Our Bureau
Mumbai
This Friday on July 18th, Jio Financial Services have announced that they will be starting a 50:50 joint venture with Germany’s Allianz Group for a domestic reinsurance joint venture. This step has been taken by both companies to cater the Indian market and the venture promises holistic protection solutions to the residents of India.
It was reported that the agreement between the two companies, Jio Financial and Allianz JV was signed through Allianz’s wholly-owned subsidiary Allianz Europe BV. As per the reports, they will be launching their operations after they receive statutory and regulatory nods.
Jio Financials stated that the two companies have had a non-binding agreement to set up equally owned joint ventures for both general and life insurance businesses in India. They stated that the joint venture is going to help out the German company in their activities and portfolios in India and will aid them in their global setup.
“The potential partnership for insurance will see two trusted financial services brands – JFSL and Allianz – coming together to deliver innovative and holistic protection solutions to the people of India. The JV will leverage Allianz’s existing Allianz Re and Allianz Commercial portfolios and activities in India. It will also benefit from Allianz’s global setup, including its pricing, risk selection and portfolio management expertise. Allianz Re has been reinsuring risk in India for over 25 years,” JFSL said in its statement.
They added that the reinsurance joint venture will be aiming to assist insurers manage risks more effectively by providing access to strong underwriting capabilities and competitive capacity. The company highlighted that it ultimately would strengthen the resilience of the entire insurance ecosystem. It will bring JFSL’s deep local expertise and robust digital footprint with Allianz’s strong underwriting and global reinsurance capabilities.
