Daijiworld Media Network - Mumbai

Mumbai, Mar 26: Jio Financial Services and Allianz Group have officially launched their reinsurance joint venture, Allianz Jio Reinsurance Ltd, which has commenced operations in India.

The company received final approval from the Insurance Regulatory and Development Authority of India on March 12, enabling it to begin underwriting reinsurance business with immediate effect.

Based in Mumbai, Allianz Jio Re aims to position itself as a long-term partner in India’s insurance sector by combining Jio Financial Services’ digital and domestic reach with Allianz’s global expertise in underwriting and risk management.

The joint venture seeks to enhance insurers’ ability to manage risks while strengthening the resilience of India’s insurance ecosystem, aligning with the government’s ‘Insurance for All’ vision for 2047.

Reacting to the launch, Hitesh Sethia, Managing Director and CEO of Jio Financial Services, termed it a significant milestone in the broader partnership with Allianz. He said the venture would help expand risk-absorption capacity and support the growth of the insurance sector.

Chris Townsend, Member of the Board of Management at Allianz SE, noted that the venture is well-positioned to offer innovative and robust risk solutions by leveraging global expertise alongside a deep understanding of India’s financial ecosystem.

The company will be led by Sonia Rawal as Chief Executive Officer. With over 17 years of experience in reinsurance and risk management across the Asia-Pacific region, Rawal previously worked with Allianz Reinsurance in Singapore, overseeing India and ASEAN markets.

Expressing her views, Rawal said she looks forward to building a sustainable reinsurance business in India, offering tailored solutions and creating long-term value for clients.