MassMutual to obtain 19.9% stake in Yingda Life Insurance
Massachusetts Mutual Life Insurance (MassMutual) and State Grid of China have formed a strategic alliance in Yingda Taihe Life Insurance, to enhance life insurance business in China.
MassMutual plans to obtain a 19.9% equity stake in Yingda Life Insurance, a life insurance subsidiary of State Grid, and the rest of 80.1% will be owned by State Grid and other Chinese shareholders. MassMutual’s international subsidiary, MassMutual International (MMI), will act as MassMutual’s representative in the venture.
MassMutual aims to leverage its life insurance expertise in Asia and the US, to offer Yingda Life Insurance with support in management, actuarial, risk management, product development and distribution.
Rodney Dillman, President of MMI, said: “Yingda Life Insurance’s objective is not only to be a leader and trusted brand in China, but to be internationally respected for the quality of its assets, services and performance.”