The Reliance group’s Jio Financial Services and Munich-based insurance major Allianz group have signed a binding agreement to establish a 50:50 joint venture spanning general and health insurance, formalising a partnership first announced in July 2025. The venture, to be launched through Allianz’s wholly owned subsidiary Allianz Europe BV, will begin operations once it secures the required statutory and regulatory approvals.
The two groups are also negotiating a separate binding agreement for a life insurance venture in India.
The agreement builds on a broader partnership unveiled last year, when Jio Financial Services and Allianz had entered into a binding agreement to create a 50:50 reinsurance joint venture, while also signing a non-binding pact to explore equally owned life and general insurance ventures in India.
That reinsurance arm — Allianz Jio Reinsurance Limited — began operations in March after receiving final approval from the Insurance Regulatory and Development Authority of India.
The latest agreement comes amid rapid economic expansion and shifting demographics in India, where demand for long-term financial protection and broader insurance coverage is accelerating.
“’Insurance for All by 2047′ is a national mission and every institution that has been entrusted with the scale and trust of the Indian people has a duty to fulfil it,” said Mukesh D Ambani, chairman and managing director, Reliance Industries. “Jio Financial Services is committed to doing exactly that,” he said.
He further 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 the two groups shared a belief in the role of insurance in driving inclusive growth and economic resilience. “Together, we will make protection simpler, more accessible, and more relevant for individuals, families, entrepreneurs and businesses across the country,” Bäte said. “We will build a completely new insurance model for India: one designed around customers and their needs.”
For Allianz, the agreement marks a new chapter in India after the end of its long-running partnership with Bajaj Finserv. For more than two decades, Allianz held a 26 per cent stake in the insurance joint ventures Bajaj Allianz Life Insurance and Bajaj Allianz General Insurance. In March 2025, Bajaj Finserv announced plans to buy out Allianz’s stakes in both ventures for ₹24,180 crore.
India’s non-life insurance sector remains intensely competitive. The country has 25 general insurance companies, including four state-owned insurers, alongside seven standalone health insurers.
General insurers reported nearly 8 per cent year-on-year growth in gross direct premium underwritten in FY27, reaching ₹2.78 trillion. Standalone health insurers posted 19.4 per cent growth to ₹45,865.81 crore, while the broader non-life insurance sector recorded a 9.29 per cent rise in premiums to ₹3.36 trillion.
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