Jio Financial Services and Allianz Europe B.V. have each invested $33.3 mn in Jio Allianz General Insurance, their 50:50 general insurance joint venture.
According to a regulatory filing by Jio Financial Services, each company subscribed to and was allotted 320 mn equity shares with a face value of INR10 per share. The combined investment through the rights issue reached $66.6 mn.
Jio Financial said its total investment in Jio Allianz General Insurance has now reached INR3.75 bn. The latest capital will be used to support the joint venture’s business operations.
The transaction was completed on Oct. 1 and classified as a related-party transaction conducted on an arm’s-length basis. Jio Financial said none of its promoters, promoter group or other group companies had an interest in the investment.
The company also said the transaction did not require approval from any government or regulatory authority.
“We specialise in providing customised and need-based insurance solutions to retail and corporate customers. Operating within a strong compliance and governance framework, we have adopted a customer-centric approach and provide broking services across the country. Our strong network of well-trained Insurance Guides is here to support you with your insurance needs”, Jio Financial stated.
As a new-age institution, JFSL operates a full-stack financial services ecosystem through customer-facing subsidiaries, including Jio Credit, Jio Insurance Broking, Jio Payment Solutions, Jio Leasing Services, Jio Finance Platform and Service, and Jio Payments Bank.
- Through a 50:50 joint venture with BlackRock, JFSL offers asset management services in India through Jio BlackRock Asset Management. The JV with BlackRock also proposes to offer wealth management and broking services through two other entities – Jio BlackRock Investment Advisers (for wealth management) and Jio BlackRock Broking.
- JFSL has entered into a 50:50 joint venture with the Allianz Group and has set up Allianz Jio Reinsurance to offer reinsurance services in India, subject to regulatory approvals. The two entities have also signed a non-binding agreement to explore opportunities in general and life insurance.
With a digital-first model, JFSL is committed to enhancing the financial well-being of Indian citizens by enabling them to borrow, transact, save, and invest seamlessly.
Through the JioFinance app, customers can access a wide range of solutions including loans, savings accounts, UPI, bill payments, recharges, digital insurance, financial tracking and management tools, and more.
