Allianz Jio Reinsurance, a joint venture between Jio Financial Services and Allianz Group’s subsidiary, on Thursday announced the commencement of operations, marking its formal entry into India’s ₹1-lakh crore reinsurance market dominated by General Insurance Corporation of India (GIC Re) and foreign reinsurers. The entity has received regulatory approval to underwrite reinsurance business in India with immediate effect.

Hitesh Sethia, Managing Director and Chief Executive Officer, Jio Financial Services said launch of Allianz Jio Re is a pivotal milestone, marking the first operational step in our broader insurance partnership with Allianz.

Headquartered in Mumbai, Allianz Jio Re will be led by Sonia Rawal as CEO. Sonia brings 17 years of experience in risk management and reinsurance across Asia Pacific to her new role. Since 2016, she has been working with Allianz Reinsurance in Singapore, where she was responsible for India and ASEAN markets.

The launch follows a binding agreement signed in July 2025 between Jio Financial Services and Allianz Group, through its wholly owned subsidiary Allianz Europe B.V., to form a 50:50 reinsurance joint venture focused on India’s high-growth insurance market.

Allianz Jio Re’s entry is expected to intensify competition in India’s reinsurance space, which remains largely dominated by GIC Re, along with foreign reinsurers’ branches (FRBs) and overseas players.

India’s reinsurance market expanded 11% year-on-year to ₹1,12,305 crore in FY25. The gross reinsurance premium written by Indian reinsurers and FRBs stood at ₹69,228.64 crore during the year. Domestic business accounted for nearly 85% of the total at ₹58,478.95 crore, with the rest coming from foreign business. GIC Re retained its leadership position with a 52% share of the domestic reinsurance business, while FRBs accounted for the remaining 48%

Irdai also granted registration certificate Valueattics Reinsurance, promoted by Go Digit founder Kamesh Goyal’s Oben Ventures LLP and Fairfax group entity FAL Corporation in March last year. The company is yet to commence operations.