Source: Allianz

The two companies also entered into a non-binding agreement for setting up equally owned joint ventures for both general and life insurance businesses in India. The potential partnership for insurance will see two trusted financial services brands – JFSL and Allianz – coming together to deliver innovative and holistic protection solutions to the people of India.

Isha M. Ambani, Non-executive Director, Jio Financial Services Limited, says: “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.”

Oliver Bäte, Chief Executive Officer, Allianz SE, says: “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.”

Read the full article: https://www.allianz.com/en/mediacenter/news/media-releases/financials/250718-jio-financial-services-limited-and-allianz-to-form-reinsurance-joint-venture.html