Jio Financial Services Limited (JFSL) and Allianz Group (Allianz), by way of its wholly-owned subsidiary Allianz Europe B.V., have entered right into a binding settlement to form a 50:50 home reinsurance three way partnership to serve the insurance coverage market in India.
The JV will leverage Allianz’s current Allianz Re and Allianz Commercial portfolios and actions in India. It may also profit from Allianz’s world setup, together with its pricing, danger choice and portfolio administration experience.
Allianz Re has been reinsuring danger 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, JFSL said in a statement.
The JV will launch operations post receipt of statutory and regulatory approvals.
The two companies have also entered into a non-binding agreement for setting up equally owned joint ventures for both general and life insurance businesses in India.
Allianz recently ended it’s 24-year alliance with Bajaj Finserv.
Isha M. Ambani, Non-executive Director , Jio Financial Services Ltd 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,” she stated.
Oliver Bäte, Chief Executive Officer , Allianz SE, stated, “Allianz and Jio Financial Services are two trusted manufacturers distinguished for buyer excellence, and we’re very a lot trying ahead to actively contributing to
and taking part in this thrilling journey of change.”
