Bajaj Finserv, one of India's largest financial services companies, has completed the acquisition of 23% stake in its insurance subsidiaries -- Bajaj General Insurance and Bajaj Life Insurance -- from Allianz SE.
The transaction was completed for INR121.9bn ($1.35bn) for the general insurer and INR92bn for the life insurer. Bajaj Finserv completed the transaction together with Bajaj Holdings & Investment and Jamnalal Sons.
The acquisition increases Bajaj Group's ownership in both insurance companies to 97% from 74%, giving Bajaj Finserv complete control of the insurance companies with a 75.01% stake. This acquisition marks the end of a very successful 24-year joint venture between Bajaj Finserv and Allianz SE.
The transfer of Allianz’s remaining 3% stake is expected to be completed over the next few months through a proposed buyback of shares by the insurance companies, subject to applicable law and necessary approvals. Once the buyback is completed, the stake of Bajaj Finserv is expected to rise to approximately 77.3% with Bajaj Holdings & Investment holding a stake of approximately 18.1%, with the balance being held by Jamnalal Sons.
Bajaj Finserv CMD Sanjiv Bajaj said, “The transaction is transformative for the Bajaj Group, enabling us to contribute even more strongly to the government’s vision of ‘Insurance for All’ that is 'Made in India, Made for India and Made by India'.
“The acquisition provides us strategic flexibility to access new markets, introduce new products, build scale and advance growth as insurance penetration in India is set to grow exponentially over the next two decades.”
The Bajaj Group had previously announced its agreement to expand ownership in both insurance companies from 74% to 100% through a Share Purchase Agreement on 17 March 2025.
The corporate headquarters of the Bajaj General Insurance and Bajaj Life Insurance will continue to be in Pune.