Jio Financial Services, Allianz to form 50:50 reinsurance JV in India 

Jio Financial Services Limited (JFSL) and Allianz Group (Allianz), through its wholly-owned subsidiary Allianz Europe B.V., have entered into a binding agreement to form a 50:50 domestic reinsurance joint venture to serve the insurance market in India.

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.

“The reinsurance JV between JFSL and Allianz will help insurers manage risks more effectively by providing access to strong underwriting capabilities and competitive capacity – ultimately strengthening the resilience of the entire insurance ecosystem, JFSL said in a statement.

The JV will launch operations post receipt of statutory and regulatory approvals.

The two companies have also entered into a non-binding agreement for setting up equally owned joint ventures for both general and life insurance businesses in India. 

Allianz recently ended it’s 24-year alliance with Bajaj Finserv.

Isha M. Ambani, Non-executive Director , Jio Financial Services Ltd 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,” she said.

Oliver Bäte, Chief Executive Officer , Allianz SE, said, “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.”