Reliance AGM 2023: ‘JFS an invaluable addition to RIL,’ says Mukesh Ambani; to enter insurance sector

Reliance Industries AGM 2023 updates: RIL Chairman Mukesh Ambani said on Monday during the company’s annual general meeting announcements that the demerged Jio Financial Services, which made its debut in the stock markets last week. He also said that JFS will enter the insurance segment to offer simple insurance products for life and health as well as general insurance.

“JFS will enter the insurance segment to offer simple, yet smart, life, general, and health insurance products through a seamless digital interface, potentially partnering with global players. It will use predictive data analytics to co-create contextual products with partners and cater to customer requirements in a truly unique way,” said Mukesh Ambani during the announcements.

He said that like Reliance Retail and Reliance Jio, he is confident that Jio Financial Services will prove to be an invaluable addition to Reliance Industries’ ecosystem of consumer-facing businesses.

“I have three reasons to be absolutely confident,” said Ambani, adding that its digital-first architecture will give it an unmatched head-start, its strong capital foundation will ensure a best-in-class, trusted financial services enterprise and achieve rapid growth, and it is blessed with a very strong board, led by veteran banker KV Kamath.

“Reliance has capitalised JFS with a net worth of Rs 1,20,000 crore to create one of the world’s highest capitalised financial service platforms at inception,” he said.

Ambani also said that every shareholder of Reliance has received shares is JFS on 1:1 basis, likening it to a “mini bonus” for long-term investors. “JFS is born to accelerate replication of India’s dazzling growth story in Bharat. It will increase financial services penetration with digital-first approach that simplifies fin products, reduces cost, and expands reach,” said Mukesh Ambani.

Ambani also spoke about JFS’ joint venture with BlackRock to set up an asset management business that will provide tech-enabled, affordable and innovative investment solutions.

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JFS will also further the digital adoption and its products will explore path-breaking features such as blockchain-based platforms and CBDC. “They will adhere to the highest standards of security, regulatory norms and ensure protection of customer transaction data at all times,” said Mukesh Ambani.

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