SPRINGFIELD, Mass. MassMutual Financial Group is extending its Asian holdings.
The deal announced Thursday for an interest in Mercuries Life Insurance Co. of Taiwan would be its second investment in an Asian insurance company in less than 12 months.
Mercuries Life, a subsidiary of the Taiwan-based conglomerate Mercuries & Associates Co., has nearly $1 billion of assets under management and 10,000 sales representatives. Sales last year were almost $200 million in individual and group life and health insurance products. Mercuries & Associates also will retain a substantial ownership share.
This is the companys second investment in an Asian insurance company in less than 12 months. Last March, MassMutual bought the former CRC Protective Life of Hong Kong, now MassMutual Asia, an insurer based in Hong Kong.
Mercuries Life will be renamed to include both parties brands.
MassMutual Financial Group is a diversified, global financial services organization comprised of member companies engaged in life insurance and other financial products, trust banking, and investment management. It has over $200 billion of assets under management.
More specific terms of the deal, which is subject to regulatory approval, were not disclosed.