Jio Financial Services (JFSL) and Allianz Group (Allianz), through its wholly-owned subsidiary -- Allianz Europe B.V., have entered into a binding agreement to form a 50:50 primary insurance joint venture (JV) - 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.

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.

The JV will launch operations upon receipt of the necessary statutory and regulatory approvals. JFSL and Allianz are also working towards a separate binding agreement for life insurance business in India.

Jio Financial Services (JFSL) operates its financial services business through its consumer facing subsidiaries namely Jio Finance (JFL), Jio Insurance Broking (JIBL) and Jio Payment Solutions (JPSL) and joint venture namely Jio Payments Bank (JPBL).