Bajaj Finserv completes ₹21,390-crore Allianz buyout, marks end of 24-year JV

Bajaj Finserv Limited on Thursday, January 8, said it has completed the acquisition of a 23% equity stake in its insurance businesses from Allianz SE, marking the end of a 24-year joint venture between

the two groups and giving the Bajaj Group near-complete control of its insurance operations.

In a regulatory filing, Bajaj Finserv said it, along with promoter group entities Bajaj Holdings & Investment Ltd and Jamnalal Sons Pvt Ltd, acquired the stake in Bajaj General Insurance and Bajaj Life Insurance for a combined consideration of ₹21,390 crore. Of this, ₹12,190 crore was paid for the stake in the general insurance business and ₹9,200 crore for the life insurance arm.

Following the transaction, the Bajaj Group’s ownership in both insurers has risen to 97% from 74%, with Bajaj Finserv itself holding 75.01% in each company. As a result, the joint venture agreements between Bajaj Finserv and Allianz SE have terminated with effect from January 8, 2026.

Calling the transaction “transformative,” Sanjiv Bajaj, Chairman and Managing Director of Bajaj Finserv, said it would provide the group greater strategic flexibility to expand markets, introduce new products and scale operations as insurance penetration in India rises over the coming decades. It would also enable them "to contribute even more strongly to the government’s vision of ‘insurance for all’ that is made in India, made for India and made by India," he added.

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S Sreenivasan, President of Insurance & Special Projects at Bajaj Finserv, led the transaction. "Approvals from CCI and IRDAI for the acquisition of Allianz’s 26% stake were received in just four months and this is a great message for those wishing to invest in India and looking for ease of business," Sreenivasan said.

Bajaj Finserv said Allianz continues to hold the remaining 3% stake in each insurer. The boards of Bajaj General Insurance and Bajaj Life Insurance have approved a proposal to buy back this residual stake, subject to regulatory approvals, at the same price as the current transaction. The buyback, or an alternate acquisition by the promoter group, is expected to be completed by July 31, 2026.

The company described the deal as the largest-ever transaction in the Indian insurance sector and one of the most significant buyouts of a global joint venture partner by an Indian business group. It added that the acquisition has no impact on policyholders or ongoing operations of the insurance companies.

The acquisition follows the rebranding of the insurance businesses in October 2025 as Bajaj General Insurance and Bajaj Life Insurance, as the group began its transition toward full Indian ownership. Bajaj Finserv had first announced its intent to increase its stake from 74% to 100% through a share purchase agreement in March 2025.

Bajaj Finserv is among India’s largest financial services groups, with businesses spanning lending, insurance, asset management, payments and securities brokerage.

Shares of the company closed 1.32% lower at ₹2,005 ahead of the announcement on Thursday. The stock has fallen 2.63% in the past one month.