Mumbai — Jio Financial Services Limited (JFSL) and Allianz Group have entered into a binding agreement to establish a 50:50 joint venture to provide general and health insurance in India, according to the announcement.
The partnership, first announced in July 2025, will combine JFSL’s digital distribution capabilities with Allianz’s insurance expertise. The companies said the venture aims to expand access to insurance products for individuals and businesses in India and support the national goal of “Insurance for All by 2047.”
The joint venture will begin operations after receiving required regulatory approvals. The companies are also working toward a separate agreement for a life insurance business in India.
India’s economic growth, demographic trends, and expanding middle class are increasing demand for financial protection products, the companies said. The venture plans to design and distribute insurance offerings tailored to local needs, using digital channels to reach customers at scale.
Mukesh D. Ambani said the partnership aligns with JFSL’s goal of expanding access to financial services, while Allianz Chief Executive Officer Oliver Bäte said the collaboration would combine global insurance experience with local market reach.
Allianz, which has operated in India since 2000, said it will continue to focus on expanding insurance access and financial security across the country through the new venture.
