JD eyes move into online insurance

Retailer teams up with Allianz, buys 33.3 percent stake in its China unit

Competition in China's fast-growing online insurance industry is intensifying as the nation's internet giants are investing heavily in the lucrative sector.

JD will invest 536.6 million yuan ($85.4 million) for a 33.3 percent stake in the China unit of global insurance giant Allianz SE, furthering its push into the financial sector.