Allianz, Jio Financial said to have reached initial deal for India insurance biz

Allianz, Jio Financial said to have reached initial deal for India insurance biz

FILE PHOTO: Commuters are reflected on an advertisement of Reliance Industries' Jio telecoms unit, at a bus stop in Mumbai, India, February 21, 2017. REUTERS/Shailesh Andrade/File Photo

Reliance group-owned Jio Financial Services has reached a preliminary agreement with Germany’s Allianz to form an insurance business in India, Bloomberg News reported on Thursday, citing people familiar with the matter.

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