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, per a Bajaj Finserv statement.
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Bajaj Finserv, together with Bajaj Holdings & Investment Ltd and Jamnalal Sons Pvt Ltd, has completed the acquisition of 23 per cent stake in its insurance subsidiaries — Bajaj General Insurance and Bajaj Life Insurance — from Allianz SE, for ₹12,190 crore and ₹9,200 crore respectively.
The acquisition 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, per a Bajaj Finserv statement.
This transaction marks the end of Bajaj Finserv (the core investment company of the Bajaj Group) and Allianz SE’s (the German multinational financial services company) 24-year joint venture in India.
Bajaj Finserve said 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.
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 with the balance being held by Jamnalal Sons Pvt Ltd, it added.
Sanjiv Bajaj, Chairman & Managing Director, Bajaj Finserv, said: “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.”
S Sreenivasan, President – Insurance & Special Projects, Bajaj Finserv, said: “This deal also demonstrates the strength of domestic capital…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.”
Separately, Allianz SE said it will consider options for the redeployment of the proceeds that align with its strategic priorities. This will include investments into its new joint ventures in India.
“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 binding 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,” the German company said.
Published on January 8, 2026
