Mukesh Ambani's Jio Financial Services Ltd is reportedly in discussions with Allianz SE to form an insurance partnership in India, according to sources cited by Bloomberg. 

The potential collaboration aims to establish both general and life insurance companies in the country.

The news comes shortly after Bajaj Finserv revealed that Allianz is considering an exit from its existing life and general insurance joint ventures with the Bajaj Group. 

The decision is reportedly due to disagreements over the strategic direction of the current partnerships, as reported by Bloomberg.

Jio Financial Services is rapidly expanding its footprint in the financial services sector. Launched after Reliance Industries demerged its financial services arm, Jio Financial aims to leverage its vast digital ecosystem, which includes Jio's telecom, retail, and digital platforms, to reach millions of potential customers across India. This strategy aligns with the company's broader vision of becoming a full-spectrum financial services provider.

In recent months, Jio Financial has made several high-profile moves to accelerate its growth in the sector. One of its key partnerships is with BlackRock Inc., a leading global investment management firm, to establish an asset management business in India. 

The potential collaboration with Allianz SE further highlights Jio Financial's ambitions to expand its financial services portfolio. 

This expansion into insurance aligns with Reliance's strategy to diversify its revenue streams. By adding insurance to its offerings, Jio Financial aims to create a one-stop financial ecosystem, integrating investment, insurance, and credit services under a single platform.