Allianz has finalised the sale of a 23% shareholding in Bajaj General Insurance Company and Bajaj Life Insurance Company to Bajaj Promoter Group.
The transaction, first made public in March 2025, is valued at around €2.1bn ($2.4bn).
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With this deal, Bajaj Finserv, together with its group companies, now owns 97% of each insurance entity.
The joint venture (JV) arrangements between Bajaj Finserv and Allianz for both companies ended on 8 January 2026.
Allianz is expected to divest its remaining 3% interest by the end of July 2026, either through a buyback process or by other means.
The collaboration between Allianz and Bajaj began in 2001 and continued for more than two decades.
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By GlobalDataIn October 2025, Bajaj Finserv updated the branding of its insurance companies to Bajaj General Insurance and Bajaj Life Insurance.
This followed the acquisition of Allianz’s stake in the JVs, which were previously known as Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company.
The German insurer said its role in the Indian market was “limited” due to its minority stake in the JVs.
Meanwhile, in July 2025, Allianz Europe, a wholly owned subsidiary of Allianz, announced an agreement with Jio Financial Services to establish a reinsurance JV in India on a 50:50 basis.
The venture will make use of existing Allianz Re and Allianz Commercial portfolios in India, along with the company’s global expertise in pricing, risk assessment and portfolio management.
The two parties also reached a non-binding agreement regarding potential JVs for general and life insurance businesses in India.
