Jio Financial Services on Friday announced a 50:50 joint venture with Germany’s Allianz Group for a domestic reinsurance joint venture to serve the Indian market.
The Jio Financial-Allianz JV was signed through the German company’s wholly-owned subsidiary Allianz Europe BV. It will launch operations after receiving statutory and regulatory nods.
Additionally, the two companies entered into a non-binding agreement to set up equally owned joint ventures for both general and life insurance businesses in India, Jio Financial said in its statement on Friday night.
This upcoming partnership promises to provide holistic protection solutions to Indian residents.
“The potential partnership for insurance will see two trusted financial services brands – JFSL and Allianz – coming together to deliver innovative and holistic protection solutions to the people of India,” JFSL said.
JFSL-Allianz JV: Details
The reinsurance joint venture between Jio Financial and Allianz aims to assist insurers manage risks more effectively by providing access to strong underwriting capabilities and competitive capacity, the Reliance-owned company said. It will “ultimately strengthen the resilience of the entire insurance ecosystem”.
The reinsurance partnership will bring together JFSL’s deep local expertise and robust digital footprint with Allianz’s strong underwriting and global reinsurance capabilities.
“The JV will leverage Allianz’s existing Allianz Re and Allianz Commercial portfolios and activities in India. It will also benefit from Allianz’s global setup, including its pricing, risk selection and portfolio management expertise. Allianz Re has been reinsuring risk in India for over 25 years,” JFSL said in its statement.
Jio Financial said its aim was to digitally provide Indians with “simple, secure, seamless and smart financial solutions” that address four core needs — to borrow, invest, transact and protect.
“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 customied reinsurance solutions to insurers,” Jio Financial non-executive director Isha Ambani said.
“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,” she added.