New Company Expected to Open in 1st Half of 2022
Cigna, the parent company of Lina Korea, is planning to set up a digital non-life insurance company in South Korea. The idea is to enter a new market by utilizing its competitiveness in the healthcare sector.
Cigna is planning to set up the company by direct investment from the HQ, like it did when it established the life insurance company. The digital non-life insurance company is expected to open in the first half of next year.
The new company will become the first foreign company in the digital non-life insurance industry of South Korea, which has been led by major insurers’ subsidiaries such as Hana and Hanwha. The digital non-life insurance subsidiary of Kakao Pay obtained a preliminary approval early this month and is expected to debut in the second half of this year.
Cigna is a global healthcare service provider headquartered in the United States. More than 180 million worldwide customers are using the company’s medical and healthcare services provided by 1.7 million personnel. It entered the life insurance market of South Korea in 1987. Lina Korea’s assets totaled 5,060.4 billion and net profit was 357.2 billion won at the end of 2020.