New Delhi, April 23 -- Jio Financial Services shares surged as much as 3.64% to Rs.247.42 apiece in Thursday's trading session after the company entered into a binding agreement with Allianz to form a 50:50 insurance joint venture.

The Reliance Group stock opened at Rs.240 apiece today, as compared to the previous close of Rs.238.51 on Wednesday.

In a press release dated 22 April, Jio Financial Services said it has agreed to form a 50:50 primary insurance joint venture (JV) with Allianz Group (Allianz), through its wholly-owned subsidiary Allianz Europe B.V.

The joint venture covers the general insurance and health insurance space to serve the rapidly expanding Indian insurance sector. The binding agreement formalises a partnership fir...