RIL AGM 2023: Jio Financial Services To Enter Insurance, May Partner Global Players

RIL AGM 2023: Reliance Industries Ltd Chairman Mukesh Ambani on Monday, August 28, said Jio Financial Services (JFS) will enter the insurance segment to offer life, general, and health insurance products through a seamless digital interface, potentially partnering with global players.

“It will use predictive data analytics to co-create contextual products with partners and cater to customer requirements in a truly unique way,” the RIL chairman said while addressing the company’s 46th annual general meeting.

Mukesh Ambani said every shareholder of RIL has received shares in Jio Financial Services (JFS) on a 1:1 basis following the recent demerger of the financial services business. This is equivalent to a mini bonus for our long-term investors.

JFS has announced a JV with global leading asset management company BlackRock to set up an asset management business that will provide simple and trustworthy investment solutions in our country.

Ambani said, “The JV will synergise the respective strengths of JFS and BlackRock to deliver tech-enabled, affordable, and innovative investment solutions.”

The RIL AGM comes days after the listing of Jio Financial Services last week, previously known as Reliance Strategic Investment.

Ambani also said JFS has been conceptualised to fill a critical gap in the financial services needs of a large section of the Indian economy, mainly in the informal and underserved sectors in rural, semi-urban, and urban areas. This will give a big boost to inclusive and accelerated growth of the economy.

BlackRock CEO Larry Fink said, “I couldn’t be more excited about our new partnership. For 35 years, BlackRock’s mission has been to make investing easier and more affordable for millions of investors around the world. That’s why I am so proud of our forthcoming joint venture in India with Jio Financial Services, a company built by Reliance Industries.”

Mukesh Ambani said JFS is born to accelerate the replication of India’s dazzling growth story in Bharat.

“JFS will massively increase financial services penetration by transforming and modernising them with a digital-first approach that simplifies financial products, reduces cost of service, and expands reach to every citizen through easily accessible digital channels,” Ambani said during the AGM.

The RIL chairman also said that for tens of thousands of SMEs, merchants, and self-employed entrepreneurs, ease of doing business must mean ease in borrowing, investments, and payment solutions. JFS plans to democratise financial services for 1.42 billion Indians, giving them access to simple, affordable, innovative, and intuitive products and services.

Ambani on Monday said RIL has cumulatively invested more than $150 billion in the last 10 years, higher than any corporate in India. He said RIL posted a net profit of Rs 73,670 crore for the financial year 2022-23.