Prosperous Future (HKG:1259) is starting an insurance business within its financial business segment to enhance its current business operations.

A Cayman Islands incorporated subsidiary of the company has already obtained the license to do insurance business from the Cayman Islands Monetary Authority, a Tuesday filing with the Hong Kong Exchange said.

The group will be offering private placement life insurance, including both death benefit protection and accumulative investment growth opportunities to the policyholder.

The frozen food and beverages provider's shares closed nearly 12% lower on Tuesday.

Price (HKD): $0.06, Change: $-0.0080, Percent Change: -11.76%