Bajaj Group on Thursday said it has completed the acquisition of a 23% stake in its insurance subsidiaries—Bajaj General Insurance and Bajaj Life Insurance—from Allianz SE for ₹12,190 crore and ₹9,200 crore, respectively. The acquisition was undertaken by Bajaj Finserv along with Bajaj Holdings & Investment Ltd and Jamnalal Sons Pvt Ltd.
With this transaction, the Bajaj Group’s ownership in both insurers has risen to 97% from 74%, while Bajaj Finserv now holds a controlling 75.01% stake, giving it full management control. The deal also brings to a close the 24-year joint venture between Bajaj Finserv and German financial conglomerate Allianz SE.
Roadmap for Remaining Ownership
The transfer of Allianz’s remaining 3% stake is expected to be completed over the next few months through a proposed buyback of shares by the insurance companies, subject to applicable laws and regulatory approvals, Bajaj Finserv said in a release. Following the buyback, Bajaj Finserv will hold around 77.3% in both the life and general insurance entities, while Bajaj Holdings & Investment will own about 18.1%, with the balance held by Jamnalal Sons Pvt Ltd.
Strategic Vision for ‘Insurance for All’
“The transaction is transformative for the Bajaj Group, enabling us 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,” Sanjiv Bajaj, Chairman & Managing Director, Bajaj Finserv, said in the release.
“The acquisition provides us strategic flexibility to access new markets, introduce new products, build scale and advance growth as insurance penetration in India is set to grow exponentially over the next 2 decades,” he added.
In March 2025, Bajaj Finserv Ltd had signed share purchase agreements with Allianz SE to acquire the German insurer’s entire 26% stake in the life and general insurance joint ventures for a total consideration of ₹24,180 crore. The transaction was the largest ever in India’s insurance sector and among the most significant acquisitions of a global joint venture partner by an Indian business group.
What did President – Insurance & Special Projects at Bajaj say?
S Sreenivasan, President – Insurance & Special Projects at Bajaj Finserv, who led the transaction, said approvals from the Competition Commission of India and the insurance regulator Irdai were secured within four months, sending a strong signal to investors on ease of doing business in India.
The development comes close on the heels of the passage of the Insurance Amendment Bill, 2025, which fully opened up the insurance sector to foreign investors with the aim of attracting more overseas capital and expertise and expand insurance penetration in the country.
The transition to complete Indian ownership had begun earlier with the rebranding of the insurance companies in October 2025 as Bajaj General Insurance and Bajaj Life Insurance, removing the Allianz name from both entities. The corporate headquarters of both insurers will continue to be based in Pune, the company said.