The Mukesh Ambani-led Reliance Group firm Jio Financial Services is in talks with Germany-based Allianz SE to set up an insurance partnership in India, Bloomberg News reported on Wednesday.
Allianz and Jio are looking to set up a general insurance and a life insurance company in India, the report said, citing people familiar with the matter. The report did not mention further details on the potential deal.
This comes a day after one of India’s biggest private insurers, Bajaj Finserv, said that Allianz is considering exiting its life and general insurance joint ventures with the Bajaj Group.
Allianz was weighing exiting the joint venture due to a dispute over the direction of the partnership, Bloomberg News reported on Tuesday.
Jio Financial and Allianz declined to comment on the report, saying they do not comment on market speculation, according to Bloomberg.
The companies did not immediately respond to Reuters’ requests for comment.
Jio Financial, spun out of billionaire Ambani’s Reliance Group last year, offers car, bike, health, and life insurance.
Bloomberg on Tuesday also reported that the world’s biggest asset manager BlackRock was in talks with Jio Financial for a private credit venture.
Reuters
