Ambani's Jio Financial Services and Allianz to form 50:50 reinsurance JV

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

The reinsurance partnership will bring together JFSL’s deep local expertise and robust digital footprint with Allianz’s 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.

According to the company's statement, the reinsurance JV between JFSL and Allianz will help insurers manage risks more effectively by providing access to strong underwriting capabilities and competitive capacity. The JV will launch operations post receipt of statutory and regulatory approvals. 

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

Isha M. Ambani, Non-executive Director, Jio Financial Services Limited, 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” 

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

The Allianz Group is one of the world's leading insurers and asset managers with around 128 million private and corporate customers in nearly 70 countries.