India's Jio Financial in talks with Allianz for insurance partnership, Bloomberg News reports (updated)

Bajaj Finserv

23/10/2024 06:31

(Adds details, background from paragraph 2 onwards)
       Oct 23 (Reuters) - The Mukesh Ambani-led Reliance Group
firm Jio Financial Services  JIOF.NS  is in talks with
Germany-based Allianz SE  ALVG.DE  to set up an insurance
partnership in India, Bloomberg News reported on Wednesday.
    Allianz and Jio are looking to set up a general insurance
and a life insurance company in India, the report said, citing
people familiar with the matter. The report did not mention
further details on the potential deal.
        This comes a day after one of India's biggest private
insurers, Bajaj Finserv  BJFS.NS , said that Allianz is
considering exiting its life and general insurance joint
ventures with the Bajaj Group. 
    Allianz was weighing exiting the joint venture due to a
dispute over the direction of the partnership, Bloomberg News
reported on Tuesday.
        Jio Financial and Allianz declined to comment on the
report, saying they do not comment on market speculation,
according to Bloomberg.
        The companies did not immediately respond to Reuters'
requests for comment.
        Jio Financial, spun out of billionaire Ambani's Reliance
Group last year, offers car, bike, health, and life insurance.
        Bloomberg on Tuesday also reported that the world's
biggest asset manager BlackRock  BLK.N  was in talks with Jio
Financial for a private credit venture.
        
  

 (Reporting by Ashna Teresa Britto; Editing by Abinaya
Vijayaraghavan)
 ((AshnaTeresa.Britto@thomsonreuters.com;))