“We are witnessing a secular trend in business momentum across all our operating verticals, which has now gained significant velocity.As we continue to build depth, capability and market presence, we are well-positioned to shape the next phase of financial services in India, driven by intelligence, hyper-personalisation and enhanced accessibility, leveraging technology and data analytics.”Hitesh Sethia, Managing Director and CEO, Jio Financial Services
Mumbai:Allianz Jio Reinsurance Ltd(AJRL), a 50:50 joint venture(JV) between Mukesh Ambani’s Jio Financial Services Ltd (JFSL) and Germany major Allianz, has said it has already applied for a licenses from the insurance regulator IRDAI and the regulatory approvals from the IRDAI for the reinsurance business is in progress.
“We have commenced leadership hiring for the reinsurance JV while go-to market go-to-market strategy under formulation,” the company said.
However, it is not yet known what is the capital base of AJRL and at what stage its application for a license is pending with the IRDAI.
The IRDA follows three procedural steps(R1, R2 nad R3) for granting a license to a company and the minimum capital required for a Indian reinsurance company is Rs 200 crore.
Both the companies on July 18, had announced a binding agreement to form a 50:50 domestic reinsurance joint venture to serve the dynamic and high-growth insurance market in India.
Earlier,JFSL and Allianz of Germany had incorporated a joint venture company named ‘Allianz Jio Reinsurance Ltd’ (AJRL) to carry on the business of reinsurance in India.
AJRL will invest an amount of Rs 2.50 lakh towards initial subscription of 25,000 equity shares of face value Rs 10 each for 50 per cent stake, JFSL had said.
AJRL has been incorporated pursuant to receipt of no objection certificate from Insurance Regulatory and Development Authority of India.
The Certificate of Incorporation was received from the Ministry of Corporate Affairs.
Meanwhile,Jio Insurance Broking has facilitated premium of Rs 212 crore in Q3 FY26, up 23 per cent year on year.
Its digital point of sales person (PoSP) channel premium has risen by five times quarter on quarter across 21 states. It has also strengthened institutional client base, leveraging own and group ecosystem.
Hitesh Sethia, Managing Director and CEO, JFSL, said: “We are witnessing a secular trend in business momentum across all our operating verticals, which has now gained significant velocity. At the same time, we continue to invest for growth across new businesses, positioning them for long-term success. As we continue to build depth, capability and market presence, we are well-positioned to shape the next phase
of financial services in India, driven by intelligence, hyper-personalisation and enhanced accessibility, leveraging technology and data analytics.”
India remains an important growth market for Allianz, with a strong ambition to continue serving its dynamic and rapidly expanding insurance sector .
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 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 insurance multinational had aleady completed of the sale of 23 percent of the shares in the two joint ventures, Bajaj General Insurance Company and Bajaj Life Insurance Company , to the Bajaj Promotor Group (Bajaj) for a gross consideration of approximately 2.1 billion euros.
It expects to complete the sale of the remaining stake of 3 percent until 2Q 2026.
Allianz will consider options for the redeployment of the proceeds that align with the company’s strategic priorities. This will include investments into its new joint ventures in India.