According to Allianz Property Insurance (China) Co., Ltd. April 17th announcement,  the Jingdong group will invest 537 million yuan to buy 33.33% share of Allianz PICC China .

After the purchase in capital, the Jingdong will become Allianz PICC China's second largest shareholder. In this respect, Allianz Insurance group said that with the Jingdong Group has reached long-term cooperation in China to build digital insurance joint ventures.

The two company will assemble their respective strengths to develop and provide attractive security solutions to meet the rapidly evolving needs of Chinese consumers. At present, the Allianz Group's business in China is mainly related to life insurance (joint Life insurance venture company), property insurance (wholly-owned company Allianz property insurance China). The Jingdong shares of Allianz PICC China is mainly good at the non-auto insurance business, from the previous annual earnings, 2015, 2016 are in the net loss status.

However, a person familiar with the matter said that Allianz's China had turned a net loss profit in 2017, and the specific annual report will be announced in the near future.

As early as 2015, Allianz has announced plans to work with Baidu, Gaoling capital to set up the Baian Internet insurance company, but this cooperation hasn't setted up so far.

The Jingdong has sought for insurance licences for many years and has been unable to obtain approval for the preparation of a licence for the company. Liu Qiangdong has disclosed that the Jingdong Insurance plan will be headquartered in Sichuan, Jingdong also formed an insurance preparatory, but Jingdong finance has not yet set up insurance agencies. The move suggests that Beijing is expected to obtain insurance licences through cooperation between the two sides.

Souce :Shanghai Security 2018-04-18