Jio Financial Services Limited (JFSL) and Allianz Group (Allianz) on Friday announced that, through the wholly-owned subsidiary Allianz Europe B.V., they have entered into a binding agreement to form a 50:50 domestic reinsurance joint venture for the insurance market in India.
As per the official release, the companies said that the reinsurance partnership will bring together JFSL’s 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, it added. And the JV will benefit from Allianz’s global setup, including its pricing, risk selection and portfolio management expertise, it said.
The companies said that the reinsurance JV will help insurers manage risks more effectively by providing access to strong underwriting capabilities and competitive capacity. The JV will launch operations post receipt of statutory and regulatory approvals.
The companies have entered into a non-binding agreement for setting up equally owned joint ventures for both general and life insurance businesses in India. They stated that the potential partnership for insurance will see the two financial services brands - JFSL and Allianz - coming together to deliver innovative and holistic protection solutions.
Commenting on the announcement, Isha M. Ambani, Non-executive Director, Jio Financial Services Limited, 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.”
Oliver Bäte, Chief Executive Officer, Allianz SE, remarked, “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."
Allianz Re has been reinsuring risk in India for over 25 years.
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