Jio Financial Services Limited (JFSL) and Allianz Group, through Allianz Europe B.V., have entered into a binding agreement to form a 50:50 primary insurance joint venture covering general and health insurance, aimed at serving India’s expanding insurance sector.
The partnership brings together JFSL’s digital capabilities and distribution reach with Allianz’s global expertise in insurance to deliver accessible and customer-centric protection solutions tailored for individuals and businesses across India. The agreement formalises a collaboration first announced in July 2025.
The joint venture will commence operations subject to necessary statutory and regulatory approvals. Both companies are also working towards a separate agreement for life insurance business in India.
Mukesh D. Ambani, CMD, Jio Financial Services Limited, said, “Our Founder, Dhirubhai Ambani, built Reliance on one abiding belief – that the power of the best must be made available to every Indian, not just the privileged few. Jio Financial Services is proud to carry that belief into financial services. Insurance is not just a product, but it is the foundation upon which families build their futures with confidence and are able to pursue their ambitions without fear. ‘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. Jio Financial Services is committed to doing exactly that. 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. Together, we will deliver world-class insurance solutions to every corner of India, simple to understand, easily accessible through our wide-spread channels, affordable, and powered by technology that works for every Indian. This is our commitment to every Indian, and our contribution to the ‘Viksit Bharat’ vision.”
Oliver Bäte, Chief Executive Officer, Allianz SE, said, “Allianz Group is the most valuable and trusted insurance brand worldwide, a distinction earned over 136 years of supporting the protection needs and growth ambitions of our customers, who come to us from all walks of life. As part of our purpose, we keep promises that transcend borders and span generations. By combining our expertise, high-quality products, and exceptional service with the unrivalled reach and capabilities of Jio Financial Services, our exclusive partner across the insurance value chain in India, we will create a more resilient and financially secure future for India, and will help to make the ‘Insurance for All by 2047’ vision a reality. 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. Together, we will make protection simpler, more accessible, and more relevant for individuals, families, entrepreneurs and businesses across the country, and we will build a completely new insurance model for India: one designed around customers and their needs.”
The partnership aims to support the national vision of ‘Insurance for All by 2047’ by combining digital innovation with insurance expertise, addressing the growing demand for financial security and inclusive protection solutions in India.
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