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News on Medial
Jio Financial Services Eyes Insurance Partnership With Allianz
Inc42
·
9m ago
Medial
Bajaj Allianz General Insurance Co and Bajaj Allianz Life Insurance Co are the two joint ventures between Bajaj Finserv and Allianz in India. However, Allianz is now looking to dissolve these existing JVs. JFS, a subsidiary of Jio, is reportedly in talks with Allianz to establish new insurance partnerships. Early discussions have taken place to set up new ventures in general insurance and life insurance sectors.
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Allianz to exit insurance JVs with Bajaj Finserv, explore new opportunities
VCCircle
·
4m ago
Medial
Germany's Allianz SE is selling its entire stakes in two insurance joint ventures with India's Bajaj Finserv Ltd for €2.6 billion, ending a 24-year partnership. The sale includes Allianz's 26% stakes in Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance. Allianz aims to reinvest the proceeds to explore new opportunities in India's financial markets, following reports of potential collaborations with companies like Mukesh Ambani's Jio Financial Services Ltd.
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Jio Financial Services ties up with Germany's Allianz for reinsurance venture
Economic Times
·
21d ago
Medial
German insurer Allianz has partnered with Reliance Group's Jio Financial Services to form an equally-owned reinsurance joint venture in India, marking Allianz's expansion in the Indian insurance market. This agreement outlines a 50-50 venture in both general and life insurance operations. Allianz aims to strengthen its position in India, identified as an important growth market, after ending its long-standing partnership with Bajaj Finserv earlier this year.
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Allianz plans to exit JVs with Bajaj over partnership dispute
Livemint
·
9m ago
Medial
Allianz SE is reportedly in discussions to terminate its joint ventures with Bajaj Finserv Ltd. in India due to disagreements over the direction of the partnership. Allianz intends to exit Bajaj Allianz Life Insurance Co. and Bajaj Allianz General Insurance Co. as its Indian partner has not allowed it to increase its stakes at a discounted price and has excluded it from strategic decision-making. Allianz is now considering purchasing stakes in newly established insurance firms to maintain its presence in India, which has a promising insurance market growth potential.
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RBI approves Jio Financial Services' conversion to core investment company
YourStory
·
1y ago
Medial
The Reserve Bank of India (RBI) has given approval for Jio Financial Services Ltd to convert from a non-banking financial company (NBFC) to a core investment company (CIC). This conversion allows Jio Financial Services to primarily engage in acquiring shares and securities. Jio Financial Services recently launched the "JioFinance" app, which offers a range of financial services such as banking, transactions, bill settlements, and insurance advisory features. The company plans to expand its offerings to include lending, investment, and insurance services in the future. Additionally, Jio Financial Services announced a joint venture with BlackRock to provide wealth management and brokerage services in India.
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Bajaj to buy Allianz’s 26% stake in insurance arms for ₹24,180 crore in landmark split
Business Today
·
4m ago
Medial
Bajaj Finserv plans to acquire Allianz's 26% stake in its insurance subsidiaries, Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance, for ₹24,180 crore. The stake acquisition involves Bajaj Holdings & Investment Ltd and Jamnalal Sons Pvt. Ltd, along with Bajaj Finserv, bringing their collective stake to 100%. The acquisition values Allianz's stake in the general insurance arm at ₹13,780 crore and the life insurance arm at ₹10,400 crore, marking the end of a 24-year partnership.
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Jio Financial Services to enter insurance segment: RIL Chairman Mukesh Ambani
Livemint
·
1y ago
Medial
Jio Financial Services, demerged from Reliance Industries, is set to enter the insurance sector, offering life, general, and health insurance products through a digital interface, using predictive data analytics to co-create contextual products with partners. JFS aims to democratize financial services, provide affordable and innovative solutions, and consolidate its payments infrastructure. The company also announced a partnership with BlackRock to transform India's asset management industry. Despite its potential, JFS's share price has faced pressure since listing due to institutional selling.
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Mukesh Ambani's Ambitious Gamble: Jio Financial Services' Potential to Redefine Finance in India
StartupTalky
·
1y ago
Medial
Jio Financial Services, a subsidiary of Reliance Industries, aims to address the financial inclusion gap in India by offering a comprehensive suite of financial products and services. Leveraging the extensive reach of the Jio network, Jio Financial Services plans to provide seamless digital access to banking, insurance, microfinance, and more. The company envisions transforming the Indian financial landscape by promoting financial literacy and driving economic growth. However, it faces challenges in terms of competition, regulatory hurdles, and data privacy and security.
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Jio Financial set to launch suite of loan products in billionaire Ambani's finance push
Reuters
·
1y ago
Medial
Jio Financial Services, backed by billionaire Mukesh Ambani, plans to introduce auto, home loans, and other products as it aims to establish itself as a full-service financial services firm in India. The company has already launched personal loans and consumer durable loans, with plans to launch business and merchant loans. Additionally, Jio Financial's insurance broking arm has partnered with 24 insurance companies, and its payments bank division intends to launch debit cards. The company's focus on technology and artificial intelligence will serve as its growth differentiator.
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Hackers stole Social Security numbers during Allianz Life cyberattack | TechCrunch
TechCrunch
·
9d ago
Medial
Hackers breached Allianz Life, a U.S. insurance giant, stealing Social Security numbers and other personal data from the majority of its 1.4 million customers, along with financial professionals and employees. The breach, disclosed after a social engineering attack on July 16, compromised the customer relationship database, exposing names, birthdates, addresses, and Social Security numbers. Allianz Life plans to notify affected individuals by August 1. This incident adds to similar breaches in the insurance sector recently.
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India’s mutual fund sector heats up: Jio-BlackRock venture cleared, Sanlam buys stake in Shriram AMC
YourStory
·
2m ago
Medial
The Securities and Exchange Board of India (SEBI) has approved the Jio BlackRock mutual fund venture, allowing Jio BlackRock Asset Management to manage assets. This partnership between Jio Financial Services and BlackRock aims to enhance asset management in India with a digital-first approach. Meanwhile, South Africa’s Sanlam acquired a 23% stake in Shriram AMC, entering India’s mutual fund industry and strengthening its partnership with Shriram Group by co-promoting the country’s first listed asset management company.
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