Jio Financial Services and Allianz Group formed a joint venture.

Jio Financial Services, a financial services company, and Allianz Group, a multinational financial services company formed a joint venture. Financial terms were not disclosed. The reinsurance partnership will bring together JFSL’s deep local expertise and robust digital footprint with Allianz’s strong underwriting and global reinsurance capabilities. 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. Allianz Re has been reinsuring risk in India for over 25 years.