(Yicai Global) June 9 -- Ren Huichuan, who resigned as deputy chairman of Ping An in March, has joined Tencent Holdings as a senior consultant tasked with exploring the development of the tech giant’s internet insurance business.

Finance has become an important revenue engine for Tencent and made up 28 percent of its total income in the first quarter, up from 26 percent a year earlier, an insider at the Shenzhen-based firm told the Economic Observer. Only Tencent’s gaming business generated more money, but grew at a slow rate than financial services.

The company’s financial services cover payments, wealth management, securities and financial innovation. The firm also has insurance operations through investments in ZhongAn Online P&C Insurance, Hetai Life Insurance and Tencent Wesure.

Ren spent 18 years working with Ping An and held several senior positions within the firm, including management positions at Ping An Property & Causality Insurance and Ping An Trust.

Editor: James Boynton