Mumbai: Allianz Jio Reinsurance has appointed Sonia Rawal as the chief executive officer of the joint venture, which has commenced operations on 26 March.
Rawal brings 17 years of experience in risk management and reinsurance across Asia-Pacific. She has been with Allianz Reinsurance in Singapore since 2016, overseeing India and ASEAN markets.
The 50:50 joint venture between Jio Financial Services and Allianz Group received final approval from the Insurance Regulatory and Development Authority of India on 12 March.
Headquartered in Mumbai, Allianz Jio Re said it 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 launch of Allianz Jio Re is a pivotal milestone, marking the first operational step in our broader insurance partnership with Allianz,” said Hitesh Sethia, managing director and chief executive officer of Jio Financial Services in a release on Thursday. The company remains committed to strengthening the nation’s resilience by providing insurers with “greater risk-absorption capacity” to support overall growth of the insurance ecosystem, Sethia added.
The joint venture was first announced in July 2025 and set up in September 2025. Jio Financial had then said it plans to invest ₹2.5 lakh towards initial subscription of 25,000 equity shares of face value ₹10 each for 50% stake in the venture.
The two entities have also signed non-binding agreements to set up equally-owned joint ventures for both general and life insurance businesses in India.
“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 was quoted as saying in the release.
Allianz recently exited its long-standing joint ventures with the Bajaj Group, selling a 23% stake each in life and general insurance businesses in January 2026 for ₹21,390 crore. The Bajaj Group’s ownership has since risen to 97%.
“Allianz will consider options for the redeployment of the proceeds that align with the company’s strategic priorities. This will include investments into our new joint ventures in India,” it had then said.
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