Suning Commerce Group announced that its electronics retail subsidiary Suning Appliance will establish an insurance company.
The new insurance sales company will have registered capital of CNY120 million and its main businesses will be selling insurance products and collecting premiums as an agent. Suning Commerce will invest CNY90 million in this company, while Suning Appliance will invest the remaining CNY30 million.
This is reportedly not the first time for Suning to tap the insurance sector. In August 2012, the company's e-commerce site Suning.com launched an insurance channel, which teams with Ping An Insurance, China Pacific Insurance and Taikang Life in sales of auto insurance, casualty insurance, health insurance, and property insurance.
A representative from Suning revealed that the first batch of its partners will cover more ...
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