Bajaj Finserv, one of India's largest and most diversified financial services groups, has announced the rebranding of its insurance businesses as Bajaj General Insurance and Bajaj Life Insurance, with immediate effect, marking a significant milestone in the journey of these insurance businesses.
The transition is a part of the execution of the Share Purchase Agreement (SPA) signed by the Bajaj Group early this year to acquire Allianz SE’s 26% interest in its general and life insurance joint ventures, taking the Bajaj Group’s ownership to 100% from the current 74%.
The rebranding unveils a new identity and campaign - ‘100% Bajaj. Made in India. Made for India. Made by India’ - signifying the Bajaj Group’s renewed commitment to shaping the future of insurance in India.
A media release by the group said the new logo reflects the enduring values the Bajaj Group stands for – trust, fairness to customers, transparency and a deep dedication to supporting the nation’s growth.
Bajaj Finserv CMD Sanjiv Bajaj said, “The rebranding goes beyond a mere change of name. It brings to life Bajaj Finserv’s vision of giving wings to every Indian to fulfil their aspirations while remaining financially protected. At the core, lies our belief in building responsible businesses that are ‘Made in India. Made for India. Made by India’.
“This is a defining moment in the strategic transformation of both our insurance businesses. The journey towards being ‘100% Bajaj’ reaffirms our long-standing commitment to supporting the nation’s growth and making financial protection accessible and inclusive for all. We thank the regulators and all authorities for their support.”
The Bajaj Group has received all requisite regulatory approvals, including approvals from the Registrar of Companies, Competition Commission of India and the Insurance Regulatory and Development Authority of India. The acquisition of shares in accordance with the terms of the SPA, is expected to be completed in the coming months, making both insurance entities wholly owned by the Bajaj Group.
For close to a quarter of a century, Bajaj General Insurance and Bajaj Life Insurance have served millions of customers, backed by a wide range of life, asset and health protection solutions, strong partnerships and a digital-first approach. The companies are harnessing technology, specifically artificial intelligence, to create deeper engagement and meaningful value for customers.
The joint venture agreements between the Bajaj Group and Allianz SE in respect of insurance businesses will stand terminated upon the completion of the initial first tranche of acquisition of at least 6.1% and reclassification of Allianz from being a Promoter to Investor.