The partnership, first announced in July 2025, will focus on general and health insurance, with operations expected to begin once regulatory approvals are secured.

Both firms are also working towards a separate agreement for a life insurance business.

It aims to design and deliver insurance products at scale, targeting India's growing middle class and increasing demand for financial protection.

'Insurance is not just a product, but it is the foundation upon which families build their futures with confidence and are able to pursue their ambitions without fear. 'Insurance for All by 2047' is a national mission and every institution that has been entrusted with the scale and trust of the Indian people has a duty to fulfil it. Jio Financial Services is committed to doing exactly that,' Ambani said.

'I am proud to partner with Allianz, one of the world's most respected insurance groups, across the insurance value chain as our exclusive insurance partner. I believe that the combination of Jio's unmatched digital consumer reach and Allianz's deep global insurance expertise is uniquely powerful,' he said.

'Together, we will deliver world-class insurance solutions to every corner of India, simple to understand, easily accessible through our wide-spread channels, affordable, and powered by technology that works for every Indian. This is our commitment to every Indian, and our contribution to the 'Viksit Bharat' vision,' he added.

'By combining our expertise, high-quality products, and exceptional service with the unrivalled reach and capabilities of Jio Financial Services, our exclusive partner across the insurance value chain in India, we will create a more resilient and financially secure future for India, and will help to make the 'Insurance for All by 2047' vision a reality,' said Oliver Bäte, CEO, Allianz SE.

'Our two companies share a profound conviction in the importance of inclusive economic growth and the powerful role that insurance plays in creating shared, sustainable prosperity for more people. Together, we will make protection simpler, more accessible, and more relevant for individuals, families, entrepreneurs and businesses across the country, and we will build a completely new insurance model for India: one designed around customers and their needs,' he said.

The deal comes as Jio Financial Services expands across financial services, including through Allianz Jio Reinsurance Ltd, a separate reinsurance joint venture incorporated in September 2025.

The company has also partnered with BlackRock to launch an asset management business targeting retail and institutional investors.