MassMutual sells local operation
Bnamericas Published: Tuesday, December 16, 2003
US financial group MassMutual Financial Group has sold its wholly owned Argentine life insurer MassLife Seguros de Vida to Swiss Medical Group, the latter said in a statement. The sum of the transaction was not disclosed. Swiss Medical Group is looking to increase MassLife's current stake in the Argentine insurance market and plans to expand the company's operations to cover new market segments by offering top-level products, the statement added. Gaston Gonzalez from MassLife's communications department recently told BNamericas that the company expects to post sales of 23mn pesos (US$7.7mn) this year. MassLife currently boasts 250,000 life insurance policyholders with the company holding seventh spot in the individual life segment and 22nd place in the collective life insurance market. MassLife Argentina Seguros de Vida forms part of the international division of US-based MassMutual Financial Group, which specializes in individual, personal accident and group life insurance products. The group also has insurance units in Chile and Bermuda.
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