“We assure clients of uninterrupted service, continuity of coverage and consistent relationship management, as the existing facultative reinsurance portfolio from Allianz Commercial / Allianz Global Corporate & Specialty (AGCS) will be transitioned to Allianz Jio Re in a phased manner, ensuring a smooth experience for our customers,’’ said Holger Tewes-Kampelmann, CEO of Allianz Re and member of the Board of Directors at Allianz Jio Re.
Mumbai: Allianz Jio Reinsurance, the newest entrant in India’s reinsurance market, has commenced operations on a strong footing by underwriting a gross premium of Rs 266 crore in its first full quarter of business. At the same time, Allianz Global Corporate & Specialty (AGCS), Allianz’s foreign reinsurance branch in India, has stopped writing new business from the beginning of the current financial year and plans gradually transfer its portfolio to the new joint venture.
The 50:50 reinsurance joint venture between Jio Financial Services and German insurance giant Allianz, headed by Sonia Rawal, began operations just ahead of the April 1 renewal season, when the bulk of India’s annual reinsurance placements are concluded.
The company is only the second private-sector reinsurer operating in India, after Valueattics Reinsurance, and has outlined a four-pronged strategy to build its franchise. Its priorities include scaling up the underwriting pipeline, strengthening portfolio quality and profitability, building a strong talent pool, and enhancing operational efficiency through better systems.
“We assure clients of uninterrupted service, continuity of coverage and consistent relationship management, as the existing facultative reinsurance portfolio from Allianz Commercial/Allianz Global Corporate & Specialty (AGCS) will be transitioned to Allianz Jio Re in a phased manner, ensuring a smooth experience for our customers,” said Holger Tewes-Kampelmann, CEO of Allianz Re and a member of the Board of Directors of Allianz Jio Re.
He added that the new platform will combine Allianz Group’s global underwriting expertise in facultative reinsurance with a dedicated India-focused operation. “With this consolidation of Allianz’s reinsurance activities in India, the joint venture will provide a single, dedicated platform serving our Indian clients for all their reinsurance needs,” he said.
The reinsurance venture forms part of Jio Financial Services’ broader insurance strategy.
According to the company, regulatory approvals are under process for Jio Allianz General Insurance, which has already applied to the Insurance Regulatory and Development Authority of India (IRDAI) for a general insurance licence.
Jio Financial has also signed a non-binding agreement with Allianz to establish a life insurance joint venture in India.
“Given the massive opportunity in the country for deeper penetration in sectors like investment solutions and insurance, we are accelerating our investments towards some of our newer businesses, including our joint ventures with BlackRock and Allianz in these areas, which will yield significant benefits over a period of time,” said Hitesh Kumar Sethia, Managing Director & CEO of Jio Financial Services, while announcing the company’s first-quarter results.
Meanwhile, Jio Insurance Broking Ltd. facilitated insurance premiums worth ₹238 crore during the first quarter of FY27, an increase of 1.6 times year-on-year, while its fee and commission income surged 131% year-on-year to ₹61 crore.