Jio Financial and Allianz reinsurance joint venture announced, agreement reached

News Topical, Digital Desk : Jio Financial Services informed the stock market on Friday night that it has signed an agreement with Allianz Group for a joint venture. The company is a unit of Reliance Industries and is listed on the stock exchange. The company informed on Friday, July 18 that it has signed an agreement with Allianz Group through its wholly-owned subsidiary Allianz Europe BV through which the two companies will set up a reinsurance joint venture in the country. According to the company, it will take advantage of the opportunities of India's high-growth insurance market through this step.

What information has the company given?

According to the information given to the market, both the companies will have equal participation i.e. 50-50 percent in this joint venture. Through this partnership, Jio Financial's strong regional hold and digital footprint will be brought to the Indian market along with Allianz's international level reinsurance capabilities. Along with this, the joint venture will also take full advantage of Allianz's existing capabilities in the Indian market. Along with this, the JV will also get the benefit of Allianz's global set up such as expertise like pricing, risk selection and portfolio management. Allianz's company Allianz Re has been covering insurance risks in India for the last 25 years. 

What is the future plan? After the agreement, the JV is now waiting for important approvals after which the new company will start its work. According to the company, this JV will strengthen the entire insurance ecosystem. Both the companies have also signed a JV agreement for general insurance and life insurance in India. After this agreement, Jio Financial's non-executive director Isha Ambani said that with the increase in prosperity and awareness, the demand for insurance in India is increasing rapidly. By combining Allianz's experience and Jio Financial's understanding of the Indian market, we will bring new and better reinsurance solutions for insurance companies. At the same time, Allianz SE CEO Oliver Bett said that we are proud to be associated with Jio Financial Services. This will help us provide world-class services to the people of India who are looking for the right protection for themselves, their families and businesses. Shares of Jio Financial Services fell 0.5% to close at Rs 316.4 on Friday. 
 

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