Mukesh Ambani's another masterstroke: After BlackRock this company of Reliance partners with..., plans to dominate...
Mumbai: After partnering with US-based investment powerhouse BlackRock and making its official entry into the mutual fund sector of India, businessman Mukesh Ambani's Jio Financial Services Limited has joined hands with Allianz Group to dominate the reinsurance sector in India. Both companies entered the reinsurance sector through their wholly owned subsidiary, Allianz Europe BV, with a 50:50 joint venture. In its exchange filing, JFSL informed about its latest partnership, stating that it will bring the company's deep local expertise and strong digital presence together with Allianz's global reinsurance capabilities.
It is worth noting that Allianz SE ended its two-decades partnership with Bajaj Finserv four months ago. Now, the insurance major has joined hands with Jio Financial Services. Will This Partnership Create A Stir In The Reinsurance Business?
On July 18, the JFSL informed that the board of directors have showed a green light to the formation of a joint venture with Allianz Europe BV (Allianz) in the ratio of 50:50 for reinsurance business. The new company will start its operation after getting mandatory regulatory and statutory approvals. Both Companies Are Also Partners In Insurance Business
Notably, Reliance's Jio Financial Services also clarified that the transaction is not linked to any related party. Both companies also signed a non-binding term-sheet to establish a joint venture in the ratio of 50:50 for general insurance and life insurance business.
The company will help insurers manage risks more effectively by providing stronger underwriting capabilities and competitiveness.
Jio Financial Services announced a joint venture focused on delivering user-friendly, secure, and digitally accessible financial services to Indian consumers. The venture will concentrate on four key areas: lending, investment, transactions, and financial protection.
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