JD.com has bought a one-third stake in Allianz China General Insurance for RMB537 million (USD85.4 million).
Chinese e-commerce firm JD.com has bought a one-third stake in Allianz China General Insurance for RMB537 million (USD85.4 million), making a push into the financial sector.
According to a report in South China Morning Post, the deal will make JD.com the second biggest shareholder in the insurance company after Allianz Group, according to a JD spokesman.
JD.com, which has spun off its finance arm into a separate firm, will push further into insurance and online brokerage, the report said.
Allianz China General Insurance offers a range of insurance services including auto, property, liability, marine, engineering, and domestic credit insurance, as well as short-term health insurance and accident insurance for individual and corporate clients.
The acquisition still has to receive government approval.
We would like to hear any feedback or suggestions you have – either on this content, or on what you would like to see us produce going forward.
Plus – we want to hear about your news and any interesting developments at your firm.
Please email email@example.com