Jio Financial Services Limited (JFSL) and Allianz Group (Allianz), through its wholly-owned subsidiary Allianz Europe B.V., today announced that their reinsurance JV —Allianz Jio Reinsurance Limited (Allianz Jio Re) — has commenced operations and is authorized to underwrite reinsurance in India with immediate effect.
Allianz Jio Re received final regulatory approval from the Insurance Regulatory and Development Authority of India (IRDAI) on March 12, 2026.
Headquartered in Mumbai, Allianz Jio Re aims to become a strategic long-term partner for the Indian market with a mission to fortify the resilience of the country’s insurance ecosystem. At a time when structural tailwinds are powering the sustainable growth of the sector — in line with the national mission of ‘Insurance for All’ by 2047 — the combination of JFSL’s local reach and digital infrastructure with Allianz’s robust underwriting and global reinsurance scale will empower insurers with the capacity and expertise needed to manage risk effectively.
Hitesh Sethia, Managing Director and Chief Executive Officer, Jio Financial Services says: “The launch of Allianz Jio Re is a pivotal milestone, marking the first operational step in our broader insurance partnership with Allianz. We are delighted with the receipt of regulatory approval to commence reinsurance operations in India, and remain deeply committed to strengthening the nation’s resilience by providing insurers with greater risk-absorption capacity, supporting the overall growth of our insurance ecosystem.”
Chris Townsend, Member of the Board of Management at Allianz SE, says: “Allianz Jio Re is well positioned to provide insurers with innovative and robust risk solutions. The joint venture will support India's insurance sector by combining global technical expertise with a deep understanding of the country's digital and financial ecosystem. The start of operations now is the first step in building a long-term, sustainable reinsurance franchise in India.”
The reinsurance JV will be led by Sonia Rawal as Chief Executive Officer of Allianz Jio Re. Sonia brings 17 years of experience in risk management and reinsurance across Asia Pacific to her new role. Since 2016, she has been working for Allianz Reinsurance in Singapore, responsible for India and ASEAN markets.
Sonia Rawal, Chief Executive Officer, Allianz Jio Re, says: “I am truly honored to lead Allianz Jio Re and excited for the journey ahead, as we build a reinsurance business that contributes meaningfully to India’s rapidly evolving insurance landscape. We aim to bring a powerful combination of in-depth global and local expertise to the market and create long-term value by delivering tailored products and services to our clients and becoming their trusted partner.”
