Allianz Exiting Bajaj Life & General Insurance JVs: Details

New Delhi, Oct 22 (PTI) Bajaj Finserv on Tuesday said its foreign joint venture partner Allianz SE of Germany is actively considering an exit from the life and general insurance joint ventures.

Allianz holds a 26 per cent stake in both Bajaj Allianz Life Insurance and Bajaj Allianz General Insurance.

"We would like to inform that over the last several years, Bajaj Group, through the 74 per cent equity stake held by the company (Bajaj Finserv Limited) has built two solid businesses in life and general insurance, as joint ventures with Allianz SE which holds the balance 26 per cent stake," the company said in a regulatory filing.

Allianz has indicated to Bajaj that given its strategic priorities, it is actively considering an exit from the life and general insurance joint ventures, it said.

It has indicated that it remains committed to the Indian insurance market but will not speculate on alternatives, it said.

Discussions are at a preliminary stage and there is no proposal before the board of the company or its insurance subsidiaries in this regard, it said.

Allianz, in case it exits the joint venture, has committed full support to Bajaj in ensuring a smooth transition to the Bajaj brand keeping in mind the interest of policyholders, business partners, employees and other stakeholders of the insurance companies, it added.

There are reports that there have been differences between the two entities on valuation.

Bajaj Allianz general insurer is the third-largest in the country by gross written premiums, while the Bajaj Allianz Life Insurance is among the top 10 insurers with assets under management stood at Rs 1 lakh crore as of March 31, 2024.