Jio Financial and Allianz are reportedly in early discussions to establish an insurance company in India.

Allianz has informed its current partner, Bajaj Finserv Ltd., about its potential exit from their existing ventures due to disagreements over the strategic direction of their partnership.

However, Allianz remains committed to the Indian insurance market.

Jio Financial declined to comment on the speculation but assured that any significant updates would be disclosed as required by regulations.

Allianz has chosen not to address market rumors.