July 18 (Reuters) -

German insurer Allianz has formed an equally-owned

reinsurance joint venture in India with Reliance Group-owned Jio

Financial Services, expanding its presence in the

country's insurance market, the companies said on Friday.

Allianz and Jio Financial signed a non-binding agreement to

establish a 50-50 joint venture for both general and life

insurance operations in India, the companies added.

Reuters in March reported that Allianz was exploring a

potential partnership with the Mukesh Ambani-led Reliance Group

firm Jio Financial Services.

Bloomberg News was the first to report the talks of the

possible partnership last year.

The German company is pushing forward with its expansion in

the South Asian nation, describing India as an important growth

market and stating it would pursue new opportunities to

strengthen its position in the country's insurance sector.

Earlier this year, Allianz had agreed to sell its 26% stake

in its non-life and life insurance joint ventures with India's

Bajaj Finserv for $2.8 billion, ending a decades-long

partnership.