Leading Indian NBFC, Bajaj Finserv has announced the exit of Allianz SE from its insurance joint ventures in India on March 17, 2025. The German financial services company, Allianz SE plans to sell its 26% stake in Bajaj Allianz General Insurance Company Limited (BAGIC) and Bajaj Allianz Life Insurance Company Limited (BALIC), the two insurance arms of Bajaj Group. This decision follows preliminary discussions initiated last year, according to a stock exchange filing.
In a board meeting held on March 17, 2025, Bajaj Finserv approved the acquisition of Allianz’s stake, subject to regulatory approvals.
As per the agreement, Bajaj Finserv will acquire 1.01% equity in each company, increasing its stake to 75.01%, while Bajaj Holdings and Investment Ltd. and Jamnalal Sons Pvt. Ltd. will acquire 19.95% and 5.04%, respectively. This development shall consolidate full ownership of both insurance entities within the Bajaj Group.
Additionally, Bajaj Finserv will acquire Allianz’s 50% stake in Bajaj Allianz Financial Distributors Limited (BAFDL) for up to Rs. 12.5 crore, making it a wholly owned subsidiary. The completion of these transactions is contingent on approvals from the Competition Commission of India and the Insurance Regulatory and Development Authority of India.
Bajaj Group reaffirmed its commitment to expanding insurance access in India and delivering enhanced value to stakeholders through a unified ownership structure.
