Jio Financial news: Billionaire Mukesh Ambani’s company Jio Financial Services Limited is in talks with Allianz SE to set up an insurance partnership in India. The Bloomberg report quoted sources as saying that the discussions are in the initial stages and both sides may decide not to move ahead with the plan. A spokesperson for Jio Financial said the company was unable to comment on speculation. The spokesperson said- Whenever there is any such development, we will share necessary information as per our responsibilities.
Partnership breaking with Bajaj
However, this news came at a time when the partnership between Bajaj Finserv and Allianz SE is on the verge of breaking. Recently, Bajaj Finserv said that its foreign joint venture partner Germany’s Allianz SE is actively considering exiting the life and general insurance joint venture. Allianz holds 26 per cent stake in both Bajaj Allianz Life Insurance and Bajaj Allianz General Insurance.
Allianz has indicated to Bajaj that it is actively considering an exit from the life, general insurance JV in view of its strategic priorities. The discussions are at an initial stage and no proposal in this regard has yet been presented to the Board of Directors of the Company or its insurance subsidiaries. There are reports that there have been differences between the two units regarding valuation.
what a huge influence
Let us tell you that Bajaj Allianz is the third largest company in the country on the basis of general insurance premium. Bajaj Allianz Life Insurance is among the top 10 insurance companies with assets under management worth Rs 1 lakh crore as of March 31, 2024. At the same time, the leadership of Jio Financial is with experienced banker KV Kamath. He already has experience in banking and broking. Apart from this, Jio has partnered with BlackRock Inc. to start asset management business.
share status
Talking about Jio Financial’s share, it has increased by 0.16% to reach Rs 314.85. During trading the share price reached the level of Rs 321.35. If we talk about 52 week high of the share then it is Rs 394.70.
