SHANGHAI Aug 24 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