Jio Financial Services Limited (JFSL) and Allianz Group (Allianz), through its wholly-owned subsidiary Allianz Europe B.V., 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.

According to the press release, 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.

“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”, commented Hitesh Sethia, Managing Director and Chief Executive Officer, Jio Financial Services.

“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”, said Chris Townsend, Member of the Board of Management at Allianz SE.