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Bajaj to buy Allianz’s 26% stake in insurance arms for ₹24,180 crore in landmark split

Bajaj to buy Allianz’s 26% stake in insurance arms for ₹24,180 crore in landmark split

Under the deal, Bajaj Finserv will acquire about 1.01% in each company, Bajaj Holdings and Investment Ltd will pick up 19.95%, and Jamnalal Sons Pvt. Ltd will take 5.04%, aggregating to the full 26% stake in both firms.

Following the acquisition, Bajaj Finserv’s stake will rise to 75.01% in both BAGIC and BALIC, solidifying its hold on the insurance businesses. Following the acquisition, Bajaj Finserv’s stake will rise to 75.01% in both BAGIC and BALIC, solidifying its hold on the insurance businesses.

In a landmark move that ends a 24-year partnership, Bajaj Finserv Ltd announced that it will acquire Allianz SE’s entire 26% stake in their joint insurance ventures—Bajaj Allianz General Insurance Company Ltd (BAGIC) and Bajaj Allianz Life Insurance Company Ltd (BALIC).

The ₹24,180-crore transaction will hand full ownership of both insurers to the Bajaj Group.

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Bajaj Finserv has agreed to pay ₹13,780 crore for Allianz’s stake in BAGIC and ₹10,400 crore for BALIC. The move will mark the termination of the long-standing joint venture agreements once the first tranche—comprising at least 6.1%—is completed and Allianz is reclassified from "Promoter" to "Investor".

Under the deal, Bajaj Finserv will acquire about 1.01% in each company, Bajaj Holdings and Investment Ltd will pick up 19.95%, and Jamnalal Sons Pvt. Ltd will take 5.04%, aggregating to the full 26% stake in both firms.

Following the acquisition, Bajaj Finserv’s stake will rise to 75.01% in both BAGIC and BALIC, solidifying its hold on the insurance businesses.

“This transaction is subject to regulatory approvals, including from the Competition Commission of India (CCI) and the Insurance Regulatory and Development Authority of India (IRDAI),” the company said.

With the partnership drawing to a close, both Bajaj Group and Allianz intend to chart independent growth paths in India’s expanding insurance market. Bajaj Finserv said the deal would "drive long-term value creation" and "strengthen its position in India’s insurance market."

Shares of Bajaj Finserv Ltd closed higher at ₹1,871.85 apiece on the BSE, up ₹64.90 or 3.59%.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Mar 17, 2025, 10:41 PM IST
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