CORPORATE
Jio Financial Services seals reinsurance and insurance JVs with Allianz Group
- IBJ Bureau
- Jul 20, 2025
Jio Financial Services has announced that it has entered into a binding agreement to form a 50:50 domestic reinsurance joint venture (JV) with the Allianz Group. The Munich-based group, through its wholly-owned subsidiary Allianz Europe has acted on the deal.
The two companies have also entered into a non-binding agreement for setting up equally-owned joint ventures for both general and life insurance businesses in India. “The two financial services brands are coming together to deliver innovative and holistic protection solutions to the people of India,” reads a statement from Allianz.
The company has said that the reinsurance JV will build on Allianz’s current Allianz Re and Allianz Commercial portfolios and operations within India. It will also draw on Allianz’s global infrastructure, particularly its strengths in pricing, risk assessment and portfolio management. Allianz Re itself has been providing reinsurance services in India for more than 25 years.
For over two decades, Allianz has partnered with Bajaj Finserv through two insurance JVs: Bajaj Allianz Life and Bajaj Allianz General, holding a 26 per cent stake in each. Last October, Allianz had signalled its plan to part ways with Bajaj Finserv, and by March this year, Bajaj Finserv confirmed that it would acquire Allianz’s shares in both ventures for Rs 24,180 crore. After the announcement, there was widespread speculation that Allianz might team up with Jio to establish new insurance JVs.
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