- Jio Financial and Allianz Group will form a 50:50 domestic reinsurance joint venture
- The venture combines Jio's local expertise and Allianz's global reinsurance capabilities
- Allianz exited Indian insurance JVs in March 2025, selling Bajaj Allianz stakes to Bajaj Group
Jio Financial Services Ltd. and the Allianz Group are set to enter into a 50:50 domestic reinsurance joint venture through the latter's wholly-owned subsidiary Allianz Europe B.V., as per a press release on Friday.
The reinsurance partnership will bring together Jio Financial's local expertise and robust digital footprint with Allianz's strong underwriting and global reinsurance capabilities, stated the release.
"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," said Isha M Ambani, non-executive director of Jio Financial.
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 Company and Bajaj Allianz Life Insurance Company to the Bajaj Group. Allianz had reiterated its commitment to India as a growth market and expressed interest in exploring new opportunities to strengthen its presence as both an investor and an operator, at the time.
"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," said Oliver Bäte, chief executive officer at Allianz SE.
"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," he added.
Shares of Jio Financial ended 0.55% lower at Rs 316.85 apiece, as compared to a 0.57% decline in the benchmark NSE Nifty 50.
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