New Delhi [India], July 19 : Jio Financial Services Limited (JFSL) and Allianz Group (Allianz), through its wholly-owned subsidiary Allianz Europe BV, 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.
As per the official release, 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 release added.
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, the release further added.
Isha M Ambani, Non-executive Director, Jio Financial Services Limited, 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 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. 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 favourable demographics. The country's expanding middle class and increasing demand for insurance solutions present a compelling opportunity for long-term value creation.
Oliver Bate, Chief Executive Officer, Allianz SE, said, "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. 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."
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