Bajaj Finserv has taken full ownership of its insurance joint ventures and rebranded the businesses as Bajaj General Insurance and Bajaj Life Insurance, the company announced on Tuesday, 8 October.
The move follows a share purchase agreement signed in March to acquire the 26% stake previously held by Germany’s Allianz SE in Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance, with Bajaj Finserv now confirming it has obtained all necessary regulatory approvals, including those from the Registrar of Companies, the Competition Commission of India, and the Insurance Regulatory and Development Authority of India.
The acquisition, expected to be completed by November, raises Bajaj’s stake from 74% to full ownership and ends a 24-year partnership between Bajaj and Allianz that began in 2001.
The purchase price under the share agreements is ₹24,180 crore (approximately US$2.73bn) and the transaction will be completed in tranches, with the initial tranche transferring at least a 6.1% stake, after which Allianz will be reclassified from promoter to investor.
Bajaj Finserv Chairman and Managing Director Sanjiv Bajaj said the rebranding is a “defining moment in the strategic transformation of both our insurance businesses,” adding that it supports the business’s long-standing commitment to “supporting the nation’s growth and making financial protection accessible and inclusive for all.”
In line with the rebrand, the business announced it had launched a new marketing campaign: “100% Bajaj, Made in India. Made for India, Made by India.”
Recent data shows premium growth in both arms. Bajaj Allianz General Insurance wrote gross direct premium of ₹20.63bn in August, up 18.8% from August 2024. In September, the general insurer posted 31.4% year-on-year premium growth to ₹22.19bn. Bajaj Allianz Life Insurance meanwhile recorded ₹14.85bn in new business premiums in August.
For Allianz, India remains a priority market, with the German insurer stating in March that the country “continues to be one of Allianz’s growth markets.”
In July, the business announced a 50:50 joint venture with Jio Financial to form a domestic reinsurance business in India and, last month, they formally incorporated the venture as Allianz Jio Reinsurance Ltd, following regulatory approvals.
