China's Ping An says eyes online insurance JV with Alibaba, Tencent

SHANGHAI Fri Aug 24, 2012 6:17am EDT

SHANGHAI Aug 24 (Reuters) - Ping An Insurance (Group) , Chinese Internet firms Alibaba Group and Tencent Holdings, and other shareholders are forming a joint venture company to sell insurance online, Ping An's chairman said on Friday.

"We will use Alibaba and Tencent's Internet strength to cooperate in the insurance industry," Peter Ma said at a press conference in Shanghai, after the company's financial results were announced on Thursday.

Ma did not provide more details. Alibaba declined to comment while Tencent could not be reached for comment.

Ping An, the world's second-largest insurer by market value, reported a better-than-expected 9.4 percent rise in first-half profits, boosted by its banking business. (Reporting by David Lin and Melanie Lee; Editing by Muralikumar Anantharaman)

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