Jio Financial Services Ltd, part of Mukesh Ambani’s business empire, has entered into a 50:50 joint venture with global insurer Allianz SE to establish a reinsurance business in India.
The partnership combines Jio’s strong digital presence in India with Allianz’s global expertise in underwriting and reinsurance, the companies said in a joint statement on Friday.
In addition, both parties signed a non-binding agreement to explore setting up general and life insurance businesses in the country, also under an equal ownership model.
This move marks another step in Ambani’s push into financial services. Jio Financial already operates in digital banking and recently announced an asset management joint venture with BlackRock Inc.
The new reinsurance venture will begin operations once it obtains the necessary regulatory approvals.
The announcement comes after Allianz exited its earlier partnerships with Bajaj Finserv Ltd in India. With insurance penetration in India still relatively low at around 3.7% of GDP — compared to other Asian markets like Japan and South Korea — the new venture aims to tap into a growing market with significant potential.
