Jio Financial Services‘ share price was upbeat on the bourses on Wednesday morning going up around 2% to hit an intraday high of ₹321.45.

What Happened: The company is in preliminary discussions with German firm Allianz SE for a potential insurance partnership in India, as per a report by Bloomberg.

The talks are reportedly in the nascent stage and may not necessarily culminate into a formal partnership. The proposed alliance would involve the establishment of a general insurance and a life insurance company in India.

The development comes amid reports that Allianz is considering a withdrawal from its insurance joint ventures with Bajaj Finserv. Despite this, the German firm remains committed to the Indian insurance market. The potential split with Bajaj is reportedly due to disagreements over the partnership’s direction.

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Jio Financial, under the leadership of seasoned banker K.V. Kamath, currently operates a shadow bank and an insurance brokerage. The company has also collaborated with BlackRock to launch an asset management business.

In September 2024, the company announced a partnership with BlackRock Advisors Singapore to establish a new investment advisory company. Earlier this month, Jio Financial launched its revamped JioFinance app aiming to offer a wide range of digital-first financial services.

Price Action: Jio Financial’s share price was up 1.88% to trade at ₹319.95 in early trade on Wednesday.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.