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MassMutual sells Asia businesses to Yunfeng

MassMutual sells Asia businesses to Yunfeng

International insurance company MassMutual International has agreed a deal to sell a majority stake in its Asian arm to Yunfeng Financial, a Hong Kong-based investment and wealth management firm.

Under the terms of the deal, Yunfeng will take a 60% stake in MassMutual Asia, with other strategic investors, including City-Scape Pte, Meyu International and Ant Financial Services, taking smaller stakes. In return, MassMutual will receive $1 billion in cash and 800 million shares in Yunfeng FG. MassMutual International will retain its arms in Macau and Japan, and its joint venture in China.

MassMutual offers annuity and insurance products for the mass market and for high net worth clients.

‘MassMutual Asia's insurance products will broaden Yunfeng FG's financial product offerings and significantly contribute to the building of its financial service ecosystem, given that insurance and annuity products are indispensable in overall financial planning,’ Yunfeng chairman Yu Feng said in a press release.

Roger Crandall, CEO, president and chairman of MassMutual said: ‘We will continue to participate in the growing and attractive Asian markets through our ongoing stake in the combined Yunfeng FG and MassMutual Asia business. The resulting company will be a full-service financial services firm, well-equipped to serve a wide range of customers, including high net worth individuals and an emerging universe of consumers with rising incomes.'

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