Alibaba Seeks Stake In Insurer New China Life

Jack Ma, founder and Executive Chairman of Alibaba Group.

Jack Ma, founder and Executive Chairman of Alibaba Group.

China’s Alibaba Group, the world’s biggest e-commerce company, is planning to buy shares in New China Life Insurance Co Ltd, according to the Shanghai Securities News.

Central Huijin Investment Ltd, the largest shareholder owning 31.34 percent of the insurer, plans to sell some of its stake to Alibaba.

New China Life Insurance has a market capitalization of $24 billion. The company provides life insurance services and products.

Alibaba has already invested in the Chinese insurance market. Last December, the founders of Alibaba and Tencent Holdings Ltd were among a consortium of investors who purchased stakes in Ping An Insurance Group Co of China Ltd in a HK$36.5 billion ($4.7 billion) deal, marking that the two Internet giants have been eyeing finance as an area ripe for technological disruption.

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