Bajaj Finserv may weigh listing of insurance cos after buying out Allianz

Mumbai: Bajaj Finserv is gearing up to unlock value in its insurance businesses by exploring public listings after buying out Allianz in the nearly a quarter-century-old joint venture that ran both general and life insurance entities, sources told ET.

"In the plan submitted to the regulator about the IPO, Bajaj had conveyed that it will look to list after buying out the JV partner," said a source. Bajaj Finserv on Monday announced a deal to acquire Allianz SE's 26% stake in its insurance ventures at a valuation of ₹24,180 crore, ending a 24-year alliance.

Bajaj Allianz General Insurance (BAGIC) and Bajan Allianz Life Insurance (BALIC) will be the big listings on the stock exchange as based on the agreed consideration for a 26% stake; BAGIC is valued at approximately ₹53,000 crore, and BALIC at around ₹40,000 crore. Under the deal, the 2 insurance companies are valued at ₹93,000 crore, and the listing process will commence once Bajaj Finserv completes its recent 26% acquisition, according to a plan submitted to the insurance regulator. While listing is not legally mandated, Irdai is encouraging insurers to go public.