Jio Financial Services is in discussions with German global insurer Allianz SE to set up an insurance partnership in India, Bloomberg News reported.
The two sides are looking to set up a general insurance and a life insurance company in India, the report said, citing people familiar with the matter.
This news emerged after listed company Bajaj Finserv said that Allianz SE had indicated to the former that it was actively considering an exit from their life and general insurance joint ventures, namely, Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance
Jio Financial currently offers car, bike, health, and life insurance plans through Jio Insurance Broking. Reports last year indicated that the group was preparing to apply for an insurance company licence.