international health businesses for the globally mobile population, as well as local market services in the Middle East, Europe, Hong Kong, Singapore and its joint ventures in Australia, China and India.