Cigna TTK Health Insurance, a joint venture between U.S. based global health service leader, Cigna Corporation (NYSE:CI), and Indian conglomerate TTK Group and Manipal Group announced today that it has changed its company name to ManipalCigna Health Insurance Company Limited after receiving all necessary regulatory approvals. Under the new structure, Cigna Corporation will continue to hold its 49 per cent stake, while Manipal Group will increase its stake to 51 per cent and TTK Group plan to exit from this joint venture after receiving all necessary regulatory approvals from the Insurance Regulatory and Development Authority of India (“IRDAI”). To learn facts about ManipalCigna Health Insurance
Along with the name change, the company has adopted a new corporate identity, including a new logo and website that can be found at manipalcigna The changes are effective immediately, and all future business activity will be under the new company name. Jason Sadler, President, Cigna International Markets said, “India’s insurance sector has tremendous growth potential – it is evolving rapidly, and is an important market for Cigna. Over the past five years, we have made great progress in this growing market and we greatly appreciate TTK Groups’ support in playing an important role in strengthening our position in India. We strongly believe our new joint venture with Manipal Group will now allow us to further expand our existing relationships, explore new markets, and drive innovative solutions and capabilities to better serve our customers, employees, clients, and partners.”
Dr Ranjan Pai, Chairman, Manipal Edu and Medical Group said, “We believe the combination of Manipal Group’s integrated healthcare expertise with multi-speciality hospital networks and Cigna‘s global expertise in health and wellness positions ManipalCigna Health Insurance Company as a truly differentiated healthcare provider for people across India. The two organisations are a good cultural fit and drawing on the strengths of both companies together we can provide easy and lifetime access to quality healthcare to millions of people in India and create a strong path for our future growth.”
Manipal Group has diversified and established business models to serve the needs of its customers. This includes building world-class hospitals, fostering preventive healthcare processes, and nurturing best medical faculties through education institutions. With more than 200 years’ experience, Cigna Corporation operates in 30 countries and jurisdictions and has more than 160 million customer relationships worldwide. The company has adopted its new name as a reflection of the brand value of its partnership and to demonstrate its commitment to bridge the gap between healthcare delivery and healthcare financing in the Indian market.
Prasun Sikdar, MD & CEO, ManipalCigna Health Insurance Company Limited said, “While our company name is changing, all core elements of the organization will remain the same. We remain committed to our mission to improve the health, well-being and peace of mind of those we serve. This new joint venture with Manipal Group will help us deliver a superior customer experience to build a differentiated market position, and enable the expansion of quality healthcare to millions of people in India” 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.
About ManipalCigna Health Insurance Company Limited
ManipalCigna Health insurance Company Limited (formerly known as CignaTTK Health Insurance Company Limited) is a joint venture between Indian conglomerate TTK Group, Manipal Group, a leader in the field of healthcare delivery and higher education in India and Cigna Corporation, a global health services company with over 200 years of experience. ManipalCigna is headquartered out of Mumbai and has over 28 branch offices covering major metros and towns. The company has built a strong multi-distribution network of over 20,000 agents, 250+ major brokers and is present in over 7,000 points of sales locations across the country through its distribution network. ManipalCigna also has tie-ups with 17 leading Banks, NBFCs and MFIs for distributing health insurance solutions and has a network of over 6500 trusted hospitals across cities & tier II and III towns in India.