Reliance Industries Chairman Mukesh Ambani is now preparing to enter another new sector. In fact, Mukesh Ambani's company Jio Financial Services Limited has started talks with German insurance company Allianz SE to enter India's insurance market. According to Business Standard, two sources related to this development said that the German firm wants to end two existing joint ventures in the country. Mukesh Ambani is ahead to capitalize on this opportunity. Allianz and Jio Financial will together enter the general insurance and life insurance business. Experts say that although these talks are in the initial stage, but if this deal is done, then Jio's entry in the insurance market will increase competition. Millions of people will benefit from this. Their insurance premium may see a reduction. 

no official statement yet 

There is no official statement about this conversation yet. A Jio Financial spokesperson declined to comment on the company's speculation. He said that if something like this happens, we will definitely inform. According to the information, German company Allianz is considering exiting its two existing joint ventures with Bajaj Finserv Limited, which will be the end of a partnership that lasted more than two decades. Bajaj Finserv has confirmed that Allianz is "actively considering exiting" its life and general insurance ventures.

Jio Financial's entry in financial services 

Jio Financial, currently headed by veteran banker K.V. Kamath, has already entered financial services through shadow banking operations and insurance brokerage. The firm has teamed up with BlackRock Inc. to enter the asset management business. Adding insurance to its portfolio will boost Jio Financial's ambitions to become a major player in India's financial sector. India's insurance penetration rate is significantly lower than countries such as South Africa and Canada, highlighting the sector's growth potential. This presents a huge opportunity for companies such as Jio Financial and Allianz, according to data from the insurance regulator.