Jio Financial, Allianz to form 50:50 reinsurance joint venture

New Delhi: Jio Financial Services Ltd (JFSL) and Allianz Group of Germany, through its wholly-owned subsidiary Allianz Europe B.V., entered into a binding agreement on Friday to form a 50:50 domestic reinsurance JV to serve the dynamic and high-growth insurance market in India.

The announcement comes months after Allianz parted ways with Bajaj group financial services firm Bajaj Finserv. The reinsurance partnership will bring together JFSL’s deep local expertise and robust digital footprint with Allianz’s strong underwriting and global reinsurance capabilities, a joint statement made late in the evening said. The joint venture will leverage Allianz’s existing Allianz Re and Allianz Commercial portfolios and activities in India. It will also benefit from Allianz’s global set up, including its pricing, risk selection and portfolio management expertise, the statement said.