Signage for Cigna is pictured at a health facility in Queens, New York City, U.S., November 30, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing Rights
NEW YORK, Nov 6 (Reuters) – U.S. health insurer Cigna Group (CI.N) is exploring the sale of its Medicare Advantage business, which manages government health insurance for people aged 65 and older, a move that would mark a reversal of its expansion in the sector, according to people familiar with the matter.
Cigna, which got into the Medicare Advantage business with its $3.8 billion acquisition of HealthSpring in 2011, would be backing away at a time the U.S. government is tightening its purse strings in reimbursing health insurers for their services, should it go through with the move.
Cigna is working with an investment bank to evaluate options for its Medicare Advantage business, which could fetch several billions of dollars in…
