Large supermarket chain Homeplus on Friday said it will start selling insurance policies next year, becoming the first discount store to make inroads into the finance market.

The nation’s second-largest chain store, owned by the U.K.’s Tesco, established a subsidiary, Homeplus Financial Services, last month, which will sell insurance policies of financial firms on a consignment basis. The new firm will overlook the entire process, from promotion to consulting, sales and aftersales.

Homeplus has been brokering insurance programs since 2005, arranging consultations between its customers and insurers. But the time had come to take matters into its own hands, a company insider said.

“The consignment sales mean that Homeplus will take full responsibility for the insurance policies that it sells. We are now recruiting licensed financial planners and telemarketers so we can start the service from early next year,” he said.

The company hopes to expand its portfolio to credit cards and other financial products.

The advancement into the financial services sector is seen to have been heavily influenced by the mother company, which has provided financial services for decades. In the U.K., Tesco Bank, a Tesco subsidiary, offers insurance, credit cards, loans, savings, mortgages and travel products. Customers of financial services from Tesco Banks can accumulate Tesco Clubcard points, which can be used at supermarkets.

Homeplus came under fire in July after workers at the insurance brokerage division were caught rigging raffles and leaking private information of people inquiring about insurance programs. A Homeplus spokesman said the financial subsidiary was not involved in the scandal.

By Bae Ji-sook (baejisook@heraldcorp.com)