Allianz sells 33% in China unit
Allianz has sold a 33 percent stake in its China unit to Chinese online retailer JD.com for $85 million, according to a Reuters April 16 report.
The move is part of the Chinese e-commerce firm’s push into financial services, the report said. The investment will reportedly make JD.com the second largest shareholder in Allianz China.
“Allianz and JD.com have entered into a long-term partnership to develop a digital insurance joint venture in China. We expect this type of insurance to give consumers even greater confidence when buying online,” JD.com said in an emailed statement.
The German insurance giant confirmed the partnership with JD.com to Intelligent Insurer. "The joint venture will combine both parties’ strengths to develop and deliver compelling protection solutions to meet the evolving needs of Chinese customers," Allianz said in an emailed statement.
"This partnership marks the latest milestone for Allianz in China, reinforcing its commitment and positioning it to accelerate growth and innovation in the world’s fastest growing insurance market," the insurer added.
As part of the agreement, €104 million (RMB 805 million) in new capital will be invested into Allianz China General Insurance by Beijing Jingdong 360 Du E-Commerce, China Sinda Intellectual Property and Shenzhen Huijingtongda Business Consulting, Allianz noted. Upon completion of the transaction, Allianz will be the largest shareholder of the joint venture with a 50 percent stake, Beijing Jingdong 360 Du E-Commerce Ltd will hold 33.3 percent.
Join us at Intelligent Automation in Insurance - April 26th 2018, London: Book now.
More of today's news
Lloyd’s MS Amlin Underwriting gets downgraded due to losses
AXA backs MGA Gresham Underwriting
Ex-CIRC chairman charged with fraud
The Hanover expects up to $76m nat cat costs in Q1
Lockton picks new chief digital officer to drive innovation
Marsh partners in commercial blockchain solution for proof of insurance
Monument Re acquires run-off portfolio from Belgian insurer Ethias
Sunderland Marine CEO steps down
BAM seals collateralized reinsurance agreement with Fidus Re
