“We hope to launch the insurance product in 2026, subject to regulatory approvals,” Jio Financial Services CEO and Managing Director Hitesh Sethia told PTI. Jio Financial Services recently entered the reinsurance business with its joint venture partner Allianz. The company also plans to partner with the French company for general and life insurance businesses. However, it has no immediate plans to venture into the unsecured and consumer durables lending businesses.
“As the business and profitability of our NBFCs grow in line with our current risk appetite, and we learn more about our customers and the business, we will, in due course, evaluate exploring new lending solutions at different levels of the risk spectrum,” he told PTI. Sethia pointed to the high incidence of non-performing loans in the consumer durables and unsecured categories, adding that it was a fraction of that in home loans.
Sethia further said that the company is working towards building the required teams for its insurance. He added that the company has its own boundaries based on risk and capital and is currently focusing on serving secured credit products to prime or near-prime customers.
The company is already distributing third-party unsecured credit products, including personal loans and credit cards, through its agentic neural marketplace on the Jiofinance app. Speaking about the company’s newly expanded offerings on the app, Sethia said it has shown great traction with users due to the ultra-personalized nature of the offering and the new conversational user interface.
Shares of Jio Financial Services have fallen about 7% in the past one month and about 21% in the past six months. The stock has gained more than 8% in the past five years. The market capitalization of the company is Rs. 1.47 lakh crore is more than.
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