Bajaj Finserv on Thursday said it has completed the acquisition of Allianz SE’s stake in Bajaj General Insurance and Bajaj Life Insurance, worth Rs 12,190 crore and Rs 9,200 crore, respectively.
Photograph: Courtesy, Bajaj Finserv
Bajaj Finserv, along with Bajaj Holdings & Investment and Jamnalal Sons, acquired the foreign insurer’s 23 per cent stake in the businesses, marking the largest transaction in the Indian insurance sector.
The acquisition takes the Bajaj Group’s ownership in both insurance companies to 97 per cent from 74 per cent, giving Bajaj Finserv complete control of the insurance businesses.
The transfer of Allianz’s remaining 3 per cent stake is expected to be completed over the next few months through a proposed buyback of shares by the insurance companies, subject to applicable law and necessary approvals.
If the buyback is completed, Bajaj Finserv’s stake is expected to rise to approximately 77.3 per cent, with Bajaj Holdings & Investment Limited holding about 18.1 per cent, and the balance held by Jamnalal Sons.
The acquisition, worth Rs 21,390 crore, is also one of the largest instances of an Indian promoter group using its own balance sheet to reclaim a major financial services business from a global giant, according to industry insiders.
Sanjiv Bajaj, chairman and managing director, Bajaj Finserv, said: “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 two decades.
“We will continue serving millions of our policyholders even better and delivering sustainable value to our shareholders with a long-term horizon.
“We begin our new chapter from a position of strength — strong market position, outstanding solvency, trusted partner relationships, excellent customer service, deep talent and tech capabilities.”
At an investor meet in December 2025, Bajaj said he expected the stake buyout to be completed by early the next calendar year (2026).
He also spoke of plans to venture into GIFT City, cater to non-resident Indians and explore other lines such as pension funds through the insurance companies.He also outlined plans for a possible listing of the two companies in the next four to five years.
“We believe there are a number of changes in the coming years, whether through Ind AS, risk-based solvency and composite licences — each of these can open significant possibilities in how businesses are run.
“We will need to evaluate these and hence, in our mind, four to five years is a reasonable window to think of a possible listing of these companies — it could be a little earlier or later.
“We do not need the capital. But given the size of these businesses, I believe listing will take transparency to the next level.”
