In December New York Life Insurance entered into a $6.3 billion deal to acquire Cigna’s group life and disability insurance business. Deals that large have been a rarity for the 175-year-old company. Already one of the nation’s largest mutual life insurance firms, New York Life posted a 14% year-over-year profit increase in 2019. The company believes the coronavirus pandemic and its negative impact on the economy are pushing people to think more about their finances—which could ultimately boost New York Life’s insurance offerings.
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