India’s Jio Financial Services (JFSL), the financial arm of Reliance Industries (RIL), said on the 22nd it will set up a general insurance company with Germany’s Allianz Group, with each side taking a 50% stake.
JFSL said it signed an agreement with Allianz on the 22nd to establish a joint venture that will offer property and casualty insurance and health insurance. The two companies are also preparing to sign an agreement covering life insurance operations in India.
RIL Chairman Mukesh Ambani said combining JFSL’s digital network with Allianz’s expertise would create “unique strengths.” He said the partners want to provide “easy-to-understand, affordable, world-class” insurance solutions across India and contribute to the Indian government’s vision of “insurance for all by 2047.”
Allianz has long operated in India through two joint ventures with local insurer Bajaj Finserv. In March last year, Allianz said it would withdraw its investment from the two companies and end its partnership with Bajaj, and in July the same year it announced a tie-up with JFSL.
* This article has been translated by AI.
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