Jio Financial Services Ltd., led by billionaire Mukesh Ambani, is reportedly in discussions with Allianz SE to form a new insurance partnership in India. The talks are aimed at setting up both general insurance and life insurance companies in the country. These discussions follow Allianz's intention to end its current joint ventures with Bajaj Finserv Ltd., according to sources familiar with the matter.

Allianz, based in Munich, has informed Bajaj Finserv that it is considering an exit from their existing partnerships. This was confirmed by a statement from Bajaj, noting that Allianz remains committed to the Indian insurance market. The potential split is said to be due to differing views on the future direction of the partnership, according to insiders.

A spokesperson for Jio Financial declined to comment on speculation but emphasized that any material developments will be disclosed as required. Meanwhile, Allianz also refrained from commenting on market rumors.

Jio Financial, under the leadership of veteran banker K.V. Kamath, already operates a shadow bank, an insurance brokerage, and has partnered with BlackRock Inc. to launch an asset management business. Expanding into insurance could further Jio Financial’s goal of becoming a major player in the financial services sector.

India’s insurance sector has significant growth potential, as its insurance penetration rate remains less than half of that in countries like South Africa and Canada, according to data from the insurance regulator.

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