Daijiworld Media Network - Mumbai

Mumbai, Jul 19: In a major move for India’s insurance sector, Jio Financial Services Ltd (JFSL) and global insurance giant Allianz Group have announced a 50:50 domestic reinsurance joint venture. The partnership will be formed through Allianz’s wholly-owned subsidiary, Allianz Europe BV, the companies said in a joint release on Friday.

Bringing together Jio Financial’s strong digital infrastructure and deep market insight with Allianz’s global reinsurance and underwriting expertise, the new venture aims to offer innovative, customised reinsurance solutions to Indian insurers.

“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 at Jio Financial.

The announcement comes months after Allianz exited its joint ventures with the Bajaj Group by selling its Rs 24,180 cr stake in Bajaj Allianz General and Life Insurance companies in March 2025. Despite the exit, Allianz had reiterated its long-term commitment to India.

“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,” said Oliver Bate, CEO of Allianz SE. He expressed confidence in the venture’s potential to reach millions seeking reliable protection for their families and businesses.

Describing both companies as trusted brands committed to customer excellence, Bäte added that the partnership marks an exciting new chapter in India’s evolving insurance landscape.