View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
December 3, 2018

Yunfeng to leverage fintech to sell recently acquired MassMutual Asia’s products

Yunfeng Financial Group will use in-house developed fintech to market insurance products of recent;y acquired MassMutual Asia in Hong Kong region.

Free Report
img

Gain valuable insight on the Motor Insurance industry outlook for Asia Pacific

Asia-Pacific was the fastest-growing region globally during the review period (2016-2020), recording growth at a CAGR of 2.7%. China was the market leader, accounting for 52.9% of the region’s motor insurance premiums in 2020. To help you make the most of this significant growth, GlobalData’s has put together a comprehensive overview of the Asia Pacific motor insurance industry, including market sizing and forecasts. Read ‘Motor Insurance Industry Outlook in Asia Pacific’ for:
  • Analysis of leading insurers in the region
  • Details on regulatory requirements, including licensing rules, capital requirements, taxation regimes, and ownership quotas
  • Analysis of the impact of COVID-19 on the industry
  • Insight into key trends, technology developments, and potential disruptors in the motor insurance industry
  • Recent M&A activity in the motor insurance industry
Improve your business strategy with our extensive report. Download it for free, now.
by GlobalData
Enter your details here to receive your free Report.

Through this initiative, Yunfeng aims to fill the void of insurance offerings in the Hong Kong market where the company has been providing stock broking, wealth management and investment services.

Yunfeng completed the acquisition of MassMutual Asia, excluding Japan and Chinese operations, last month for $1.7bn.

Yunfeng took decision to buy MassMutual to benefit from its agents and financial platform and foray into the insurance market with a range of life and pension products. As per terms of the deal, US-based MassMutual International has become Yunfeng’s second largest shareholder with a 24.8% shareholding.

MassMutual International chairman, president and CEO Eddie Ahmed told South China Morning Post that the deal was a win-win for both companies.

Both firms will collaborate to explore business opportunities, he was further quoted as saying.

“We are definitely not planning to exit from Asia. Rather, we want to use our shareholder stake in Yunfeng to expand in Asia,” Ahmed told the publication.

“MassMutual previously liked to own 100 per cent of any overseas units to have full control. However, we decided to change the approach to establish partnerships with other firms with specialised knowledge or technology,” Ahmed Concluded.

Ahmed will join the boards of both MassMutual Asia and Yunfeng.

Free Report
img

Gain valuable insight on the Motor Insurance industry outlook for Asia Pacific

Asia-Pacific was the fastest-growing region globally during the review period (2016-2020), recording growth at a CAGR of 2.7%. China was the market leader, accounting for 52.9% of the region’s motor insurance premiums in 2020. To help you make the most of this significant growth, GlobalData’s has put together a comprehensive overview of the Asia Pacific motor insurance industry, including market sizing and forecasts. Read ‘Motor Insurance Industry Outlook in Asia Pacific’ for:
  • Analysis of leading insurers in the region
  • Details on regulatory requirements, including licensing rules, capital requirements, taxation regimes, and ownership quotas
  • Analysis of the impact of COVID-19 on the industry
  • Insight into key trends, technology developments, and potential disruptors in the motor insurance industry
  • Recent M&A activity in the motor insurance industry
Improve your business strategy with our extensive report. Download it for free, now.
by GlobalData
Enter your details here to receive your free Report.

Topics in this article: ,
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive.
SUBSCRIBED