Jack Ma-backed Yunfeng Financial buys Asia unit of MassMutual for US$1.7 billion

washingtons-1196219.jpg

Yunfeng Financial Group Ltd, the company backed by Alibaba billionaire Jack Ma, agreed to buy an Asian unit from Massachusetts Mutual Life Insurance Co to add offerings such as death benefits and annuities.

The buyer will pay HK$13 billion (US$1.7 billion) for Hong Kong-based MassMutual Asia Ltd, with about 60 per cent of that sum in cash, and the rest in Yunfeng stock, the seller said on Thursday in a statement.

Yunfeng, which is known for catering to wealthier individuals, has been broadening its reach, creating a robo-adviser to help manage the wealth of regular Chinese and Hong Kong investors. The business being acquired posted premium income of HK$6.88 billion last year, the buyer said in a separate statement.

Read more at SCMP