Latest news with #Allianz
Yahoo
5 hours ago
- Business
- Yahoo
Allianz and Jio Financial to form reinsurance JV in India
Jio Financial Services Limited (JFSL) and Allianz Europe have agreed to establish a 50:50 reinsurance joint venture (JV) in India. The JV will combine JFSL's local market expertise and digital infrastructure with Allianz's global reinsurance and underwriting capabilities. It will utilise Allianz Re and Allianz Commercial portfolios in India, as well as the company's international resources in areas such as pricing, risk selection and portfolio management. The move follows the decision by Allianz to exit JVs with the Bajaj Group by selling its 26% stake in a $2.8bn (€2.4bn) deal, ending a 24-year partnership. JFSL non-executive director Isha Ambani said: "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." The JV formation is contingent upon regulatory and statutory approvals. Furthermore, JFSL and Allianz have reached a non-binding agreement to form JVs for general and life insurance businesses in India, with equal ownership. Allianz CEO Oliver Bäte stated: 'We are proud to partner with Jio Financial Services 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.' "Allianz and Jio Financial to form reinsurance JV in India " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Economic Times
10 hours ago
- Business
- Economic Times
Jio Financial Services shares in focus after 50:50 reinsurance JV with Allianz
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads 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 agreement aims to serve India's growing insurance market by combining JFSL's local expertise with Allianz's global reinsurance and underwriting 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 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 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 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 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)
News18
10 hours ago
- Business
- News18
Jio Financial Shares Rise Over 1% Post Q1 Results; Rally 21% In 6 Months — Should You Invest?
Jio Financial Share Price: Mukesh Ambani-led Jio Financial Services Ltd (JFSL) were trading 1% higher on Monday Jio Financial Share Price: Mukesh Ambani-led Jio Financial Services Ltd (JFSL) were trading 1% higher on Monday, after it reported a 4% year-on-year (YoY) rise in net profit for the quarter ended June 2025 (Q1 FY26), with net profit rising to Rs 324.66 crore from Rs 312.63 crore in the same quarter last year, last week. The company's revenue surged 46.5% YoY to Rs 612.46 crore, compared to Rs 417.82 crore in Q1 FY25. Total income rose to Rs 619 crore, while total expenses climbed significantly to Rs 261 crore, a 228% increase from Rs 79 crore in the year-ago quarter. One of the key drivers was interest income, which doubled to Rs 363 crore, up from Rs 162 crore in Q1 FY25. In a strategic move, JFSL and Germany's Allianz Group, through its wholly owned subsidiary Allianz Europe B.V., signed a binding agreement to set up a 50:50 domestic reinsurance joint venture in India. The JV aims to serve the country's fast-evolving insurance sector. The partnership will combine JFSL's local market knowledge and digital capabilities with Allianz's global reinsurance strength and expertise in underwriting, pricing, and portfolio management. The JV will also leverage Allianz's existing presence through Allianz Re and Allianz Commercial in India. The companies noted that operations will begin post-regulatory approvals. Beyond reinsurance, JFSL and Allianz have also signed a non-binding agreement to explore equally owned joint ventures in life and general insurance segments. This move signals JFSL's broader ambition to build a comprehensive insurance ecosystem. Commenting on the development, Isha Ambani, Non-Executive Director of JFSL, said: 'India is witnessing a transformative surge in insurance demand, driven by rising prosperity, growing financial awareness, and rapid digital adoption." Technical Outlook: Possible Breakout on the Horizon On the technical front, Anshul Jain, Head of Research at Lakshmishree Investment, noted: 'Jio Financial is currently trading within a key resistance zone of Rs 324 to Rs 347. Despite strong overhead pressure, the stock isn't backing down — instead, it's showing signs of bullish accumulation. Volume is steadily declining, which often precedes a breakout after consolidation. That said, price action suggests a range-bound phase could continue for the next 8–10 weeks." Stock Performance As of Friday, July 18, 2025, shares of JFSL have rallied 21.65% over the past six months, making it one of the closely watched stocks in the financial sector. view comments Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
11 hours ago
- Business
- Time of India
