The move comes as the German insurer evaluates exiting two current joint ventures (JVs) in India. Credit: Peter Gudella/Shutterstock.

Jio Financial Services is in discussions with German insurer Allianz to set up an insurance partnership in India, reported Bloomberg, citing sources.

This move comes as the German insurer considers exiting two existing JVs in the country.

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The potential collaboration between Jio Financial and Allianz could lead to the formation of both a general and life insurance company in India.

However, unnamed sources privy to the development have indicated that these talks are in the preliminary stages and may not necessarily lead to an agreement.

Bajaj Finserv, Allianz’s current partner in India, disclosed that Allianz is looking to quit their JVs.

This follows a Bloomberg News report on the planned separation.

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The statement from Bajaj Finserv highlighted that Allianz remains committed to the Indian market despite the potential split, which is rooted in a disagreement over the strategic direction of their alliance.

A spokesperson for Jio Financial was quoted by the news agency as saying: “If and when there are any material developments with respect to the company, we will continue to make necessary disclosures in accordance with our obligations, as we always have.”

However, a spokesperson for Allianz in Munich declined to comment on market speculation.

Jio Financial, under the leadership of seasoned banker K.V. Kamath, is expanding its financial services portfolio, which already includes a non-banking financial company and an insurance brokerage.

The company has also partnered with BlackRock to launch an asset management business. Venturing into insurance is seen as a strategic move to bolster Jio Financial’s plans of becoming a major player in the financial services sector.