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Allianz and Reliance Group’s Jio Finance float three 50-50 JVs for life,non-life and reinsurance business in India

by AIP Online Bureau | Jul 18, 2025 | Eco/Invest/Demography, Indian News, Life, Non-Life, Regulation, Reinsurance | 6 comments

Jio Financial Services Limited (JFSL) and Allianz Group (Allianz), through its wholly-owned subsidiary Allianz Europe B.V. on Friday 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 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, said a joint statement from both the companies

The JVs will launch operations post receipt of statutory and regulatory approvals

Mumbai: Ending all speculations, German major Allianz has announced its India expansion plans by forming three equally-owned joint ventures(JVs) with the Mukesh Ambani-led Reliance Group’s Jio Financial Services for reinsurance, life and and non-life business.

Earlier this year, Allianz had agreed to sell its 26% stake in its non-life and life insurance joint ventures with India’s Bajaj Finserv for $2.8 billion, ending a decades-long partnership.

“The board of directors of Jio Finance at its meeting held today have approved formation of a 50:50 domestic reinsurance joint venture company with Allianz Europe B.V., (“Allianz”) for carrying on reinsurance business in India and a joint venture agreement for this purpose has been executed today at 11.15 p.m. (IST),” said Jio Financial Services in a late evening announcement.

According to a joint statement from both the companies, Jio Financial Services Limited (JFSL) and Allianz Group (Allianz), the latter through its wholly-owned subsidiary Allianz Europe B.V. on Friday 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 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, it added.

The reinsurance partnership will bring together JFSL’s deep local expertise and robust digital footprint with Allianz’s strong 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, stated the statement.

Allianz Re has been reinsuring risk in India for over 25 years.

Allianz has already two more reinsurance companies in India. Through its subsidiary Allianz Global Corporate & Specialty(AGCS), it has a foreign reinsurance branch(FRB) in Mumbai which will wind up after the new JV gets a license.

Through another subsidiary- Allianz Partners, it has a second reinsurance company in GIFT City -IFSC, India’s sole international finance services centre(IFSC).

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, said the joint statement.

This is the second domestic reinsurance company in India after insurance regulator IRDAI had earlier given a license to Valueattics Reinsurance, part of Prem Watsa’s Fairfax Group, that became the first private sector reinsurer in the country.

Dominated by GIC Re, India’s Rs 1lakh crore reinsurance market currently has 12 foreign reinsurance branches (FRBs), set up by major reinsurance multinationals which includes Munich Re, Swiss Re and Lloyd’s of London.

Oliver Bäte, Chief Executive Officer, Allianz SE, says: “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. 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.“

JFSL’s vision is to empower every Indian by digitally delivering simple, secure, seamless and smart financial solutions that address four core needs: to borrow, invest, transact and protect.

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 customized reinsurance solutions to insurers.”

“Aligned with the national goal of ‘Insurance for All by 2047’, we are committed to building a stronger and more inclusive insurance ecosystem that ensures broader access to protection for every Indian. We are excited to shape this transformative journey together.” said Ambani.

Allianz is deeply invested in India’s long-term growth. The firm’s vision is to enhance financial resilience and bring greater security and peace of mind to individuals, communities, and businesses across the country. India is already the world’s fourth largest economy with strong economic growth, fueled by favorable demographics.

Earlier, Reliance Industries’ chairman Mukesh Ambani had said JFS will enter the insurance segment to offer simple, yet smart, Life, General, and Health insurance products through a seamless digital interface, potentially partnering with global players. “It will use predictive data analytics to co-create contextual products with partners and cater to customer requirements in a truly unique way. This is a highly capital-intensive business. Reliance has capitalised JFS with a net worth of Rs 1.2 lakh crore crore to create one of the world’s highest capitalised financial service platforms at inception,” Ambani had said.

JFS plans to democratise financial services for 1.42 billion Indians, giving them access to simple, affordable, innovative, and intuitive products and services, he added.

The country’s expanding middle class and increasing demand for insurance solutions present a compelling opportunity for long-term value creation.


6 Comments

  1. anil khanna
    anil khanna on July 20, 2025 at 3:57 am

    Very good 🙏

    Reply
  2. Uday Chandra Roy
    Uday Chandra Roy on July 20, 2025 at 5:08 pm

    Best of luck for the new partnership

    Reply
  3. Pradeep Singh
    Pradeep Singh on July 20, 2025 at 11:56 pm

    Hope new areas of employment would be open for all?

    Reply
  4. AVISHEK GADIA
    AVISHEK GADIA on July 21, 2025 at 2:43 pm

    I need a job

    Reply
    • Babula Palei
      Babula Palei on July 22, 2025 at 4:08 am

      Good News for all . More new jobs and vacancies will happen in Indian insurance sector and provide opportunities to all experience insurance sector working employees.

      Reply
  5. K.N.BATHE
    K.N.BATHE on July 22, 2025 at 2:22 pm

    Good news. We have full faith in Reliance. It has always been sincere for prosperity of it’s investors. Good Luck.

    Reply

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