China’s first online insurance company has opened in Shanghai with a registered capital of one billion yuan (US$164.14 million), the official Xinhua news agency reported Wednesday. Zhongan.com, a joint venture between Alibaba Group, Ping An Insurance (Group) Co. of China Ltd. (2318.HK, 601318.CN) and Tencent Holdings Ltd. (0700.HK), received approval from the China Insurance Regulatory Commission earlier this month. It expects to be profitable in three to five years, with premium income estimated at 8 billion yuan in five to eight years, chief executive Yin Hai was quoted as saying. The insurer is among the newest players in Shanghai’s financial innovation pilot zone on the Bund, the report said.
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