US insurer MassMutual Financial Group is planning to buy a stake in Beijing-based Yingda Taihe Life Insurance for US$100 million, Bloomberg reported, citing people familiar with the matter. The investment would give MassMutual a 19.9% stake in the Chinese insurer; foreign investors cannot own more than 20% of a local insurer. A spokesman for MassMutual said that the company finds China an attractive market, and that it had been "actively looking for opportunities" in the country. Yingda Taihe was established by electricity transmitter and distributor State Grid Corp of China. Insurance premiums in China rose by 39% last year due to higher demand for policies.
Copyright © 2018 SinoMedia Group Limited All rights reserved
You must log in to post a comment.