China's largest online search company Baidu Inc set up an Internet insurance company with partners on Thursday, a move that pushes further into the country's Internet finance sector.

Baidu announced in Shanghai that it will team up with Allianz Group, a leading insurance provider, and Hillhouse Capital Management Limited, in building the new Internet insurance firm.

Without revealing any investment details, Baidu said in a statement that the Internet insurance firm will be dedicated to providing "innovative insurance services".

Robin Li, chief executive officer of Baidu, said building an Internet insurance company doesn't mean that they will purely sell insurance online.

"We want to make sure in the future that wherever people enjoy Internet-enabled services, they can be protected by our insurance," he said.

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