Cigna contemplates sale of drug-benefits unit
Cigna Corp. said it would "look very hard" at the possibility of selling its drug-benefits unit, chief executive Edward Hanway said. The Philadelphia-based insurer said that competitor WellPoint Inc.'s $4.7 billion sale of its own drug unit, announced in April, had prompted an assessment of its division's potential value, but he added that Cigna had made no final decision, he said.
Cigna Corp. said it would "look very hard" at the possibility of selling its drug-benefits unit, chief executive Edward Hanway said. The Philadelphia-based insurer said that competitor WellPoint Inc.'s $4.7 billion sale of its own drug unit, announced in April, had prompted an assessment of its division's potential value, but he added that Cigna had made no final decision, he said.
Cigna climbed 21 cents, or 1.03 percent, to $20.62 in New York Stock Exchange trading early this afternoon. The shares have lost 50 percent over the last year.