India, April 22 -- Months after announcing a partnership with Allianz, fintech major Jio Financial Services' (JFS) board has approved and signed a joint venture agreement with the German insurance major to form a 50:50 domestic general insurance joint venture company.

The JV, which was incorporated as  Allianz Jio Reinsurance Ltd (AJRL) in September 2025, will launch operations after receiving the necessary statutory and regulatory approvals. Besides AJRL, JFS and Allianz are also currently working on a separate binding agreement to start life insurance business in India.

In a statement, JFS said that the JV will aim to create a fundamentally differentiated way of designing, distributing, and delivering insurance solutions at scale...