Jio Financial Services Limited (JFSL) and Allianz Europe have agreed to establish a 50:50 reinsurance joint venture (JV) in India.
The JV will combine JFSL’s local market expertise and digital infrastructure with Allianz’s global reinsurance and underwriting capabilities.
It will utilise Allianz Re and Allianz Commercial portfolios in India, as well as the company’s international resources in areas such as pricing, risk selection and portfolio management.
The move follows the decision by Allianz to exit JVs with the Bajaj Group by selling its 26% stake in a $2.8bn (€2.4bn) deal, ending a 24-year partnership.
JFSL non-executive director Isha Ambani said: “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 customised 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.”
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By GlobalDataThe JV formation is contingent upon regulatory and statutory approvals.
Furthermore, JFSL and Allianz have reached a non-binding agreement to form JVs for general and life insurance businesses in India, with equal ownership.
Allianz CEO Oliver Bäte stated: “We are proud to partner with Jio Financial Services to support the democratisation 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.”
