German insurer Allianz SE is in discussions with Jio Financial Services, a subsidiary of Reliance Industries Limited, to re-enter India’s insurance market.

This follows Allianz’s exit from its 24-year joint venture with the Bajaj Group.

Negotiations between Allianz and Jio Financial Services have been ongoing for several months.

The discussions gained momentum after Allianz announced its decision to end its partnership with the Bajaj Group last October.