Jio Financial Services Limited at its Board of Directors meeting held on April 22, 2026, approved the formation of a 50:50 domestic general insurance joint venture company with Allianz Europe B.V. for carrying on general insurance business (which includes health insurance) in India and a joint venture agreement for this purpose has been executed on April 22, 2026 at 5.32 p.m (IST). The joint venture company will launch operations post receipt of statutory and regulatory approvals. The transaction is not a related party transaction and none of the Company?s promoter /promoter group /group companies have any interest in the above transaction.
Jio Financial Services Limited and Allianz Group, through its wholly-owned subsidiary Allianz Europe B.V., entered into a binding agreement to form a 50:50 primary insurance joint venture 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. The joint venture will launch operations upon receipt of the necessary statutory and regulatory approvals.
Jio Financial Services Limited and Allianz are also working towards a separate binding agreement for life insurance business in India. 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.
