Group led by Jack Ma-backed Yunfeng to buy MassMutual Asia unit for $1.7b

Group led by Jack Ma-backed Yunfeng to buy MassMutual Asia unit for $1.7b

Jack Ma. Photographer: Jason Alden/Bloomberg

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

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