Jio Financial Services (JFSL) and Allianz Group, through its wholly-owned subsidiary Allianz Europe B.V., have entered into a binding agreement to form a 50:50 domestic reinsurance joint venture.
The two companies also entered into a non-binding agreement for setting up equally owned joint ventures for both general and life insurance businesses in India.
The JV will leverage Allianz’s existing Allianz Re and Allianz Commercial portfolios and activities in India.
The JV will launch operations post receipt of statutory and regulatory approvals.
JFSL’s vision is to empower every Indian by digitally delivering simple, secure, seamless and smart financial solutions that address four core needs: to borrow, invest, transact and protect.
Isha M. Ambani, Non-executive Director, Jio Financial Services, said, “India is witnessing a transformative surge in insurance demand, driven by rising prosperity, growing financial awareness, and rapid digital adoption. This partnership, combining Allianz’s global reinsurance expertise with JFSL’s deep understanding of the Indian market and strong digital infrastructure, aims to deliver innovative and customized reinsurance solutions to insurers. Aligned with the national goal of ‘Insurance for All by 2047’, we are committed to building a stronger and more inclusive insurance ecosystem that ensures broader access to protection for every Indian. We are excited to shape this transformative journey together.”
Oliver Bäte, Chief Executive Officer, Allianz SE, said, “We are proud to partner with Jio Financial Services to support the democratization of access to world-class financial services for the people of India, with the opportunity to serve a growing number of consumers who are seeking the right protection for themselves, their families, and their businesses. Allianz and Jio Financial Services are two trusted brands distinguished for customer excellence, and we are very much looking forward to actively contributing to and participating in this exciting journey of change.”
