Jio Financial Services and Germany’s Allianz have signed a binding agreement to form a 50:50 primary insurance joint venture in India covering general and health insurance, deepening a partnership that began with reinsurance into the far larger primary market.
Announced on 22 April, the binding agreement formalises a partnership first flagged in July 2025. The venture pairs Jio Financial Services’ digital reach and distribution with Allianz’s global insurance expertise, and will launch operations once it secures the necessary statutory and regulatory approvals. The two are also working toward a separate binding agreement for life insurance in India.
The deal extends an already layered relationship. Jio and Allianz launched their 50:50 reinsurance venture, Allianz Jio Reinsurance, into operation in March 2026, and this primary insurance agreement broadens the tie-up across the insurance value chain, with life insurance still under negotiation.
Mukesh Ambani framed the partnership around the national “Insurance for All by 2047” mission:
“Insurance is not just a product, but it is the foundation upon which families build their futures with confidence. ‘Insurance for All by 2047’ is a national mission and every institution that has been entrusted with the scale and trust of the Indian people has a duty to fulfil it. I am proud to partner with Allianz, one of the world’s most respected insurance groups, across the insurance value chain as our exclusive insurance partner. I believe that the combination of Jio’s unmatched digital consumer reach and Allianz’s deep global insurance expertise is uniquely powerful.”
Oliver Bäte, CEO of Allianz SE, said:
“By combining our expertise, high-quality products, and exceptional service with the unrivalled reach and capabilities of Jio Financial Services, our exclusive partner across the insurance value chain in India, we will create a more resilient and financially secure future for India, and will help to make the ‘Insurance for All by 2047’ vision a reality. Together, we will build a completely new insurance model for India: one designed around customers and their needs.”
Allianz, which describes itself as deeply invested in India’s insurance market since 2000, exited its 24-year Bajaj Group joint venture in early 2026 and has since rebuilt its India position through the Jio partnership, this time as an equal partner rather than a minority stakeholder, and now across reinsurance, general, health and prospective life insurance.
Jio Financial Services, a Core Investment Company registered with the Reserve Bank of India, runs a digital-first financial services ecosystem spanning credit, payments, leasing and insurance broking, and operates asset and wealth management through a separate 50:50 joint venture with BlackRock. Allianz, active in almost 70 countries serving around 97 million customers, posted total business volume of €186.9 billion and operating profit of €17.4 billion in 2025.
