Jio Financial Services will join the insurance market and may cooperate with international businesses

29 Aug 2023 , 12:29 PM

According to Mukesh Ambani, chairman of Reliance Industries, Jio Financial Services would enter the insurance market to offer life, general, and health insurance products.

‘Jio Financial Services will enter the insurance segment to offer simple, yet smart, Life, General, and Health insurance products through a seamless digital interface, potentially partnering with global players,’ Ambani stated in his address to shareholders at Reliance Industries’ Annual General Meeting (AGM) on Monday.

According to Ambani, JFS would employ predictive data analytics to co-create contextual goods with partners and respond to client needs in a genuinely novel way.

On August 21, Jio Financial Services demerged from its parent company Reliance Industries and went public.

According to Larry Fink, Chairman and CEO of BlackRock, the cooperation seeks to completely change the asset management sector in India.

‘Jio Financial Services contributes competence in local markets and digital infrastructure, while BlackRock brings experience in international investments and risk management. Together, we will work to democratize access to cheap, cutting-edge investment products for millions of Indian investors and reshape the asset management business in India through a digital-first approach, according to Fink.

Since its debut, institutional selling has been pushing down the share price of Jio Financial Services, which has been under selling pressure.

Shares of Jio Financial Services closed Monday’s trading session on the BSE 0.28% lower at 211.65 per share.

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