Ambani’s Jio Agrees to Reinsurance Venture With Allianz in India

Mukesh Ambani’s Jio Financial Services Ltd. agreed to form a reinsurance venture with Allianz SE in India, advancing the billionaire’s quest to broaden his reach in the sector.

The 50-50 venture combines Jio’s local digital footprint with Allianz’s global underwriting and reinsurance capabilities, the companies said in a statement late Friday. Jio and Allianz also signed a non-binding agreement to set up equally owned general and life insurance businesses in India.

Bloomberg News previously reported the companies’ joint-venture plan, which expands Ambani’s footprint in the insurance sector. His Jio Financial already offers digital banking and has struck a deal ...