India’s financial sector seems to take a huge leap as Jio Financial Services Limited (JFSL) and Allianz Group (Allianz), through its wholly-owned subsidiary Allianz Europe BV. Both companies entered into a binding agreement to form a 50-50 domestic reinsurance joint venture to serve the dynamic and high-growth insurance market in India.

As per the official release, the reinsurance partnership of both companies will bring together JFSL's deep local expertise and robust digital footprint with Allianz's strong underwriting and global reinsurance capabilities, as reported by ANI.

It has also been reported that the 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. Not to forget that Allianz Re has been reinsuring risk in India for over 25 years.