Jio and Allianz to establish a reinsurance joint venture in India, supporting the vision of "Insurance for All by 2047" in India.

On July 18, Indian financial services company Jio Financial Services signed a binding agreement with Allianz Europe B.V., a subsidiary of the Allianz Group, to establish a 50:50 joint venture reinsurance company to serve the Indian insurance market. The statement stated that the company will integrate Jio Financial Services' local market knowledge and influence, as well as Allianz's global underwriting and reinsurance skills and experience. By providing reinsurance and underwriting capabilities, the company is committed to expanding insurance coverage and supporting India's national vision of "Universal Insurance by 2047".