After leaving Bajaj, this top German Insurance Giant joins hands with Mukesh Ambani, it is..., plans to...
Germany's leading insurer Allianz, and Mukesh Ambani's Jio Financial Services have come to a major decision. The two companies are entering the Indian insurance market together and will form a 50:50 joint venture as part of this collaboration. They also signed a non-binding agreement, where they will collaborate on both life and general insurance operations in India. Though the agreement is still in its early stages, further developments are expected. Allianz took this step only four months after ending its 20-year partnership with Bajaj Finserv.
In India, the reinsurance market is currently limited to a few companies. Reinsurance is insurance of the insurance companies. GIC Re is India's only government-owned company in this business. Large multi-national corporations such as Munich Re, Swiss Re, and SCOR SE also do business in India; however, they mostly conduct business in India by virtue of having a branch office.
Allianz and JFSL (Jio Financial Services Ltd) plan to establish a local company in India and conduct business as a local insurer, which allows them to operate more closely to the expressed purpose of the Indian insurers, conduct business more in tune with Indian insurance law, and incorporate themselves more fully into the Indian market.
With Jio Financial Services being divested from Reliance Industries a year ago, the company is quickly becoming a dominant player for financial services, offering products such as loans, payments, leasing and insurance broking. Also, Jio Financial is partnered with BlackRock, the world's largest asset manager, to also start asset and wealth management.
The new arrangement with Allianz will assist Jio Financial in offering a full suite of financial services.
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