17 April 2018Insurance

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

Cyclone Friederike insured losses reach €1.63bn

Don't miss our insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
11 April 2018   Allianz X, the digital investment unit of the Allianz Group, has invested $35 million in Southeast Asian mobile platform GO-JEK to become its sole international insurance shareholder.
Insurance
5 April 2018   Allianz Group’s specialist corporate insurer Allianz Global Corporate & Specialty (AGCS) has appointed Nicholas Pooley as the new aviation major risks product lead for North America, based in New York.