Jio Financial Services, Allianz of Germany forge alliance to set up reinsurance business

Jio Financial Services Ltd (JFSL) on Tuesday (September 9, 2025) said the company and Allianz of Germany have incorporated a joint venture company named 'Allianz Jio Reinsurance Ltd' (AJRL) to carry on the business of reinsurance in India.

The company AJRL will invest an amount of ₹2.50 lakh towards initial subscription of 25,000 equity shares of face value ₹10 each for 50% stake, JFSL said in a regulatory approval.

AJRL has been incorporated pursuant to receipt of no objection certificate from Insurance Regulatory and Development Authority of India, it said.

The Certificate of Incorporation was received from the Ministry of Corporate Affairs, by email, on September 8, 2025, it added.

Both the companies on July 18, had announced a binding agreement to form a 50:50 domestic reinsurance joint venture to serve the dynamic and high-growth insurance market in India.

The announcement comes months after Allianz parted ways with Bajaj group financial services firm Bajaj Finserv.

The reinsurance partnership will bring together JFSL's deep local expertise and robust digital footprint with Allianz's strong underwriting and global reinsurance capabilities, the statement had said.

The joint venture will leverage Allianz's existing Allianz Re and Allianz Commercial portfolios and activities in India. It will also benefit from Allianz's global set up, including its pricing, risk selection and portfolio management expertise, it had said.

Allianz Re has been reinsuring risk in India for over 25 years.