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