Bajaj Finserv Acquires Complete Stake in Allianz Joint Ventures, Marking End of 24-Year Partnership

Bajaj Finserv Ltd is acquiring the remaining 26% stake owned by Allianz SE in Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company. This marks the end of their 24-year alliance. The acquisition will raise Bajaj Group's ownership to 100%, after regulatory approvals.

In a significant corporate development, Bajaj Finserv Ltd announced on Monday that it has signed Share Purchase Agreements to acquire a 26% stake from Allianz SE in its insurance ventures, Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance.

This marks the end of a 24-year collaboration between the Indian financial services giant and the German insurer. The acquisition will elevate Bajaj Group's holding to 100% in both companies, contingent on regulatory consent.

The transaction involves an agreed consideration of Rs 13,780 crore for the general insurance and Rs 10,400 crore for the life insurance venture. The move signifies a strategic step for Bajaj, aiming to independently advance its insurance offerings leveraging new technologies.

(With inputs from agencies.)