Jio Financial Services Ltd & Allianz To Form 50:50 Reinsurance Joint Venture- Key Details

Jio Financial Services Ltd informed that it has enetred into a binding agreement with Allianz Group (Allianz), through the German company's wholly-owned subsidiary Allianz Europe B.V, to form a 50:50 domestic reinsurance joint venture to serve the dynamic  to serve the Indian market.

The reinsurance partnership will bring together Jio Financial Services' deep local expertise and  digital footprint with Allianz’s strong underwriting and global reinsurance capabilities.

The joint-venture aims to leverage Allianz’s existing Allianz Re and Allianz Commercial portfolios and activities in Indi, while also benfiting Allianz's global framework, inclusive of pricing, risk selection and portfolio management. Allianz Re has been reinsurin risk in India for the past 25 years.

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The reinsurance JV between Jio Financial Services 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. The JV will launch operations post receipt of statutory and regulatory approvals.

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

Isha M. Ambani, Non-executive Director, Jio Financial Services, 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 customised reinsurance solutions to insurers."

Oliver Bäte, Chief Executive Officer, Allianz SE, said, "We are proud to partner with Jio Financial Services to support the democratisation 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."