Hong-Kong based MassMutual International has announced the imminent sale of MassMutual Asia to fintech platform Yunfeng Financial Group as well as several Asia-based investors.
MassMutual International, a subsidiary of Massachusetts Mutual Life Insurance Company, will receive approximately $1.01bn upon completion of the sale.
Yunfeng Financial Group will acquire a 60% stake in MassMutual Asia. Minority shareholders will include City-Scape, Sheen Light Development and Sina Corporation, among others.
Eddie Ahmed, CEO of MassMutual International, said: “This transaction provides us with the ability to capitalise on the long-term success and value of MassMutual Asia, creating a true, full service financial services firm, well-equipped to serve a wide range of customers – from high net worth individuals to an emerging universe of customers with rising incomes.
“Further, through our ongoing stake in the combined Yunfeng and MassMutual Asia business, we will continue to capitalise on an expanding number of opportunities in this tremendous, growing and dynamic part of the world.”
Yu Feng, chairman of Yunfeng Financial Group, added: “The long term vision of Yunfeng Financial Group is to leverage its fintech capabilities to develop a financial service ecosystem that offers a broad range of financial services and products, along with high quality expert advice.
“MassMutual Asia’s insurance products will broaden Yunfeng Financial Group’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.”