Allianz Sells €2.6bn Stake in Bajaj JVs

Global insurer Allianz has agreed to offload its 26% stake in two joint ventures involving Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company for approximately €2.6 billion to the Bajaj Group. This decision ends their longstanding association with Indian firm Bajaj Finserv Ltd., after amicable discussions. Although withdrawing from these specific partnerships, Allianz remains bullish on India as a growth market and is exploring new investments there. The transaction, pending regulatory clearance, reflects Allianz's capital management strategy and its objective to redeploy resources to reinforce its presence in the Indian market. As of October 2024, Bajaj Finserv had intimated this development in a stock market filing indicating Allianz's intention to exit. Once completed, this sale will cease Allianz's role as a promoter of the JVs, officially concluding the collaboration initiated in 2001.