JD.com buys into insurer Allianz China

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JD.com Service Center No.1. Photo: Wikimedia Commons

Allianz China General Insurance Company, funded by German financial services firm Allianz SE, has received an injection of 805 million yuan (US$127.89 million) led by JD.com, Yicai.com reported.

The major investor, Beijing Jingdong San Bai Lu Degrees E-commerce Co. Ltd. is related to JD.com, one of the mainstream e-commerce platforms in China.

Following the injection, Jingdong is now the second largest shareholder of the company, securing a 33.3% stake. Allianz China remains the largest shareholder with a 50% stake.

The two companies have also reached a long-term cooperation deal and plan to build a digital insurance joint venture.

Both parties will pool their respective strengths and provide solutions to meet the rapidly evolving needs of Chinese consumers.

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