Bajaj Finserv completes acquisition of Allianz stake in insurance JVs

Mumbai: Bajaj Finserv and its promoter group companies have acquired a combined 97% stake in Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance from Allianz SE, ending a two-decade partnership with the German insurer, according to a stock exchange filing.

The acquisitions were carried out under share purchase agreements signed on March 17, 2025, and later amended. Bajaj Finserv said it bought about 1.11 million shares of Bajaj Allianz General Insurance and 1.52 million shares of Bajaj Allianz Life Insurance from Allianz. The shares were purchased at Rs 4,808.24 apiece in the general insurer and Rs 2,654.12 per share in the life insurer, adding 1.01% to its stake in each company.

After the transaction, Bajaj Finserv’s direct holding in both insurers increased to 75.01%. Promoter group firm Bajaj Holdings & Investment Ltd. separately acquired a 17.56% stake in each insurer, while Jamnalal Sons Pvt. Ltd. bought an additional 4.43%, the filing showed. Together, the promoter entities now hold 97% of both insurance companies.


Following the change in shareholding, the joint venture agreements between Bajaj Finserv and Allianz were terminated with effect from Thursday.

Allianz continues to hold the remaining 3% stake, which is expected to be bought out through a share buyback. The boards of Bajaj Allianz General and Bajaj Allianz Life have approved proposals to buy back shares at the same price paid in the earlier transactions, subject to regulatory approvals. If the buyback is not completed, or only partly executed, the promoter group retains the option to acquire the balance stake. The process is expected to be completed by July 31, 2026.

The scale of the deal also sets it apart within the insurance industry, where recent foreign exits have largely involved partial stake sales. Abrdn’s exit from HDFC Life in 2023, valued at about Rs 6,000 crore, was significantly smaller, while Max Financial’s buyback of Mitsui Sumitomo’s stake has unfolded gradually over multiple years. In banking, large foreign exits have typically taken the form of block deals, such as Warburg Pincus’ sale of its stake in IDFC First Bank in 2024, rather than a single promoter-led buyout.