YF Life Welcomes New Development Opportunities Brought by State Administration of Foreign Exchange's Plans to Relax Business Restrictions on Individual Capital

February 22, 2021

Ye Haisheng, the head of the Capital Account Management Department at the State Administration of Foreign Exchange (SAFE), stated recently in the Administration’s magazine China Forex that they were considering easing the current restrictions on individual capital in an orderly way, so that individuals may invest in overseas securities and insurance within an annual limit of US$50,000, thereby complementing the pilot launch of the “Wealth Management Connect” scheme in the Greater Bay Area. This policy would be beneficial to residents in the Greater Bay Area, enabling them to participate in cross-border wealth management and investments, thus achieving a more diversified portfolio in asset allocation.

As a member of Hong Kong’s insurance industry, YF Life Insurance International Limited (YF Life) welcomes the possibilities of the policy change. In view of the large population in the Greater Bay Area and their pent-up demand for insurance products, it will stimulate new growth for the insurance industry in Hong Kong and Macau.

YF Life believes that its risk- and wealth-management plans such as Infinity Saver 2, PrimeHeatlh Saver 500+ and high-end medical insurance plans are all ideal solutions for residents in the Greater Bay Area.

Furthermore, the potential policy change and the launch of the Wealth Management Connect Scheme would also create more opportunities in business development for its parent company Yunfeng Financial Group Limited.

YF Life Insurance International Limited is a member of publicly listed Yunfeng Financial Group Limited, whose major shareholders include Yunfeng Financial Holdings Limited and Massachusetts Mutual Life Insurance Company, one of the “Five Largest US Life Insurance Companies”. Leveraging our robust financial background and solid reliability, YF Life is committed to helping customers “own the future” by providing professional and technology-enhanced one-stop risk- and wealth-management consulting services, as well as MPF services.

*Yunfeng Financial Holdings Limited and Massachusetts Mutual Life Insurance Company have an indirect shareholding in Yunfeng Financial Group Limited. The “Five Largest US Life Insurance Companies” is ranked according to the aggregate results of “Insurance: Life, Health (Mutual)” and “Insurance: Life, Health (Stock)” on total revenues for 2019, and based on the FORTUNE 500 as published on May 18, 2020.

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