Jio Financial eyes entry into life, general insurance business
What's the story
Jio Financial Services (JFS), a Mukesh Ambani-backed company, is gearing up to enter the life and general insurance business in 2026. The move is subject to regulatory approvals. Hitesh Sethia, CEO and MD of JFS, recently revealed the company's plans while speaking with PTI. The company has already forayed into reinsurance with Allianz as its equal joint venture partner.
Partnership details
Jio Financial to continue Allianz partnership
JFS will continue its partnership with Allianz for the upcoming life and general insurance businesses. Sethia said that the company is also working on building teams for this new venture. The company's strategy in the lending business has been to provide secured lending products to prime or near-prime customers, within its own risk and capital boundaries.
Lending strategy
Jio Financial cites higher unsecured NPAs
Sethia highlighted a higher incidence of non-performing loans in consumer durable and unsecured categories. He said that the same in home loans is a fraction of it. As for unsecured lending and consumer finance, Sethia hinted at no immediate plans but said that increasing profitability is the focus for now. He added that as their NBFC's business grows, they will evaluate exploring newer lending solutions at different risk levels.