Jio Financial Services shares in focus after 50:50 reinsurance JV with Allianz
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. Explore courses from Top Institutes in Select a Course Category Healthcare Others Public Policy Data Science others MCA Artificial Intelligence Cybersecurity Data Analytics Technology Management Degree Design Thinking MBA Project Management Operations Management Finance Leadership CXO Digital Marketing PGDM Product Management Data Science healthcare Skills you'll gain: Financial Analysis in Healthcare Financial Management & Investing Strategic Management in Healthcare Process Design & Analysis Duration: 12 Weeks Indian School of Business Certificate Program in Healthcare Management Starts on Jun 13, 2024 Get Details 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. Live Events '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. Also read: Is RIL's strong profit growth sustainable amid rising capital expenditure? ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Time of India
20 hours ago
- Business
- Time of India
Jio-Allianz, Fairfax-backed Valueattics Re set to shake up India's Rs 50,000-cr reinsurance market
India's reinsurance sector is set for disruption as Jio-Allianz and Valueattics Re-a JV between Fairfax's Prem Watsa and Kamesh Goyal 's Oben Ventures-enter the market, challenging the dominance of state-run GIC Re in the country's ₹50,000-crore reinsurance business. GIC Re currently has a 51% market share, while the rest is distributed among 11 foreign reinsurance branches. On Friday, Jio Financial Services (JFSL) and Allianz Group (Allianz), through its wholly owned subsidiary Allianz Europe BV, announced they have entered into a binding agreement to form a 50:50 domestic reinsurance joint venture in the insurance market in India. Explore courses from Top Institutes in Select a Course Category Operations Management Technology Product Management Degree CXO healthcare Digital Marketing MBA Design Thinking Data Analytics Project Management Leadership Healthcare PGDM Data Science Public Policy others Data Science Artificial Intelligence Others Finance Cybersecurity Management Skills you'll gain: Quality Management & Lean Six Sigma Analytical Tools Supply Chain Management & Strategies Service Operations Management Duration: 10 Months IIM Lucknow IIML Executive Programme in Strategic Operations Management & Supply Chain Analytics Starts on Jan 27, 2024 Get Details The two companies also entered into a non-binding agreement for setting up equally owned joint ventures for both general and life insurance businesses in India. ET Bureau Regulatory norms such as mandatory cession and order of preference could benefit the new entrants, giving them an edge over other reinsurers. Regulations mandate Indian insurers to cede 4% of each policy to GIC Re. This would be Allianz's third reinsurance entity after its existing branches under the Foreign Reinsurer Branch (FRB) and International Financial Services Centre Insurance Office (IIO) regimes. This proposed company would be an India-incorporated entity with a paid-up capital of a minimum ₹200 crore. While the other two reinsurance entities are focused on speciality reinsurance and certain lines of risks, the third entity, which will be an Indian reinsurer would have a standalone balance sheet and the flexibility to do treaty and facultative reinsurance. GIC Re, the national reinsurer, has long been the anchor of the domestic reinsurance market. In 2023-24, a total reinsurance premium of ₹62,113 crore was collected by Indian reinsurer GIC Re and foreign reinsurance branches (FRBs). About 81% of this business came from within India, which is ₹50,553 crore. Of this Indian business, GIC Re handled around 51%, while the remaining 49% was done by the foreign reinsurance branches including global reinsurers like Lloyd's. Reinsurers operating from within India, like Jio-Allianz and Valueattics Re could get preferential access over cross-border reinsurers in the order of preference mandated by IRDAI. As per IRDAI guidelines, every Indian general insurer must cede 4% of their sum insured on each policy to GIC Re- the Indian reinsurer under compulsory cession rules. While GIC enjoys 4% mandatory cession, this is subject to annual review. Also, reinsurers operating from within India, like Jio-Allianz and Valueattics Re, could enjoy preferential access over cross-border reinsurers in the order of preference mandated by IRDAI. The entry of Jio-Allianz could bring the scale, digital reach, and capital heft of Reliance Industries, while Valueattics Re, headed by Canadian-Indian billionaire Prem Watsa, entered the Indian reinsurance market in March this year and is expected to tap into Fairfax's global expertise and balance sheet strength, further accelerating competition in the domestic landscape.
