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Jio Financial shares gain 3% after board approves 50:50 Allianz JV to enter general insuranceJio Financial and Allianz are also working towards a separate binding agreement to set up a life insurance venture in India.By CNBCTV18.com April 23, 2026, 9:58:42 AM IST (Updated)1 Min ReadShares of Jio Financial Services Ltd. are trading 3% higher on Thursday, April 23, after the company announced a 50:50 joint venture with Allianz to enter the general insurance business.

The proposed general insurance venture, which will offer health as well as other general insurance products, will commence operations subject to regulatory approvals.

The company said the partnership will combine Jio Financial Services' digital reach and strong understanding of the Indian market with Allianz's global expertise and product capabilities in insurance.

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Jio Financial and Allianz are also working towards a separate binding agreement to set up a life insurance venture in India.

Mukesh Ambani said the JV aims to deliver world-class, affordable, and technology-driven insurance solutions across India, aligning with the broader 'Viksit Bharat' vision.

Shares of Jio Financial Services ended 1.57% higher at ₹238.44 on Wednesday. The stock, however, remains down around 20% so far this year.Continue ReadingNote To ReadersDisclaimer: Reliance Industries Ltd, which owns Jio, is the sole beneficiary of Independent Media Trust that controls Network18, the parent company of CNBCTV18.com.First Published: Apr 23, 2026 7:31 AM ISTTagsJio Financial Services