Reliance-owned Jio Financial Services (JFSL) and Allianz Group have signed a binding agreement to set up a 50:50 primary insurance joint venture (JV) in India, covering general and health insurance.
The proposed entity will combine JFSL’s digital infrastructure and distribution reach with Allianz’s experience in insurance, with a focus on offering protection products to individuals as well as businesses.
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Partners indicated that the initiative comes amid increasing demand for long-term financial protection and broader insurance coverage in India, supported by economic growth, a young population and the expansion of the middle-income segment.
Operations of the new JV remain subject to statutory and regulatory approvals.
This agreement formalises a collaboration first outlined in July 2025.
That earlier announcement followed Allianz’s decision to exit its JVs with the Bajaj Group, where it divested its 26% holding in a $2.8bn (€2.39bn) transaction, concluding a 24-year partnership.
According to the press statement, the collaboration aligns with the national objective of Insurance for All by 2047 by combining JFSL’s digital capabilities with Allianz’s global insurance expertise.
Reliance chairman and managing director Mukesh D Ambani said: “Together, we will deliver world-class insurance solutions to every corner of India – simple to understand, easily accessible through our widespread channels, affordable and powered by technology that works for every Indian. This is our commitment to every Indian, and our contribution to the ‘Viksit Bharat’ vision.”
In parallel with the general and health insurance business, both companies are also progressing towards a separate binding agreement for a life insurance venture in India.
The JV is expected to focus on large-scale development, distribution and delivery of insurance products across the country.
Its portfolio will span general and health insurance offerings, with an emphasis on expanding access and tailoring products for varied income segments.
Allianz, present in India since 2000, stated it will continue efforts to improve access to risk protection and financial preparedness through the new partnership.
The initiative is intended to support deeper insurance penetration while leveraging both companies’ strengths to enhance distribution and product delivery across the market.
Allianz CEO Oliver Bäte added: “By combining our expertise, high-quality products and exceptional service with the unrivalled reach and capabilities of Jio Financial Services, our exclusive partner across the insurance value chain in India, we will create a more resilient and financially secure future for India, and will help to make the ‘Insurance for All by 2047’ vision a reality.”
