Allianz and Jio Financial Services to launch jointly owned reinsurance venture in India

Jio Financial Services Limited (JFSL) and Allianz Group, through its wholly owned subsidiary, Allianz Europe B.V., have entered into a binding agreement to form a 50:50 domestic reinsurance joint venture, marking entry into the Indian high-growth insurance market.

Through the new partnership, the pair aim to bring together JFSL’s local market expertise and reach with Allianz’s strong underwriting and global reinsurance capabilities.

The joint venture will launch its operations post receipt of statutory and regulatory approvals.

The pair also entered into a non-binding agreement for setting up equally owned joint ventures for both general and life insurance businesses in the country.

By providing reinsurance capability and capacity, the joint venture aims to expand access to insurance, supporting the Indian national vision of “Insurance for All by 2047.”

This new venture is expected to disrupt the country’s reinsurance market landscape, which is currently dominated by the General Insurance Corporation of India (GIC Re), the Indian public sector reinsurer.

The new unit will leverage Allianz’s existing Allianz Re, which has been reinsuring risk in the country for over 25 years and Allianz Commercial portfolios and activities. It will also benefit from Allianz’s global setup, including its pricing, risk selection and portfolio management expertise.

Allianz is deeply invested in India’s long-term growth, as the world’s fourth-largest economy with strong economic growth, fueled by favourable demographics. The country’s expanding middle class and increasing demand for insurance solutions present a compelling opportunity for long-term value creation.

Isha M. Ambani, Non-Executive Director, Jio Financial Services Limited, commented, “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 customised 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.”

Oliver Bäte, Chief Executive Officer, Allianz SE, added, “We are proud to partner with Jio Financial Services to support the democratisation 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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