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.
- June 1
The change for life insurance JVs is proposed in the latest draft regulatory amendments under consideration.
- May 24
Dwindling sales of savings-type products and weaker investment returns are reducing income.
- May 14
Linked policies recorded the highest growth, up 82% from the same period last year.
- May 2
Shareholders will carry out a detailed evaluation of shortlisted bidders over the next couple of weeks.