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Jio Financial Services Limited (JFSL) and the Allianz Group have signed an agreement for a 50:50 reinsurance joint venture in India, marking a significant step into the country’s growing insurance sector.
The domestic joint venture will combine JFSL’s local expertise and digital infrastructure with Allianz’s global underwriting capabilities and reinsurance experience. Allianz has been reinsuring risk in India through its reinsurance arm, Allianz Re, for over 25 years.
The new entity will start operations after securing statutory and regulatory approvals. "The reinsurance JV between JFSL and Allianz will help insurers manage risks more effectively by providing access to strong underwriting capabilities and competitive capacity, ultimately strengthening the resilience of the entire insurance ecosystem," the company stated.
“This partnership, combining Allianz’s global reinsurance expertise with JFSL’s deep understanding of the Indian market and robust digital infrastructure, aims to deliver innovative and customised reinsurance solutions to insurers,” said Isha M. Ambani, non-executive director, JFSL. “Aligned with the national goal of ‘Insurance for All by 2047’, we are committed to building a stronger and more inclusive insurance ecosystem that ensures broader access to protection for every Indian.”
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Three key takeaways from the JV:
Allianz’s existing reinsurance and commercial operations in India will be incorporated into the JV.
The partnership supports India’s ‘Insurance for All by 2047’ goal by providing customised reinsurance solutions.
JFSL and Allianz have also signed a non-binding agreement to explore joint ventures in life and general insurance.
Allianz’s existing reinsurance and commercial operations in India will be integrated into the JV’s activities, supported by the group’s global pricing, risk selection, and portfolio management tools.
Alongside the reinsurance joint venture, the two companies have entered into a non-binding agreement to jointly explore ventures in both the general and life insurance sectors in India.
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