Mumbai/Munich, March 26, 2026: 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.”
About Jio Financial Services Limited:
Jio Financial Services Limited (JFSL) is a Core Investment Company (CIC) registered with the Reserve Bank of India. As a new-age institution, JFSL operates a full-stack financial services ecosystem through customer-facing subsidiaries, including Jio Credit Limited, Jio Insurance Broking Limited, Jio Payment Solutions Limited, Jio Leasing Services Limited, Jio Finance Platform and Service Limited, and Jio Payments Bank Limited.
Through a 50:50 joint venture with BlackRock, JFSL offers asset management services in India through Jio BlackRock Asset Management Private Limited; and wealth management through Jio BlackRock Investment Advisers Private Limited. The JV with BlackRock also proposes to offer broking services through Jio BlackRock Broking Private Limited.
JFSL has entered into a 50:50 joint venture with the Allianz Group and has set up Allianz Jio Reinsurance Limited to offer reinsurance services in India. The two entities have also signed a non-binding agreement to explore opportunities in general and life insurance.
With a digital-first model, JFSL is committed to enhancing the financial well-being of Indian citizens by enabling them to borrow, transact, save, and invest seamlessly. Through the JioFinance app, customers can access a wide range of solutions including loans, savings accounts, investment products and solutions, UPI, bill payments, recharges, digital insurance, financial tracking and management tools, and more.
About Allianz:
The Allianz Group is one of the world’s leading insurers and asset managers, active in almost 70 countries and serving around 97 million private and corporate customers*. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 764 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 2.0 trillion euros** of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2025, over 156,000 employees achieved total business volume of 186.9 billion euros and an operating profit of 17.4 billion euros for the Group.
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