Jio Financial Services, Allianz Execute 50:50 General Insurance JV Agreement

Jio Financial Services has executed a binding joint venture agreement with Allianz Europe B.V. to form a 50:50 general insurance company in India. The agreement was signed on April 22, 2026, at 5.32 p.m. IST, following board approval at a meeting that concluded at 3.45 p.m. IST the same day.

Joint Venture Structure

The partnership details are outlined in the following structure:

Parameter	Details
Partnership Type	General Insurance Joint Venture
Ownership Structure	50:50
Partner	Allianz Europe B.V.
Approval Status	Board Approved
Agreement Status	Binding Agreement Executed
Execution Time	April 22, 2026, 5.32 p.m. IST

Strategic Partnership

The collaboration with Allianz Europe B.V. combines Jio Financial Services' digital capabilities and distribution reach with Allianz's global insurance expertise. The joint venture will offer comprehensive protection solutions across general and health insurance segments. This partnership aligns with the national vision of 'Insurance for All by 2047' and aims to create a differentiated approach to designing, distributing, and delivering insurance solutions at scale in India.

Market Expansion

This joint venture represents Jio Financial Services' strategic move to diversify its financial services portfolio by entering the general insurance segment. The partnership with Allianz Europe B.V., an established player with presence in India since 2000, provides access to international insurance expertise and best practices. The joint venture company will launch operations upon receipt of statutory and regulatory approvals.

Transaction Details

The transaction is not a related party transaction, and none of Jio Financial Services' promoter, promoter group, or group companies have any interest in the transaction. The companies are also working towards a separate binding agreement for life insurance business in India.

Source: Company/INE758E01017/7a1d90a585b84319.pdf

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-1.18%	+1.85%	+8.68%	-20.49%	-4.81%	-1.27%

Jio Financial Services has announced the allotment of 250 million equity shares to its promoter group at a premium of ₹306.50 per share pursuant to the conversion of warrants allotted on a preferential basis. This significant share allotment represents a major capital raising initiative by the financial services company.

Share Allotment Details

The Stakeholders' Relationship Committee of the Board of Directors, at its meeting held on April 21, 2026, has allotted 25,00,00,000 equity shares of face value of Rs. 10/- each at a premium of Rs. 306.50/- per equity share to the following members of the promoter group:

S. No.	Name of the Allottee(s)	Pre-Allotment Shares	Pre-Allotment %	Allotment Shares	Post-Allotment Shares	Post-Allotment %
1	Sikka Ports & Terminals Limited	6,85,00,000	1.08%	12,50,00,000	19,35,00,000	2.93%
2	Jamnagar Utilities & Power Private Limited	12,84,64,144	2.02%	12,50,00,000	25,34,64,144	3.84%
	Total	19,69,64,144	3.10%	25,00,00,000	44,69,64,144	6.77%

Capital Structure Impact

Pursuant to the allotment of equity shares, the paid-up equity share capital of the company has increased from Rs. 6353,14,16,230 (divided into 635,31,41,623 fully paid-up equity shares of face value of Rs. 10/- each) to Rs. 6603,14,16,230 (divided into 660,31,41,623 fully paid-up equity shares of face value of Rs. 10/- each).

The total shareholding of the promoter and promoter group of the company has increased from 47.12% to 49.13% of total paid-up equity share capital. The completion of this allotment process strengthens the company's equity base and provides additional capital for its financial services operations. The transaction demonstrates the promoter group's continued commitment to the company's growth and expansion plans.