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German financial giant Allianz SE is set to enter into a strategic partnership with Jio Financial Services (JFSL), led by Mukesh Ambani, to make a fresh foray into India’s life and general insurance sector, as reported by The Economic Times. This development follows Allianz's recent decision to end its 24-year-long joint venture with the Bajaj Group. Allianz announced on Monday that it would sell its 26% stake in Bajaj Allianz General Insurance Co and Bajaj Allianz Life Insurance Co to its Indian partner for ₹23,240 crore. The payout is expected to occur in phases.Also Read : Share Market Update: Jio Financial Services and Zomato Set to Join Nifty 50 Index; Eicher Motors and BPCL Likely to ExitReports suggest that discussions between Allianz and Reliance Industries (RIL), the owner of Jio Financial Services, have been ongoing for several months. Early talks between the two companies were reported by Bloomberg in October 2024, after Allianz made its intention to exit from Bajaj public. Allianz is aiming for at least a 50% stake in any new insurance venture, with the possibility of increasing its holding further. The company also seeks a greater role in management and operations.Allianz has emphasized India's importance as a key growth market and expressed its intention to reinvest the proceeds from its exit from Bajaj into new opportunities in the country. “India will continue to be one of Allianz’s main growth markets, and Allianz will explore new opportunities to further grow its participation in the Indian insurance market in the future, not only as an investor but also as an operator,” the company told Business Standard.Meanwhile, Jio Financial Services is preparing for its entry into the life, general, and health insurance segments through a fully digital platform, as Mukesh Ambani had indicated during RIL’s 2023 annual general meeting.Currently, JFSL operates an insurance broking business offering a direct-to-consumer portfolio of 54 plans across auto, health, and life insurance. It is also expanding its institutional insurance platform with services such as group term life, medical, personal accident, and commercial insurance.

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Business :Allianz SE Ends Its 24-Year Association With Bajaj Group; Ventures into New Partnership with Mukesh Ambani's Jio Financial Services

German financial giant Allianz SE is set to enter into a strategic partnership with Jio Financial Services (JFSL), led ... ...