Munich-based insurance giant Allianz is entering the Indian primary insurance market alongside its new partner, Jio Financial. On Wednesday, Allianz and Jio Financial finalized a joint venture in primary insurance, with each party holding a 50 percent stake. The joint venture will initially offer property, casualty, and health insurance in the rapidly expanding market, with a life insurance arm expected to follow later. Allianz and Jio first initiated their partnership in the summer of 2025 with the establishment of a reinsurer.

Allianz parted ways with its long-standing Indian partner, Bajaj Finserv, a year ago after unsuccessful attempts to increase its 26 percent stake in their property and life insurance joint ventures. The German insurer had sought greater operational influence over its Indian business. Ultimately, it sold its stakes in Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance back to the majority owner for 2.6 billion euros.

The Indian insurance market remains largely untapped. However, government initiatives aim to change this, positioning the country of over one billion people as a major growth market with projected double-digit annual growth rates. The financial regulator has set a national goal of "Insurance for all by 2047." Allianz CEO Oliver Bäte stated that Allianz and Jio aim to contribute to a "more resilient and financially secure future for India." He added, "And we will build a completely new insurance model for India: one that is consistently focused on customers and their needs."

(Reporting by Alexander Hübner, edited by Ralf Banser. For inquiries, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and economics) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)