Jio Financial Services Ltd., owned by billionaire Mukesh Ambani, is in early discussions with Allianz SE to create joint ventures in India’s insurance sector. The talks revolve around establishing both general and life insurance businesses in the country, although no final decision has been made yet.
Allianz, a Munich-based firm, has expressed its intent to exit its current partnerships with Bajaj Finserv Ltd., citing a difference in strategic direction. Despite the potential split, Allianz remains committed to the Indian market, according to a statement from Bajaj Finserv.
This potential partnership aligns with Jio Financial’s broader ambitions in financial services. The company, led by veteran banker K.V. Kamath, who operates a shadow bank and an insurance brokerage. It has also teamed up with BlackRock Inc. to launch an asset management business. Expanding into insurance would further cement its position as a key player in India’s financial services landscape.
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