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Informist, Wednesday, Apr. 22, 2026

MUMBAI – Jio Financial Services Ltd. and Allianz Europe B.V. entered into a binding agreement on Wednesday to form a 50:50 primary insurance joint venture, covering general insurance and health insurance. The companies had signed a non-binding term sheet in July 2025 to explore a joint venture in general and life insurance businesses in India. 

The proposed joint venture will commence operations upon receipt of the necessary statutory and regulatory approvals, Jio Financial Services said in an exchange filing.

"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," Jio Financial said. "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."

Germany's Allianz SE had earlier ended its joint venture with Bajaj Finserv Ltd. for life and general insurance.

For the March quarter, Jio Financial reported consolidated net profit of INR 2.72 billion on revenues of INR 10.19 billion. Wednesday, shares of the company closed 1.6% higher at INR 238.51 on the National Stock Exchange.  End 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by Shumaila Firoz 

Edited by Saji George Titus

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