Sanjiv Bajaj, Chairman & Managing Director, Bajaj Finserv.
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. If the buyback is completed, the stake of Bajaj Finserv is expected to go up to approximately 77.3% with Bajaj Holdings & Investment Limited holding approximately 18.1% stake with the balance being held by Jamnalal Sons Private Limited.
Mumbai/Pune: Bajaj Finserv, one of India’s largest and most diversified non-banking financial services companies, today announced the successful completion of the acquisition, together with Bajaj Holdings & Investment Limited and Jamnalal Sons Private Limited, of 23% stake in its insurance subsidiaries – Bajaj General Insurance and Bajaj Life Insurance – from Allianz SE, for Rs. 12,190 crore and Rs. 9,200 crore respectively.
The acquisition takes the ownership of the Bajaj Group in both insurance companies to
97% from 74%, giving Bajaj Finserv complete control of the insurance companies with
75.01% stake.
Earlier, Bajaj Finserv had decided to buy out Allianz’s 26% stake in their joint insurance ventures for Rs 24,180 crore, with Bajaj Finserv, Bajaj Holdings & Investment, and Jamnalal Sons acquiring the shares, increasing Bajaj’s ownership to 100% and ending their 24-year partnership.
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. If the buyback is completed, the stake of Bajaj Finserv is expected to go up to approximately 77.3% with Bajaj Holdings & Investment Limited holding approximately 18.1% stake with the balance being held by Jamnalal Sons Private Limited.
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.
The acquisition has no impact on the operations of the insurance companies or the
interests of policyholders and business partners, said a statement from Bajaj Finserv.
“Allianz ’s and Bajaj ’s partnership, initiated in 2001, has been a remarkable example of growth and joint success. Nevertheless, Allianz’s ability to operate in the Indian market remained limited due to its minority position in the joint ventures.Allianz will consider options for the redeployment of the proceeds that align with the company’s strategic priorities. This will include investments into our new joint ventures in India,” said a statement from Allianz.
India remains an important growth market for Allianz , with a strong ambition to continue serving its dynamic and rapidly expanding insurance sector also in the future. As announced on July 18, 2025 , Allianz , through its wholly -owned subsidiary Allianz Europe B.V., and Jio Financial Services Limited ( JFSL ) have entered into a bin ding agreement to form a 50:50 domestic reinsurance joint venture and into a non -binding agreement for setting up equally owned joint ventures for both general and life insurance businesses in India.
“We are very excited about the insurance businesses which are at this stage poised for a long period of growth. 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 2 decades,” said Sanjiv Bajaj, Chairman & Managing Director, Bajaj Finserv.
S Sreenivasan, President – Insurance & Special Projects, Bajaj Finserv who led the
transaction, added, “This deal also demonstrates the strength of domestic capital and
that of the Bajaj Group, being funded fully by the Bajaj Group with no leverage. Approvals from CCI and IRDAI for the acquisition of Allianz’s 26% 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 passage of the provisions of the Sabka Bima Sabki Raksha Act,
2025, by the Indian Parliament and the imminentroll-out of Ind-AS and Risk-based capital for the insurance sector should provide the tailwinds needed for a period of sustained, secular growth.”
The Bajaj Group 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 transition to complete Indian ownership started with the re-branding of the
insurance companies in October 2025 as Bajaj General Insurance and Bajaj Life
Insurance. A new identity – ‘100% Bajaj. Made in India. Made for India. Made by India’ –
was launched together with the new Bajaj Finserv group identity, signifying the Bajaj
Group’s renewed commitment to shaping the future of financial services in India.