Jio Financial Services and the Allianz Group, through its wholly owned subsidiary Allianz Europe BV, have entered into a 50:50 joint venture (JV) to set up a non-life insurance company, months after the two entities collaborated on a reinsurance company. The partnership was first announced in July 2025.
The JV will benefit from Jio Financial’s extensive digital reach and understanding of the Indian market, and Allianz’s high-quality insurance products and services, the companies said in a joint statement. It will offer innovative and accessible protection solutions across general and health insurance, tailored to the specific needs of the people and businesses of India, they added.
The partnership is subject to necessary statutory and regulatory approvals. The existing JV, Allianz Jio Reinsurance, commenced operations on 26 March with Allianz’s Sonia Rawal at the helm, after receiving regulatory and other approvals on 12 March. The two companies are also working towards a separate binding agreement to set up a life insurance business in India.
India’s strong economic progress and favourable demographics underscore a growing need for long-term financial security and inclusive protection solutions, the companies said, adding that the JV will aim to create a “fundamentally differentiated” way of designing, distributing and delivering insurance solutions at scale.
Mukesh Ambani, chairman and managing director of Reliance Industries, the parent company of Jio Financial Services, said, “I am proud to partner with Allianz, one of the world’s most respected insurance groups, across the insurance value chain as our exclusive insurance partner. I believe that the combination of Jio’s unmatched digital consumer reach and Allianz’s deep global insurance expertise is uniquely powerful.”
Oliver Bäte, chief executive of Allianz SE, said, “Our two companies share a profound conviction in the importance of inclusive economic growth and the powerful role that insurance plays in creating shared, sustainable prosperity for more people.” The company will aim to make protection simpler, more accessible, and more relevant for individuals, families, entrepreneurs and businesses and build a “completely new insurance model” for India, he added.
When the two companies first announced the 50:50 JV in July 2025, Allianz Group said the venture would leverage Allianz’s existing Allianz Re and Allianz Commercial portfolios and activities in India. In September 2025, the companies set up Allianz Jio Reinsurance Limited (AJRL), following which they signed non-binding agreements to set up equally owned JVs for both general and life insurance businesses in India.
Allianz has been deeply invested in India’s insurance market since 2000 and will continue to support the growing need for long-term financial security by expanding access to risk protection and enhancing financial preparedness, the companies said in their joint statement.
Bajaj breakup
Allianz was previously in a JV with Pune-based Bajaj Group for Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance. In the largest transaction in India’s insurance sector, Allianz SE sold a 23% stake each in its life and general insurance joint ventures to the Bajaj Group in January for ₹21,390 crore, with a residual 3% set to be transferred by June. The Bajaj Group’s stake in both insurance companies has now increased from 74% to 97%, with Bajaj Finserv alone having a 75.01% stake.
Allianz Group and Bajaj Group had been at loggerheads for several months, with Allianz seeking a higher shareholding and more say in the running of the insurance companies. At the time of the stake sale, the Munich-based group had said that its ability to operate in the Indian market was constrained due to its minority position in the JVs, and that the decision to divest was the result of “constructive and amicable talks with Bajaj”.
“Allianz will consider options for the redeployment of the proceeds that align with the company’s strategic priorities. This will include investments into our new joint ventures in India,” it said at the time.
Shares of Jio Financial Services closed 1.6% higher at ₹238.44 on the NSE on Wednesday.
