New Delhi, March 26 Jio Financial Services Ltd (JFSL) and Allianz Group, through its wholly-owned subsidiary Allianz Europe BV, announced on Thursday that their reinsurance joint venture has commenced operations.
Allianz Jio Reinsurance Ltd is authorized to underwrite reinsurance in India with immediate effect, following 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 the mission of strengthening the resilience of the country's insurance ecosystem, the company said in a statement.
At a time when structural tailwinds are driving 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, it said.
JFSL MD and CEO Hitesh Sethia said, "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, said the reinsurance is well-positioned to provide insurers with innovative and robust risk solutions, and 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, he added.
The reinsurance JV will be led by Sonia Rawal as Chief Executive Officer of Allianz Jio Re.