Allianz and Jio Financial Reach Initail Deal for Insurance Venture in India

Jio Financial Services, part of the Reliance Group, has reportedly reached a preliminary agreement with Germany’s Allianz SE to establish an insurance business in India, according to Bloomberg News.

This development follows Allianz’s decision earlier this week to sell its 26% stake in its life and non-life insurance joint ventures with Bajaj Finserv to the Bajaj Group for approximately €2.6 billion ($2.82 billion).

It has been stated that Jio Financial and Allianz are in the final stages of determining the ownership structure for the new venture. Allianz is seeking a majority stake in the joint venture but is also open to securing governance rights that could allow it to gain control in the future. (Reuters)