Jio Financial Services shares in focus after 50:50 reinsurance JV with Allianz
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Shares of Jio Financial Services Ltd (JFSL) are likely to be in focus on Monday after the company announced a 50:50 domestic reinsurance joint venture with Allianz Group . The binding agreement was signed through Allianz's subsidiary Allianz Europe B.V.The agreement aims to serve India's growing insurance market by combining JFSL's local expertise with Allianz's global reinsurance and underwriting capabilities.The partnership will leverage JFSL's digital network and Allianz's existing India portfolios, along with its global experience in risk pricing, portfolio management, and reinsurance. Allianz Re has been active in India for over 25 years.The JV intends to provide strong reinsurance capacity to insurers across India, helping them manage risks more effectively. It will also support India's goal of expanding insurance access under the national vision of 'Insurance for All by 2047.' Operations are expected to commence post regulatory approvals.Additionally, JFSL and Allianz have entered into a non-binding agreement to explore forming joint ventures in general and life insurance businesses in India. The collaboration aims to deliver innovative insurance solutions by combining the strengths of both brands.'India is witnessing a transformative surge in insurance demand, driven by rising prosperity, growing financial awareness, and rapid digital adoption. This partnership, combining Allianz's global reinsurance expertise with JFSL's deep understanding of the Indian market and strong digital infrastructure, aims to deliver innovative and customized reinsurance solutions to insurers. Aligned with the national goal of ' Insurance for All by 2047 ', we are committed to building a stronger and more inclusive insurance ecosystem that ensures broader access to protection for every Indian. We are excited to shape this transformative journey together,' said Isha M. Ambani, Non-executive Director, Jio Financial.JFSL said its focus remains on digitally delivering financial solutions addressing the core needs of borrowing, investing, transacting, and protecting for every Indian. Allianz reaffirmed its commitment to India's long-term growth, citing the country's strong economy, rising middle class, and increasing demand for insurance products as key drivers for future value creation.On Friday, Jio Financial Services shares closed flat with a negative bias at Rs 316.70 on the BSE.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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NDTV
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