Bajaj Group completes 23 pc stake acquisition from JV partner Allianz for Rs 21,390 cr

New Delhi, Jan 8 (PTI) Financial services firm Bajaj Finserv on Thursday announced the completion of the 23 per cent stake acquisition in its insurance subsidiaries – Bajaj General Insurance and Bajaj Life Insurance – from Germany's Allianz SE for Rs 12,190 crore and Rs 9,200 crore, respectively.

The acquisition, carried out in alliance with Bajaj Holdings & Investment Ltd and Jamnalal Sons Private Ltd, takes the ownership of the Bajaj Group in both insurance companies to 97 per cent from 74 per cent, giving Bajaj Finserv complete control of the insurance companies with 75.01 per cent stake.

This acquisition marks the end of a successful 24-year joint venture between Bajaj Finserv and Allianz SE, Bajaj Finserv said in a statement.

The transfer of Allianz's remaining 3 per cent 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, it added.

If the buyback is completed, the stake of Bajaj Finserv is expected to go up to approximately 77.3 per cent, with Bajaj Holdings & Investment Ltd holding approximately 18.1 per cent stake and the balance being held by Jamnalal Sons Private Ltd, it noted.

The transaction, the largest-ever in the Indian insurance sector, also marks one of the most significant acquisitions of a global joint venture partner by an Indian business group, Bajaj Finserv said.

The acquisition has no impact on the operations of the insurance companies or the interests of policyholders and business partners, it added.

"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," said Bajaj Finserv Chairman and Managing Director Sanjiv Bajaj.

The acquisition provides 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 2 decades, he said.

"We begin our new chapter from a position of strength -- strong market position, outstanding solvency, trusted partner relationships, excellent customer service, deep talent and tech capabilities," Bajaj added.

Approvals from CCI and IRDAI for the acquisition of Allianz’s 26 per cent stake were received in just 4 months, and this is a great message for those wishing to invest in India and looking for ease of business, the statement said.

The passage of the provisions of the Sabka Bima Sabki Raksha Act, 2025, by Parliament and the imminent roll-out of Ind-AS and risk-based capital for the insurance sector should provide the tailwinds needed for a period of sustained, secular growth, it said.

The Bajaj Group previously announced its agreement to expand ownership in both insurance companies from 74 per cent to 100 per cent through a share purchase agreement on March 17, 2025.

The transition to complete Indian ownership started with the rebranding of the insurance companies in October 2025 as Bajaj General Insurance and Bajaj Life Insurance.

The corporate headquarters of the Bajaj General Insurance and Bajaj Life Insurance will continue to be based in Pune.

For close to a quarter of a century, the statement said, 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, it added. PTI DP DP BAL BAL