Mumbai/Munich, April 22, 2026: Jio Financial Services Limited (JFSL) and Allianz Group (Allianz),
through its wholly-owned subsidiary Allianz Europe B.V., today entered into a binding agreement to
form a 50:50 primary insurance joint venture (JV) – covering general insurance and health insurance –
to serve the rapidly expanding Indian insurance sector. The binding agreement formalizes a
partnership first announced in July 2025.
This partnership will bring together two highly trusted financial services brands, recognized for their
commitment to customer-centricity, to deliver innovative and accessible protection solutions tailored
to the specific needs of the people and businesses of India. Customers in India will benefit from the
combination of JFSL
’s extensive digital reach and deep understanding of the Indian market and
Allianz’s high-quality insurance products and services that reflect a distinguished history of expertise
and care for protecting what matters most to people.
The JV will launch operations upon receipt of the necessary statutory and regulatory approvals. JFSL
and Allianz are also working towards a separate binding agreement for life insurance business in
India.
India’s strong economic progress and favourable demographics underscore the growing need for
long-term financial security and inclusive protection solutions. With a young population and a rising
middle-class, expanding insurance coverage is essential to strengthening the country’s long-term
resilience by protecting its citizens and their assets. To meet these needs, the joint venture will aim to
create a fundamentally differentiated way of designing, distributing, and delivering insurance
solutions at scale in India.
For JFSL, enabling access to world-class insurance is central to its mission of empowering every Indian
with simple, secure, seamless, and smart financial solutions – delivered digitally, at scale, and built
around the needs of people at every income level.
Mukesh D. Ambani said: “Our Founder, Shri 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.
