Allianz Forms Reinsurance Joint Venture in India
Munich-based Allianz has announced the establishment of a new India joint venture shortly after selling its stake in a separate one earlier this year.
Allianz and Mumbai-headquartered Jio Financial Services have entered a binding agreement to form a 50:50 domestic reinsurance joint venture in India, according to a statement. The venture will launch after receiving statutory and regulatory approvals.
The two have also entered a non-binding agreement to set up equally owned joint ventures for general and life insurance businesses in the country.
Recent JV Exit
The move follows Allianz's recent decision to sell its stakes in non-life and life insurance joint ventures in India to its Pune-based partner, Bajaj Finserv. At the time, the German insurer noted that it would continue to explore new opportunities in India «not only as an investor but also as an operator».
«We are proud to partner with Jio Financial Services to support the democratization of access to world-class financial services for the people of India, with the opportunity to serve a growing number of consumers who are seeking the right protection for themselves, their families, and their businesses,» said Allianz SE CEO Oliver Bäte.
