Jio Financial Services forms 50:50 JV with Allianz for general insurance

Jio Financial Services Limited (JFSL) and Allianz Europe B.V. have entered into a binding agreement to form a 50:50 primary insurance joint venture for general and health insurance business in India. This formalizes a non-binding term-sheet from July 2025. The partnership aims to leverage JFSL's digital capabilities and distribution reach with Allianz's global insurance expertise to offer comprehensive and innovative protection solutions. The joint venture will commence operations upon receiving necessary statutory and regulatory approvals. This initiative supports India's 'Insurance for All by 2047' vision. JFSL and Allianz are also working towards a separate binding agreement for a life insurance business in India. The transaction is not a related party transaction.