Jio Financial and Allianz Announce 50:50 Reinsurance Venture

Jio Financial Services and Germany’s Allianz Group have signed an agreement to set up a 50:50 joint venture in the reinsurance space. The partnership has been formalised through Allianz’s subsidiary, Allianz Europe BV. The venture will begin operations once it receives the necessary regulatory clearances.

Plans to Expand 

Alongside the reinsurance joint venture, the companies have also entered into a non-binding agreement to set up additional 50:50 partnerships in India’s general and life insurance segments. These are currently in the planning stage and will be launched separately if approved.

Allianz Brings Reinsurance Track Record

Allianz Re has been operating in India for over 25 years. The joint venture will use Allianz’s global systems in pricing, underwriting, and risk selection, while also relying on Jio Financial’s domestic network and digital infrastructure. The goal is to support Indian insurers with better risk management tools.

India's Insurance Demand

The deal comes at a time when India’s insurance demand is rising, driven by greater digital adoption and increasing financial literacy. The new reinsurance setup is expected to provide additional capacity to local insurers and support the insurance sector's growth.

Shift by Allianz

This partnership follows Allianz’s recent exit from its joint ventures with Bajaj Finserv. In early 2025, it sold its 26% stake in both the life and non-life insurance businesses for $2.8 billion. The move signalled its shift toward new opportunities in the Indian market.

No specific timeline has been announced yet for the joint venture’s operational launch. It remains subject to statutory and regulatory approvals. The companies are expected to share further updates once permissions are secured.

Read more: Jio BlackRock Mutual Fund Gets SEBI Approval for 4 New Index Funds!

Conclusion

Jio Financial and Allianz have outlined a reinsurance joint venture as part of a broader push into India’s insurance sector. Additional insurance partnerships are on the table, pending approvals.

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