Jack Ma-backed firm eyes Asian unit of MassMutualAugust 21 2017 by InsuranceAsia News Staff
A consortium led by Yunfeng Financial Group, a company backed by billionaire Jack Ma, has expressed interest to pay about US$1.7 billion for the Asian unit of Massachusetts Mutual Life Insurance.
Yunfeng’s interest in MassMutual is part of its efforts to add insurance products to the array of financial services it offers to clients.
The consortium includes Sina Corp, Giant Network Group, Ant Financial, a GIC-managed entity and others.
It will pay HK$13 billion (US$1.7 billion) for Hong Kong-based MassMutual Asia, the seller said in a recent statement.
Based on the initial terms, Yunfeng will own a 60% stake in MassMutual Asia, with the other investors holding the remaining interest.
As a result, Yunfeng shares have rallied by their most in more than a year.
The Jack Ma-backed firm has become known for catering to high-net-worth clients, but has been broadening its reach lately to manage the wealth of regular investors.
- January 22
Richard Nunn will leave the pension fund to join the insurer as chief executive in May.
- January 18
The majority purchase of the former ING Life Korea business will give the group its second life insurer.
- January 14
There is a bidding war for a 23% stake of Canara HSBC Oriental Bank of Commerce Life.
- January 9
General manager Lance Tay says the firm will focus on the "mass affluent" after a surge in demand.