Allianz and JD.com have entered into a long-term partnership to develop a digital insurance joint venture in China. Photo: ReutersBeijing: JD.com Inc. will invest 536.6 million yuan ($85.4 million) for a 33% stake in the China unit of global insurance giant Allianz SE, the companies said, as part of the Chinese e-commerce firm’s push into financial services. The investment will make JD.com the second largest shareholder in Allianz China, said the insurance firm in a filing on Monday. JD.com spun out its finance unit in 2017 and earlier this month Reuters reported it aims to raise $1.9 billion in fresh equity that will potentially double the unit’s value to $20 billion yuan. JD.com’s investment is still subject to approval from the China Banking Regulatory Commission, said Allianz in the filing.

Source: Mint April 16, 2018 14:03 UTC