MassMutual Financial Group of Springfield, Mass., said Thursday that it has completed the purchase of CRC Protective Life Insurance Company Ltd., a Hong Kong-based life insurance company.
The deal, which was announced in February, gives MassMutual entry into Asian markets and an additional $100 million of assets under management. The company already manages assets of more than $206 billion. Terms of the deal were not disclosed.
CRC Protective was jointly owned by HKCB Bank Holding Company Ltd. of Hong Kong and Protective Life Corp. of Birmingham, Ala.
MassMutual provides life insurance, annuities, disability income insurance, retirement planning products, money management, and other financial products and services.
Its subsidiaries include OppenheimerFunds Inc., the New York-based mutual fund company which managed $127 billion of assets on March 15.
- Cheryl Winokur