The JV company operates three lines of business in China:
- offering supplemental health, life and accident (HL&A) products that are distributed through direct marketing channels including internet, telemarketing, bancassurance and affinity partner distribution and China Merchants Bank’s established branch network,
- selling and servicing the needs of globally mobile employees through Cigna’s expat business unit, Global Health Benefits, and
- recently launching its global and local individual private medical insurance (IPMI) product suite targeting globally mobile High Net Worth individuals either based out of or working in China
“We are extremely pleased with this remarkable achievement in the China market,” said Mr. David Cordani, president and CEO of Cigna, “As a leading global health service provider, we will continue to bring our product and distribution expertise to this critically important joint venture. Cigna & CMC will continue to see strong growth in the next decade, given China’s growing demand for health insurance and our unique solutions to help fill the diverse set of customers’ needs.”
Cigna & CMC has maintained its rapid growth in 2012 despite a relative slowdown in China’s fast-growing economy. In fact, Cigna & CMC recorded USD $238 million in premiums and fees year-to-date through 9/30/2012, a 35% increase over the prior year. The company attributes the growth to its customer-centric products and services, as well as its innovative, diversified marketing strategies.
“With China’s growing middle class, aging population and expanding urbanization, there will be tremendous opportunities for the insurance sector to help meet China’s health and protection needs,” said Mr. Fernando Moreira, general manager and CEO of Cigna & CMC. “We will stay focused on the customer and leverage the advanced resources of both companies to provide comprehensive, improved health insurance services for the local market.”
Founded in 2003, Cigna & CMC has expanded into Beijing, Shanghai, as well as provinces of Guangdong, Zhejiang, Jiangsu, Sichuan, Hubei, Shandong and Liaoning.