CIGNA and PCIBank Form Joint Venture to Expand Life Insurance Services in the Philippines

Strategic Insights -

CIGNA Worldwide Insurance Company and Philippine Commercial International Bank (PCIBank) have finalized a joint venture agreement to sell life insurance products and related services in the Philippines. The new joint venture, PCIB CIGNA Life Insurance Corporation, will operate in Manila and offer superior coverages to protect the financial security of Filipinos and their families. The partnership combines CIGNA's insurance expertise with PCIB's strong presence and distribution capabilities. President Fidel Ramos and his cabinet witnessed the signing ceremony at the Waldorf Astoria Hotel in New York, where he was attending meetings related to the United Nations 50th anniversary celebration.

Key Takeaways:

  • CIGNA Worldwide Insurance Company and PCIBank have formed a joint venture to sell life insurance products and services in the Philippines.
  • The new joint venture, PCIB CIGNA Life Insurance Corporation, will be based in Manila and offer superior coverages to Filipinos and their families.
  • The partnership combines CIGNA's insurance expertise with PCIB's strong presence and distribution capabilities to deliver financial security and contribute to the country's economic growth.
  • The joint venture is expected to leverage CIGNA's global presence, including its network of offices in 55 countries and managed assets of approximately US$90 billion.
  • PCIBank provides a broad range of traditional and non-traditional banking services through its network of 260 branches in the Philippines.
  • The partnership is a strategic move to expand life insurance services in the Philippines and enhance the financial security of Filipinos.

Statistics:

  • CIGNA ranks among the world's largest providers of insurance and financial services.
  • The joint venture, PCIB CIGNA Life Insurance Corporation, will operate in Manila and offer life insurance products and services to Filipinos.
  • PCIBank has a network of 260 branches and provides a broad range of traditional and non-traditional banking services.

Sources:

  • "CIGNA and PCIBank Form Joint Venture to Expand Life Insurance Services in the Philippines" (PR Newswire, Oct. 24, 1995)
  • "CIGNA Worldwide Insurance Company" (circa 1995)
  • "Philadelphia-based CIGNA Corporation" (NYSE: CI) (circa 1995)