Allianz, Jio Financial Services ink 50:50 insurance JV to tap India’s growing market

Jio Financial Services Limited and Allianz Group on Wednesday signed a binding agreement to form a 50:50 primary insurance joint venture to enter India’s general and health insurance segments, formalising a partnership first announced in July 2025.

The joint venture will offer “comprehensive and innovative protection solutions” to individuals and businesses, combining Jio Financial Services’ digital reach and distribution capabilities with Allianz’s global insurance expertise. The companies said operations will begin after receiving statutory and regulatory approvals.

The partnership aligns with the national goal of “Insurance for All by 2047” and aims to expand access to insurance in a fast-growing market driven by favourable demographics and rising demand for financial protection. The companies are also working towards a separate agreement for a life insurance venture in India.


Also read: Jio Financial Services to scale lending, holds off unsecured credit

The JV “will aim to create a fundamentally differentiated way of designing, distributing, and delivering insurance solutions at scale in India,” the companies said, highlighting the need for broader coverage amid a young population and expanding middle class.

Mukesh D Ambani, Chairman and Managing Director of Reliance Industries, said the partnership reflects a broader mission to democratise access to financial services.

“Our Founder, Shri Dhirubhai Ambani, built Reliance on one abiding belief - that the power of the best must be made available to every Indian, not just the privileged few. Jio Financial Services is proud to carry that belief into financial services,” he said.

“Insurance is not just a product, but it is the foundation upon which families build their futures with confidence and are able to pursue their ambitions without fear. 'Insurance for All by 2047' is a national mission and every institution that has been entrusted with the scale and trust of the Indian people has a duty to fulfil it. Jio Financial Services is committed to doing exactly that.”

“I am proud to partner with Allianz, one of the world's most respected insurance groups, across the insurance value chain as our exclusive insurance partner. I believe that the combination of Jio's unmatched digital consumer reach and Allianz's deep global insurance expertise is uniquely powerful,” Ambani added.

“Together, we will deliver world-class insurance solutions to every corner of India — simple to understand, easily accessible through our wide-spread channels, affordable, and powered by technology that works for every Indian. This is our commitment to every Indian, and our contribution to the ‘Viksit Bharat’ vision.”

Oliver Bäte, Chief Executive Officer of Allianz SE, said the partnership would help expand access to risk protection in India.

“Allianz Group is the most valuable and trusted insurance brand worldwide, a distinction earned over 136 years of supporting the protection needs and growth ambitions of our customers, who come to us from all walks of life. As part of our purpose, we keep promises that transcend borders and span generations,” he said.

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

“By combining our expertise, high-quality products, and exceptional service with the unrivalled reach and capabilities of Jio Financial Services, our exclusive partner across the insurance value chain in India, we will create a more resilient and financially secure future for India, and will help to make the ‘Insurance for All by 2047’ vision a reality.”

“Our two companies share a profound conviction in the importance of inclusive economic growth and the powerful role that insurance plays in creating shared, sustainable prosperity for more people. Together, we will make protection simpler, more accessible, and more relevant for individuals, families, entrepreneurs and businesses across the country, and we will build a completely new insurance model for India: one designed around customers and their needs,” Bäte added.

Allianz, which has been present in India since 2000, said the partnership would deepen its commitment to the market by expanding access to insurance and strengthening financial resilience for individuals and businesses.