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Jio Financial Services ties up with Allianz Group for 50:50 reinsurance JV
Additionally, the company also said that it has entered into a non-binding agreement with the Allianz Group to set up equally owned joint ventures for both life and general insurance businesses in the country.
'The potential partnership for insurance will see two trusted financial services brands — JFSL and Allianz — coming together to deliver innovative and holistic protection solutions to the people of India,' the company said in a statement late on Friday night.
According to the company, the reinsurance JV will leverage Allianz's existing Allianz Re and Allianz Commercial portfolios and activities in India. It will also benefit from Allianz's global setup, including its pricing, risk selection, and portfolio management expertise. Allianz Re has been reinsuring risk in India for over 25 years.
'The reinsurance JV between JFSL and Allianz will help insurers manage risks more effectively by providing access to strong underwriting capabilities and competitive capacity — ultimately strengthening the resilience of the entire insurance ecosystem. The JV will launch operations post receipt of statutory and regulatory approvals,' the company further said.
Allianz was the JV partner with Bajaj Finserv for more than 20 years and had two insurance JVs — Bajaj Allianz Life and Bajaj Allianz General. Allianz had a 26 per cent stake in both the insurance companies. In October last year, Allianz expressed its intention to split with Bajaj Finserv, and in March this year, Bajaj Finserv announced that it will buy Allianz's stake in both the JVs for ₹24,180 crore.
Following the split, speculation was rife that Allianz and JFSL would come together to form insurance JVs.
According to Isha M Ambani, Non-executive Director, JFSL, 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 customised 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,' Ambani said.
'We are proud to partner with JFSL to support the democratisation of access to world-class financial services for the people of India, with the opportunity to serve a growing number of consumers who are seeking the right protection for themselves, their families, and their businesses,' said Oliver Bäte, Chief Executive Officer, Allianz SE.
Currently, India's insurance sector has one state-owned reinsurer — General Insurance Corporation (GIC Re). Valueattics Reinsurance, backed by Prem Watsa and Kamesh Goyal, has recently received the insurance regulator's nod for a reinsurance company.
Additionally, there are 13 foreign reinsurance branches (FRBs) set up by global reinsurance companies, including Munich Re, Swiss Re, and Lloyd's of London, operating in India.
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