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Cigna pays 93% of claims

2 May, 7:23pm

Cigna, which is soon to become Chubb, has reported 12% premium growth in the past financial year

Cigna New Zealand latest financial results show a 12% increase in net premium revenue, underpinned by a 22% increase in sales and a net assets position of $798 million at the end of 2021.

Cigna New Zealand chief executive Gail Costa says: “overall life insurance industry sales grew by 13%, but Cigna’s grew by 22%. This confirms that we’re one of the country’s fastest growing life insurers."

"As well as protecting more new customers, our revenue growth was underpinned by a focus on retention." The company’s underlying profit after tax was $97 million up by 25% from $78.3 million in 2020.

While the overall earnings result showed a shortfall of $4 million, this was largely driven by rising interest rates throughout 2021.

"Despite the wider global economic uncertainty, this year’s financials tell a story of strong underlying activity for the year. Cigna maintains a strong credit rating, and reported a solvency margin of $93.6m as at December 2021."

The results also show Cigna paid out $114.7 million in claims last year. "Most pleasingly, we accepted more than 93% of those claims. This really demonstrates our commitment to finding solutions for our customers in their time of need," Costa says.

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