Jio Finance, Allianz Incorporate Reinsurance Joint Venture To Tap Growing Market

Allianz Europe B.V. and Jio Financial Services Ltd. have officially incorporated their joint venture company, Allianz Jio Reinsurance Ltd. This development follows a prior announcement on July 18 regarding the formation of the 50:50 domestic reinsurance partnership.

The new entity, has been established to conduct reinsurance business within India, pending final regulatory approvals from the Insurance Regulatory and Development Authority of India or IRDAI. The company will be capitalised with an initial investment of Rs 2.50 lakh, with Jio Financial Services subscribing to 25,000 equity shares of Rs 10 each, securing a 50% stake.

The certificate of incorporation was received from the Ministry of Corporate Affairs on Sept. 8, a stock exchange filing said.

The partnership aims to combine Allianz's global underwriting and reinsurance capabilities with Jio Financial Services' local market expertise and digital infrastructure to serve the growing Indian insurance market.

Allianz had, in March 2025, chosen to exit Indian insurance joint ventures by offloading a Rs 24,180 crore stake in Bajaj Allianz General Insurance Co. and Bajaj Allianz Life Insurance Co. to the Bajaj Group.

India's reinsurance market size reached $19.2 billion in 2024. The market to reach $41.5 billion by 2033, exhibiting a growth rate (CAGR) of 8.92% during 2025-2033​, according to IMARC Group.