Allianz Jio Re received final regulatory approval from the Insurance Regulatory and Development Authority of India (IRDAI) on 12 March 2026.
Based 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.
The reinsurance joint venture (JV) brings together Jio Financial Services Limited’s local market knowledge and reach, with Allianz’s global underwriting and reinsurance skills and experience.
“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,” Hitesh Sethia, Managing Director and Chief Executive Officer, Jio Financial Services, said in a statement.
“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,” Chris Townsend, Member of the Board of Management at Allianz SE, said in a statement.
Rawal has 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.
“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,” Rawal said.
Last year, Allianz, through its wholly-owned subsidiary Allianz Europe B.V., have entered into a binding agreement with Jio Financial Services Limited (JFSL) to form a 50:50 domestic reinsurance joint venture and also entered into a non-binding agreement for setting up equally owned joint ventures for both general and life insurance businesses in India.
