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Jio Financial Services Ltd (JFSL) and Germany's Allianz have formed a 50:50 joint venture, Allianz Jio Reinsurance Ltd (AJRL), to operate in India's reinsurance market. The company has been incorporated with an initial investment of INR 2.50 lakh through 25,000 equity shares. The incorporation received a no-objection certificate from the Insurance Regulatory and Development Authority of India, and the Ministry of Corporate Affairs issued the Certificate of Incorporation this week. The venture will combine JFSL's local expertise and digital capabilities with Allianz's global reinsurance experience, including over 25 years of risk management in India.
Jio Financial Services Ltd (JFSL) and Germany-based Allianz have established a joint venture named Allianz Jio Reinsurance Ltd (AJRL) to operate in India's reinsurance sector. AJRL has been set up with an initial investment of INR 2.50 lakh, consisting of 25,000 equity shares of INR 10 each, giving both companies equal stakes. Advertisement
The incorporation followed the approval of a no-objection certificate from the Insurance Regulatory and Development Authority of India. The Ministry of Corporate Affairs issued the Certificate of Incorporation via email earlier this week.
The two companies had signed a binding agreement in July to create a 50:50 domestic reinsurance venture, targeting India's rapidly growing insurance market. This announcement comes a few months after Allianz ended its partnership with Bajaj Finserv.
The joint venture will leverage JFSL's strong local knowledge and digital infrastructure alongside Allianz's global reinsurance and underwriting expertise. AJRL will benefit from Allianz's existing portfolios, including Allianz Re and Allianz Commercial, and from the company's global practices in pricing, risk selection, and portfolio management. Allianz Re has been active in India for more than 25 years, providing extensive experience in reinsuring a variety of risks.
The partnership is expected to offer more structured risk management solutions and enhance the domestic insurance ecosystem by combining digital efficiency with international standards.
Source PTI
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