On October 7, 2021, Cigna Group entered into a stock purchase agreement to sell equity interests of certain companies in seven countries worldwide, including LINA Life Insurance Company of Korea (“LINA Life”) and Cigna Korea, to Chubb Group for USD 5.75 billion.  Kim & Chang advised Cigna Group in this transaction with respect to due diligence on LINA Life and other divested companies in Korea, review and execution of the stock purchase agreement and other legal advice necessary or required for the transaction.

LINA Life accounts for a significant part among the companies being divested by Cigna Group.  Kim & Chang closely supported Cigna Group throughout the process to ensure efficient and successful execution of the stock purchase agreement within a short time frame, by providing expert advice on Korean laws and regulations applicable to insurance business, and tax, labor and other issues.