Mukesh Ambani's another masterstroke: After BlackRock this company of Reliance partners with..., plans to dominate...
Mumbai: After partnering with US-based investment powerhouse BlackRock and making its official entry into the mutual fund sector of India, businessman Mukesh Ambani's Jio Financial Services Limited has joined hands with Allianz Group to dominate the reinsurance sector in India. Both companies entered the reinsurance sector through their wholly owned subsidiary, Allianz Europe BV, with a 50:50 joint venture. In its exchange filing, JFSL informed about its latest partnership, stating that it will bring the company's deep local expertise and strong digital presence together with Allianz's global reinsurance capabilities.
It is worth noting that Allianz SE ended its two-decades partnership with Bajaj Finserv four months ago. Now, the insurance major has joined hands with Jio Financial Services. Will This Partnership Create A Stir In The Reinsurance Business?
On July 18, the JFSL informed that the board of directors have showed a green light to the formation of a joint venture with Allianz Europe BV (Allianz) in the ratio of 50:50 for reinsurance business. The new company will start its operation after getting mandatory regulatory and statutory approvals. Both Companies Are Also Partners In Insurance Business
Notably, Reliance's Jio Financial Services also clarified that the transaction is not linked to any related party. Both companies also signed a non-binding term-sheet to establish a joint venture in the ratio of 50:50 for general insurance and life insurance business.
The company will help insurers manage risks more effectively by providing stronger underwriting capabilities and competitiveness.
Jio Financial Services announced a joint venture focused on delivering user-friendly, secure, and digitally accessible financial services to Indian consumers. The venture will concentrate on four key areas: lending, investment, transactions, and financial protection.
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Economic Times
12 minutes ago
- Economic Times
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Economic Times
12 minutes ago
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Nifty just in pause mode, all-time high possible before Diwali: Rahul Ghose
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There's definitely a sense of caution out there, partly because of mixed global signals and Q1 earnings being in focus. I'd say investors are taking stock and waiting to see which way the wind blows before making big moves. Make no mistake though, that the August month is going to see some big moves in the market in either direction. Are there any global factors that you see that can affect our markets?Definitely—global cues are a big part of the story at the moment. First, persistent FII outflows are weighing on sentiment; foreign investors are pulling back as US rates stay higher for longer, making developed markets a bit more attractive than emerging ones like India for we can't ignore geopolitical tensions and how they've pushed up crude oil prices. Since India is a big importer, that's an immediate worry for both inflation and the rupee. 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India.com
12 minutes ago
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Meet brothers who are buying famous luggage brand from Mukesh Ambani's relative, once sold their company to Ratan Tata, now planning to…, they are…
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