Jio Financial Services and Allianz have formed a 50:50 reinsurance joint venture to support India’s insurance industry.
The strategic reinsurance partnership aims to bolster the insurance ecosystem in India by offering enhanced underwriting capabilities and improved risk management tools to domestic insurers, according to the Coverager.
By combining Jio Financial’s local knowledge and digital infrastructure with Allianz’s global experience in reinsurance, the JV is expected to deliver innovative and tailored solutions for the Indian market.
Jio Financial Services (JFSL) delivers technology-driven financial products to support borrowing, investing, transacting, and protection needs for Indian consumers. It aims to make financial services accessible and secure for every Indian, especially through its digital platforms.
Allianz brings to the partnership its extensive international reinsurance operations through Allianz Re and commercial activities via Allianz Commercial. With over 25 years of reinsurance experience in India, Allianz’s contribution includes its expertise in pricing, risk selection, and portfolio management, supported by its global infrastructure and legacy in the market.
In addition to the binding reinsurance JV, the two companies have signed a non-binding agreement to explore the creation of two more equally-owned joint ventures – one for general insurance and one for life insurance – signalling broader collaboration in India’s growing insurance market.
The JV is currently awaiting regulatory and statutory approvals before operational launch. Once active, it is expected to support the national vision of “Insurance for All by 2047” by enhancing accessibility and inclusivity in insurance coverage across the country.
Jio Financial Services non-executive director Isha M. Ambani 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.”
Allianz chief executive officer Oliver Bäte said, “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.“
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