RIL's NBFC arm gets nod for JV with Allianz; stock rises 4%
The company said its board approved the formation of a domestic reinsurance joint venture company with Allianz Europe B.V.
- Apr 23, 2026,
- Updated Apr 23, 2026 12:17 PM IST
Shares of Jio Financial Services rose nearly 4% on Thursday after the NBFC arm of Reliance Industries said its board has approved the formation of a 50:50 domestic general insurance joint venture company with Allianz. The new company will conduct general insurance business (which includes health insurance) in India.
Jio Financial Services shares rose 3.81% to Rs 247.50 today against the previous close of Rs 238.40. Market cap of the firm stood at Rs 1.55 lakh crore.
The joint venture company will launch operations post receipt of statutory and regulatory approvals.
In September 2025, Jio Financial formed a joint venture company with Allianz Europe B.V. to form a domestic reinsurance joint venture company.
"The Company and Allianz have incorporated a joint venture company named “Allianz Jio Reinsurance Limited” (“AJRL”) on September 8, 2025, to carry on the business of reinsurance in India, subject to regulatory approvals. The Company will invest an amount of Rs. 2.50 lakhs towards initial subscription of 25,000 equity shares of face value Rs. 10/- each for 50% stake," Jio Financial had said.
Allianz Europe B.V. is a wholly owned subsidiary of the German insurance major Allianz SE
The transaction is not a related party transaction and none of the Company’s promoter /promoter group / group companies have any interest in the above transaction.
Shares of Jio Financial Services rose nearly 4% on Thursday after the NBFC arm of Reliance Industries said its board has approved the formation of a 50:50 domestic general insurance joint venture company with Allianz. The new company will conduct general insurance business (which includes health insurance) in India.
Jio Financial Services shares rose 3.81% to Rs 247.50 today against the previous close of Rs 238.40. Market cap of the firm stood at Rs 1.55 lakh crore.
The joint venture company will launch operations post receipt of statutory and regulatory approvals.
In September 2025, Jio Financial formed a joint venture company with Allianz Europe B.V. to form a domestic reinsurance joint venture company.
"The Company and Allianz have incorporated a joint venture company named “Allianz Jio Reinsurance Limited” (“AJRL”) on September 8, 2025, to carry on the business of reinsurance in India, subject to regulatory approvals. The Company will invest an amount of Rs. 2.50 lakhs towards initial subscription of 25,000 equity shares of face value Rs. 10/- each for 50% stake," Jio Financial had said.
Allianz Europe B.V. is a wholly owned subsidiary of the German insurance major Allianz SE
The transaction is not a related party transaction and none of the Company’s promoter /promoter group / group companies have any interest in the above transaction.