Team siliconindia

• JFSL and Allianz Europe BV announced a 50:50 reinsurance joint venture to serve India’s expanding insurance market.
• The JV will leverage JFSL’s digital infrastructure and Allianz’s global reinsurance expertise.
• Both firms may explore additional general and life insurance JVs, aligning with India’s 'Insurance for All by 2047' vision.

Shares of Jio Financial Services Limited (JFSL) traded higher at Rs 317.40, up 0.17 percent, after the company announced a strategic 50:50 reinsurance joint venture with German insurance major Allianz Group. The stock opened at Rs 318.20 and touched an intraday high of Rs 318.75 during the morning session.

The binding agreement, revealed on Friday, will see JFSL collaborate with Allianz Europe BV to set up a domestic reinsurance joint venture focused on India’s fast-expanding insurance sector. The partnership aims to blend JFSL’s strong digital infrastructure and local market knowledge with Allianz’s global reinsurance expertise, honed through 25 years of operations in India.

The proposed venture will tap into Allianz’s existing Allianz Re and Allianz Commercial portfolios, enhancing risk management capabilities for Indian insurers and offering competitive reinsurance capacity. The JV’s operations will begin post receipt of statutory and regulatory approvals.

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In addition to the reinsurance JV, both companies have signed a non-binding agreement to explore further joint ventures in general and life insurance on a 50:50 basis. The move supports India’s broader vision of 'Insurance for All by 2047' and aims to meet the needs of the country’s growing middle class.

JFSL, with a market capitalisation of Rs 2,01,649 crore, also partners with BlackRock for asset management in India.