Allianz Sells Stake in Bajaj Allianz for €2.6 Billion

Global insurer Allianz has agreed to sell its 26% stake in both Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company to the Bajaj Group for around €2.6 billion, effectively ending their joint venture agreements. This significant decision follows productive discussions with Bajaj Finserv Ltd., the non-banking financial services arm of the Bajaj Group.

Despite this exit, Allianz has expressed its commitment to the Indian market, indicating plans to explore new opportunities that will enhance its market presence. The sale is subject to regulatory approvals and is expected to finalize over the coming months.

Upon the completion of this transaction, Allianz will reassess the deployment of the proceeds, focusing on aligning with its strategic objectives, particularly regarding potential reinvestments in India. The termination of these long-standing joint ventures, established in 2001, marks a pivotal change in Allianz's strategy in the region.