Jio Financial Services’ vision is to empower every Indian by digitally delivering simple, secure, seamless and smart financial solutions that address four core needs: to borrow, invest, transact and protect.
FinTech BizNews Service
Mumbai, July 19, 2025: Jio Financial Services Limited (JFSL) and Allianz Group (Allianz),
through its wholly-owned subsidiary Allianz Europe B.V., today entered into a binding agreement to
form a 50:50 domestic reinsurance joint venture to serve the dynamic and high-growth insurance
market in India.
Isha M. Ambani, Non-executive Director, Jio Financial Services
The reinsurance partnership will bring together JFSL’s deep local expertise and robust digital
footprint with Allianz’s strong underwriting and global reinsurance capabilities. The JV will leverage
Allianz’s existing Allianz Re and Allianz Commercial portfolios and activities in India. It will also
benefit from Allianz’s global setup, including its pricing, risk selection and portfolio management
expertise. Allianz Re has been reinsuring risk in India for over 25 years.
The reinsurance JV between JFSL and Allianz will help insurers manage risks more effectively by
providing access to strong underwriting capabilities and competitive capacity - ultimately
strengthening the resilience of the entire insurance ecosystem. The JV will launch operations post
receipt of statutory and regulatory approvals.
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.
JFSL’s vision is to empower every Indian by digitally delivering simple, secure, seamless and smart
financial solutions that address four core needs: to borrow, invest, transact and protect.
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.”
Allianz is deeply invested in India’s long-term growth. The firm’s vision is to enhance financial
resilience and bring greater security and peace of mind to individuals, communities, and
businesses across the country. India is already the world’s fourth largest economy with strong
economic growth, fueled by favorable demographics. The country’s expanding middle class and
increasing demand for insurance solutions present a compelling opportunity for long-term value
creation.
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.“
