Mukesh D. Ambani, chairman and MD, Reliance Industries and promoter of Jio Finance
JFSL and Allianz are also working towards a separate binding agreement for life insurance business in India.
Mukesh D. Ambani, chairman of Reliance Industries and promoter of Jio Finance, said, “Together, we will deliver world-class insurance solutions to every corner of India — simple to understand, easily accessible through our wide-spread channels, affordable, and powered by technology that works for every Indian. This is our commitment to every Indian, and our contribution to the ‘Viksit Bharat’ vision.”
Mumbai: Jio Financial Services Limited (JFSL), owned by Reliance Industries and Allianz Group (Allianz),through its wholly-owned subsidiary Allianz Europe B.V., today entered into a binding agreement to form a 50:50 primary insurance joint venture (JV) – covering general insurance and health insurance.
The binding agreement formalizes a partnership first announced in July 2025.
This partnership will bring together two highly trusted financial services brands, recognized for their commitment to customer-centricity, to deliver innovative and accessible protection solutions tailored to the specific needs of the people and businesses of India.
The JV will launch operations upon receipt of the necessary statutory and regulatory approvals.
JFSL and Allianz are also working towards a separate binding agreement for life insurance business in India.
Earlier, another 50:50 joint venture between JFSL and Allianz- Allianz Jio Reinsurance Limited has already started operations a few days back.
Mukesh D. Ambani, chairman and MD of Reliance Industries, which owns Jio Financial Services , said, “Together, we will deliver world-class insurance solutions to every corner of India — simple to understand, easily accessible through our wide-spread channels, affordable, and powered by technology that works for every Indian. This is our commitment to every Indian, and our contribution to the ‘Viksit Bharat’ vision.”
Accordiong to Ambani, insurance is not just a product, but it is the foundation upon which families build their futures with confidence and are able to pursue their ambitions without fear. ‘Insurance for All by 2047’ is a national mission and every institution that has been entrusted with the scale and trust of the Indian people has a duty to fulfil it. Jio Financial Services is committed to doing exactly that.
Oliver Bäte,chief executive officer, Allianz SE, said,“By combining our expertise, high-quality products, and exceptional service with the unrivalled reach and capabilities of Jio Financial Services, our exclusive partner across the insurance value chain in India, we will create a more resilient and financially secure future for India, and will help to make the ‘Insurance for All by 2047’ vision a reality.
“Our two companies share a profound conviction in the importance of inclusive economic growth and the powerful role that insurance plays in creating shared, sustainable prosperity for more people. Together, we will make protection simpler, more accessible, and more relevant for individuals, families, entrepreneurs and businesses across the country, and we will build a completely new insurance model for India: one designed around customers and their needs, noted ” Bäte.
“I am proud to partner with Allianz, one of the world’s most respected insurance groups, across the insurance value chain as our exclusive insurance partner. I believe that the combination of Jio’s unmatched digital consumer reach and Allianz’s deep global insurance expertise is uniquely powerful,” said Ambani.
Customers in India will benefit from the combination of JFSL’s extensive digital reach and deep understanding of the Indian market and Allianz’s high-quality insurance products and services that reflect a distinguished history of expertise and care for protecting what matters most to people, said Ambani.
Allianz has been deeply invested in India’s insurance market since 2000 and will continue to support the growing need for long-term financial security by expanding access to risk protection and enhancing financial preparedness. In doing so, Allianz helps reinforce confidence and economic security for individuals, businesses, and communities across India, stressed,Bäte
India’s strong economic progress and favourable demographics underscore the growing need for long-term financial security and inclusive protection solutions. With a young population and a rising middle-class, expanding insurance coverage is essential to strengthening the country’s long-term resilience by protecting its citizens and their assets. To meet these needs, the joint venture will aim to create a fundamentally differentiated way of designing, distributing, and delivering insurance solutions at scale in India, said joint statement from Allianz and Jio Finance.