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CIGNA President & CEO Hails Senate Passage of PNTR With China.

PHILADELPHIA, Sept. 19 /PRNewswire/ --

CIGNA Corporation (NYSE: CI) President and Chief Executive Officer H. Edward Hanway applauded today's long- awaited vote by the U.S. Senate that will establish permanent normal trade relations (PNTR) with China.

"The Senate vote to grant PNTR status to China paves the way for full, normal and fair trade with China now and in the future," Hanway said. "The simple fact is, normalizing trade relations with China is good for American consumers, American workers and American business. We're convinced that PNTR will give U.S. companies -- including CIGNA -- much greater access to the Chinese marketplace. At the same time, it will bring China and its people the advantages of increased international commerce."

CIGNA has been a strong advocate for normal trade relations with China, and has supported a variety of measures over the years aimed at fully integrating China into the global marketplace. Hanway has met in Beijing with Chinese Premier Zhu Rongji on two occasions since last November to emphasize CIGNA's willingness to assist China in developing a full range of health care, employee benefits and financial services products.

One of CIGNA's predecessor companies was the first U.S. insurer to establish operations in China, in 1897 in Shanghai.

While president of CIGNA's international division from 1989-96, Hanway played an important role in fostering economic cooperation across national borders, not only for the international insurance and financial services industries, but for U.S. businesses generally. An enthusiastic proponent of free trade, he worked closely with the U.S. Department of Commerce and the U.S. Trade Representative's Office in formulating the financial services provisions of such landmark pacts as the North American Free Trade Agreement (NAFTA) and the U.S.-Japan Framework Agreement on Insurance.

He was chairman of the International Insurance Council (IIC) from 1993-95, after which he served as IIC's vice chairman for trade policy. Hanway also served as a trustee and member of the executive committee of the United States Council for International Business and a member of the board of directors of the U.S. National Committee for Pacific Economic Cooperation.

CIGNA Corporation's subsidiaries are leading providers of employee benefits in the United States. Their products and services include managed and indemnity health care coverage; group life, accident and disability insurance; retirement services; and investment management. They also offer life insurance and employee benefits in selected international markets. As of June 30, 2000, CIGNA Corporation (NYSE: CI) had consolidated assets of $96.5 billion and shareholders' equity of $5.5 billion. Full-year 1999 revenues from continuing operations totaled $18.8 billion.
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Publication:PR Newswire
Date:Sep 19, 2000
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