Zhong An Online Property Insurance Co, China's first online insurance company and a joint venture of Alibaba Group, Tencent Holdings Ltd, and Ping An Insurance Group has received regulatory approval, Alibaba confirmed Wednesday.

In 2012, property insurance in China earned 533.1 million yuan ($86 million) in premium income, up 15.44 percent year-on-year, higher than the insurance sector's average growth rate of 8 percent.

Global Times