A screen displays the logo fro Cigna Corp. on the floor at the New York Stock Exchange (NYSE) in New York, U.S., July 16, 2019. REUTERS/Brendan McDermid

SINGAPORE, Oct 7 (Reuters) – U.S. insurer Chubb Ltd has agreed to buy health insurer Cigna Corp’s (CI.N) life, accident, and supplemental benefits businesses in Asia Pacific and Turkey for $5.75 billion in cash, both insurers said, marking the latest consolidation in Asia’s insurance sector.

In a statement issued late on Thursday, Chubb said it will acquire Cigna’s A&H (accident and health) and life business in South Korea, Taiwan, New Zealand, Thailand, Hong Kong and Indonesia, in addition to Cigna’s 51% stake in a joint venture in Turkey.

“The addition of Cigna’s business, which is overwhelmingly A&H (accident and health), will rebalance our global portfolio towards this important region,” Chubb CEO Evan Greenberg said.

Chubb said the acquisition will boost Asia’s share of its global…

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