Jio Financial Services (JFSL) on Friday announced that it has entered into a binding agreement to form a 50:50 domestic reinsurance joint venture (JV) with Allianz Group (Allianz). The Munich-based group, through its wholly-owned subsidiary Allianz Europe B.V. acted on the deal. The two firms also entered into a non-binding agreement for setting up equally owned joint ventures for both general and life insurance businesses in India. The two financial services brands are ” coming together to deliver innovative and holistic protection solutions to the people of India,” read a statement from Allianz.