Financial services company Jio Financial has executed the joint venture agreement signed with Allianz Europe BV, an exchange filing said on September 9, setting up a domestic reinsurance JV 'Allianz Jio Reinsurance' (AJRL) to carry out reinsurance business in India.
Jio Financial Services will invest Rs 2.5 lakh towards initial subscription of 25,000 equity shares for 50 percent stake in the joint venture company. "AJRL has been incorporated pursuant to receipt of no objection certificate from Insurance Regulatory and Development Authority of India," the exchange filing said.
Earlier in July 2025, both companies had announced a binding agreement to form a 50:50 domestic reinsurance joint venture for the insurance market in India.
The reinsurance partnership will bring together Jio Financial Services' deep local expertise and robust digital footprint, along with Allianz's strong underwriting and global reinsurance capabilities.
The joint venture will leverage Allianz's existing Allianz Re and Allianz Commercial portfolios and activities in India, benefitting from Allianz's global setup, including pricing, risk selection and portfolio management expertise, the statement added. Both companies said the reinsurance JV will help insurers manage risks more effectively by providing access to strong underwriting capabilities and competitive capacity.
The transction comes after Allianz SE exited insurance joint ventures namely Bajaj Allianz General Insurance Company (BAGIC) and Bajaj Allianz Life Insurance Company (BALIC).
Bajaj Finserv on March 17 had said it has agrred to share purchase agreements with Allianz SE to acquire 26 percent stake in the general as well as life insurance joint ventures for Rs 24,180 crore.
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Allianz reiterated that it is 'committed' to India and aims to make deeper capital infusion to support the government's ambition of 'Insurance for All by 2047'. The German insurer will consider its investment options as the proceeds from the Bajaj stake exit become available. "As the proceeds become available, Allianz will consider options for their deployment that support the company’s strategic ambitions, in particular the reinvestment of sale proceeds into potential new opportunities in India."
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