Massachusetts Mutual Life Insurance Company (MassMutual) in August 2017 sold its Hong Kong-based subsidiary, MassMutual Asia, to Yunfeng Financial Group and other Asia-based investors for approximately $1.7 billion, including a 24.8% stake in Yunfeng Financial Group. MassMutual Asia owns a P/C insurer and MassMutual Trustees, which focuses on the Mandatory Provident Fund business, a compulsory pension plan for the retirement of residents in Hong Kong. According to the joint