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New York Life Insurance Building; New York City New York Life Insurance Building New York Life is a policyholder-owned mutual insurer that has focused mainly on the individual life and annuity markets. (Credit: New York Life)

New Life Insurance Company today announced plans to pay $6.3 billion, in cash, for Cigna Corp.’s group life and disability businesses.

New York Life would get Cigna’s Life Insurance Company of North America and CIGNA Life Insurance Company of New York’s subsidiaries, according to a deal analysis from analysts at Fitch Ratings.

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