Who owns Cigna's insurance joint venture in China (partner not named in filing)

Cigna's insurance joint venture in China (partner not named in filing) - Profile

The Cigna Group's 50 percent owned insurance joint venture in China, which its Form 10-K describes only as an equity method insurance joint venture, is Cigna & CMB Life Insurance Company Limited, a Shenzhen based life and health insurer partnered with China Merchants Bank. The venture sells life, health, accident and critical illness policies to individuals and to employer groups across mainland China, and it built its business on direct and telephone based distribution before expanding through China Merchants Bank's retail banking network and into additional provinces. Cigna contributes health insurance underwriting and international health network capability while the bank contributes its branch and customer base as the distribution channel. The joint venture is regulated by China's National Financial Regulatory Administration and is carried on Cigna's books under the equity method rather than consolidated.

The disclosed stakes

One row per position. Where a holder reports the same company in two share classes, both rows are shown rather than summed, because the class is part of a position's identity.

Where each figure comes from

A private stake has no ownership form behind it, so the source is always the holder's own filing or disclosure. Anything modelled says so, with the arithmetic.

• The Cigna Group, as of 31 Dec 2025. Not share-denominated: a 50% equity-method ownership interest, not a share count. FY2025 10-K, Note 14 (Collectively Significant Operating Unconsolidated Subsidiaries): 'We participate in an insurance joint venture in China with a 50% ownership interest. We account for this joint venture under the equity method of accounting.' The note gives the carrying value of the Company's total portfolio of operating joint ventures as $(211) million at 31 Dec 2025 and $656 million at 31 Dec 2024, 'of which $(296) million as of December 31, 2025 and $43 million as of December 31, 2024 related to our joint venture in China' -- this is the one figure in the filing individually attributable to this investee, not a combined multi-investee balance, so it is recorded per the brief. The negative carrying value reflects the Company's share of AOCI losses of $1,672 million at 31 Dec 2025 (versus $979 million at 31 Dec 2024), primarily from updated discount-rate assumptions on long-duration liabilities and unrealized investment losses. The Q2 2026 10-Q repeats the 50% ownership-interest language and updates only the investment portfolio backing the JV's liabilities (approximately $20.9 billion at 30 Jun 2026, up from $18.2 billion at 31 Dec 2025, per the 'Unconsolidated Subsidiary Investments Portfolio' section); it does not restate the JV's own carrying value, so the FY2025 10-K figure is the most recent one on file. The joint venture's legal name (publicly known outside SEC filings as a China Merchants Bank partnership) is not stated anywhere in the 10-Q or 10-K text searched, so it is left unnamed here rather than sourced from outside knowledge. sourcesource 2