Allianz Jio Reinsurance Limited (Allianz Jio Re), a joint venture between Jio Financial Services Limited (JFSL) and Allianz Group (Allianz), through its wholly-owned subsidiary Allianz Europe BV, has started operations in India, including underwriting reinsurance, with immediate effect.
Allianz Jio Re, led by Chief Executive Officer (CEO) Sonia Rawal, combines JFSL’s local market knowledge and reach with Allianz’s global underwriting and reinsurance capabilities.
Rawal has 17 years of experience in risk management and reinsurance in the Asia Pacific region. She has been with Allianz Re Singapore since 2016, covering the India and ASEAN markets.
The joint venture reinsurer received final regulatory approval from the Insurance Regulatory and Development Authority of India (IRDAI) on March 12, 2026.
Headquartered in Mumbai, the reinsurer aims to be a strategic long-term partner in the Indian market with a mission to “enhance the resilience of the country’s insurance ecosystem”.
Allianz Re is also committed to delivering on the national mission of “Insurance for All” by 2047, while providing insurers with the capabilities and expertise they need to effectively manage risk.
Hitesh Sethia, Managing Director and CEO, Jio Financial Services, commented: “The launch of Allianz Jio Re is a key milestone and marks the first step in our broader insurance partnership with Allianz.
“We are delighted to have received regulatory approval to commence reinsurance business in India and remain firmly committed to strengthening the country’s resilience by providing greater risk absorption capabilities to insurers and supporting the overall growth of our insurance ecosystem.”
Chris Townsend, member of the Management Board of Allianz SE, added: “Allianz Jio Re is well-positioned to deliver innovative and powerful risk solutions to insurers.
“The joint venture will support India’s insurance industry by combining global technology expertise with deep understanding of India’s digital and financial ecosystem. Beginning operations now is the first step in building a long-term, sustainable reinsurance franchise in India.”
Rawal concluded: “I am deeply honored to lead Allianz Jio Re and excited about the journey ahead as we build a reinsurance business that will make a significant contribution to India’s rapidly growing insurance industry.
“Our goal is to bring our combined deep global and local expertise to market and create long-term value by providing customers with tailor-made products and services and becoming their trusted partner.”
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