Germany's Allianz SE recently announced that the group will cooperate with Baidu and Hillhouse Capital to begin a professional Internet insurance company project.

Oliver Bate, chief executive officer of Allianz, revealed that the joint venture will apply for a national license and will focus on property and casualty insurance and architectural property insurance.

The new JV plans to provide safeguard plans to individual clients and small- and medium-sized enterprises across China, covering tourism, health, and Internet financial insurances.

Public files show that Allianz is one of the largest insurance companies and its asset management scale listed the fifth in the world. By the end of 2014, Allianz managed about EUR1.8 trillion assets, which was about USD1.9 trillion. The company's businesses are mainly in the U.S., Germany, France, Italy, U.K., and Asia Pacific.

Prior to this, Allianz already set up life insurance and property insurance companies in China. It 1998, Allianz and Citic Trust Co., Ltd. established a joint venture in Shanghai. With registered capital of CNY2 billion, the JV is 51% owned by Allianz. In addition, Allianz has a wholly-owned property insurance subsidiary in China, with registered capital of CNY715 million.