Cigna TTK Health Insurance Company Limited (Cigna TTK) has received regulatory approvals, from the Insurance Regulatory and Development Authority of India (IRDAI) to partner with Manipal Group, a leader in the field of healthcare delivery and higher education.

As per the new structure, Cigna Corporation will continue to hold its 49 per cent stake in the Indian health insurance venture, while Manipal Group and TTK Group will jointly hold 51 per cent stake in the joint venture.

The new partnership will help Cigna TTK bridge the gap between healthcare delivery and healthcare financing. Thus enabling the company to provide customers with a more comprehensive and affordable suite of healthcare solutions.

Jason Sadler, President, Cigna International Markets said: “India is an important market for Cigna and we are pleased to welcome Manipal Group on board as our new health insurance joint venture partner.”

“The joint venture is well-aligned with our mission to improve the health, well-being and sense of security of our customers,” he added.

Since its inception in 2014, Cigna TTK has created a strong position in the standalone health insurance segment and is one of the fastest growing health insurance companies in India.

The company has built a strong multi-distribution network with more than 10 lakh customers, more than 19 branches and also, more than 8,000 point of sale locations across India.

Dr Ranjan Pai, Chairman, Manipal Education & Medical Group (MEMG) said: “The two organisations are a good cultural fit. The combination of Cigna and Manipal Group will create a true differentiation for healthcare in India.”

Manipal Group has diversified and established business models which include world-class hospitals, fostering preventive healthcare processes, and nurturing medical faculties through education institutions.

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