Sonia Rawal to head Allianz Jio Reinsurance as JV commences operations

Mumbai: Allianz Jio Reinsurance has appointed Sonia Rawal as the chief executive officer of the joint venture, which started operations on March 26.

Rawal has 17 years of experience in risk management and reinsurance across Asia-Pacific. He has been with Allianz Reinsurance in Singapore since 2016 and manages the 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 March 12.

Allianz Jio Re, headquartered in Mumbai, said it aims to be a long-term strategic partner for the Indian market with a mission to strengthen the resilience of the country’s insurance ecosystem.

“The launch of Allianz Jio Re is a very important milestone, marking the first operational step of our broader insurance partnership with Allianz,” said Hitesh Sethia, Managing Director and Chief Executive Officer, Jio Financial Services. In a statement released Thursday. Sethia added that the company is committed to strengthening the country’s resilience by providing insurers with “more risk-taking capacity” to support the overall growth of the insurance ecosystem.

The joint venture was first announced in July 2025 and was established in September 2025. Jio Financial had later announced plans to invest. ₹2.5 lakh towards initial subscription of 25,000 shares of par value. ₹10 each for 50% stake in the venture.

The two entities have also signed non-binding agreements to set up joint ventures with equal ownership for both general insurance 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 offering tailored products and services to our customers and being their trusted partner,” Rawal was quoted as saying in the press release.

Allianz recently exited its long-standing joint venture with the Bajaj Group, selling its 23% stake in the life and general insurance businesses in January 2026. ₹21,390 crore. Bajaj Group’s ownership has since increased to 97%.

It was later stated that “Allianz will evaluate options for redistributing revenues in line with the company’s strategic priorities. This will include investments in our new joint ventures in India.”