Allianz Jio Reinsurance Limited (Allianz Jio Re), the joint venture of Jio Financial Services Limited (JFSL) and Allianz Group (Allianz), through its wholly-owned subsidiary Allianz Europe B.V., has commenced its operations, including underwriting reinsurance in India, effective immediately.
Allianz Jio Re, led by Sonia Rawal as Chief Executive Officer (CEO), 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 across the Asia Pacific region. Since 2016, she has been working for Allianz Reinsurance in Singapore, responsible for India and ASEAN markets.
The joint reinsurance venture received final regulatory approval from the Insurance Regulatory and Development Authority of India (IRDAI) on March 12th, 2026.
The reinsurer is headquartered in Mumbai and 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.”
Allianz Jio Re also aims to align itself with the national mission of ‘Insurance for All’ by 2047, while empowering insurers with the capacity and expertise needed to manage risk effectively.
Hitesh Sethia, Managing Director and CEO, Jio Financial Services, commented, “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, Allianz SE, added, “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.”
Rawal concluded, “I am truly honoured 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.”
