Allianz is rebuilding its Indian insurance business through joint ventures with Jio Financial Services after exiting its long running partnership with Bajaj Finserv. The two groups have set up a reinsurance venture and agreed to form a general and health insurance company.
Ownership and structure
Allianz holds 50 percent of Allianz Jio Reinsurance Limited, a joint venture with Jio Financial Services, through Allianz Europe B.V. It has also signed a binding agreement for a 50:50 general and health insurance joint venture with the same partner, subject to regulatory approvals.
What India does for Allianz
India is a reinsurance and primary insurance market that Allianz now serves through equal joint ventures with Jio Financial Services after exiting its earlier Bajaj ventures.
Allianz's India business
Allianz entered Indian insurance in 2001 through joint ventures with Bajaj Finserv. Bajaj Finserv bought out Allianz from its life and general insurance ventures in 2025, and Allianz fully exited them by January 2026.
Allianz and Jio Financial Services formed a 50:50 reinsurance venture, Allianz Jio Reinsurance Limited, announced in July 2025. In April 2026 the two signed a binding agreement for a 50:50 general and health insurance joint venture.
Key moves in India
- 2001: Allianz entered Indian insurance through life and general insurance joint ventures with Bajaj Finserv.
- 2025: Bajaj Finserv agreed to buy out Allianz from the life and general insurance ventures.
- 2025: Allianz and Jio Financial Services signed a binding agreement for a 50:50 domestic reinsurance joint venture.
- 2026: Allianz completed its exit from the Bajaj insurance ventures by January.
- 2026: Allianz and Jio Financial Services signed a binding agreement in April for a 50:50 general and health insurance joint venture.
Where it operates
Allianz runs its India business from Mumbai.
At a glance
- Home country: Germany
- Global headquarters: Munich
- Sector: Banking & Financial Services
- Business: Insurance
- Role of India: Sales market, Financial services franchise
- India entity: Allianz Jio Reinsurance Limited
- India head office: Mumbai
- India offices: Mumbai
- India headcount: Not available
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