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Suning gets nod to sell insurance
Print Edition
China’s largest home and appliance retailer Suning said yesterday it has won regulatory approval to sell insurance on behalf of insurers to consumers as it diversifies its services and grow its presence in the Internet financing sector.
Suning Insurance Co Ltd has a registered capital of 120 million yuan (US$19.7 million) with Suning Commerce Group owning a 75 percent stake while its parent company, Suning Appliance Group, holds the remaining 25 percent, it said yesterday.
“Insurance is a strategic business for Suning as it’s an important step for us to cover various channels and serve a wider group of consumers,” said Lin Kairong, deputy general manager of Suning’s finance business service department.
Suning also hopes to work with insurers to offer tailor-made policies for online shoppers on its e-commerce site yigou.com. It has been growing its product offerings on Yigou to include food and beverage and general merchandise.
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