Jio Financial Services and Jio Financial Services have announced the formation of a 50:50 domestic reinsurance joint venture to serve India’s rapidly expanding insurance market.
Approved by Jio’s Board of Directors, the agreement brings together Jio Financial’s deep local market knowledge and digital reach with Allianz’s global underwriting and reinsurance expertise.
The new venture will leverage Allianz’s existing Allianz Re and Allianz Commercial portfolios and benefit from over 25 years of Allianz Re’s experience in the Indian market.
By combining Jio Financial’s robust digital infrastructure and customer insights with Allianz’s advanced risk selection, pricing, and portfolio management capabilities, the JV aims to provide insurers with strong underwriting capacity, competitive terms, and enhanced resilience across the insurance ecosystem.
Operations are slated to commence upon receipt of requisite statutory and regulatory approvals. In parallel, the two companies have signed a non-binding term sheet to explore equally owned joint ventures for general and life insurance businesses in India. This broader collaboration underscores both partners’ commitment to democratizing access to protection solutions and supporting the national vision of “Insurance for All by 2047.”
Isha M. Ambani, Non-executive Director, Jio Financial Services, remarked that rising prosperity, growing financial awareness, and rapid digital adoption are driving a transformative surge in insurance demand. She added that the partnership with Allianz is designed to deliver innovative, customised reinsurance solutions, furthering Jio Financial’s mission to empower every Indian with simple, secure and seamless financial services.
Oliver Bäte, Chief Executive Officer, Allianz SE, highlighted the opportunity to serve India’s expanding middle class and burgeoning demand for insurance. He said the joint venture will bring world-class underwriting standards and capacity to Indian insurers, enabling them to offer broader protection to individuals, families, and businesses across the country.
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