Bajaj Finserv Completes Acquisition of 23% Stake in Insurance Companies from Allianz SE for Rs. 21,390 crore
Bajaj Finserv, along with Bajaj Holdings & Investment Limited and Jamnalal Sons Private Limited, has successfully completed the acquisition of 23% stake in its insurance subsidiaries - Bajaj General Insurance and Bajaj Life Insurance - from Allianz SE, for Rs. 12,190 crore and Rs. 9,200 crore respectively. This acquisition marks the end of a 24-year joint venture between Bajaj Finserv and Allianz SE and gives Bajaj Finserv complete control of the insurance companies with 75.01% stake. The transaction, the largest ever in the Indian insurance sector, also marks one of the most significant acquisitions of a global joint venture partner by an Indian business group. The acquisition has no impact on the operations of the insurance companies or the interests of policyholders and business partners.
Key Highlights
- Bajaj Finserv, Bajaj Holdings & Investment Limited and Jamnalal Sons Private Limited have acquired 23% stake in Bajaj General Insurance and Bajaj Life Insurance from Allianz SE for Rs. 21,390 crore.
- The acquisition gives Bajaj Finserv complete control of the insurance companies with 75.01% stake.
- This transaction is the largest ever in the Indian insurance sector and one of the most significant acquisitions of a global joint venture partner by an Indian business group.
- The acquisition has no impact on the operations of the insurance companies or the interests of policyholders and business partners.
- The remaining 3% stake of Allianz SE in both insurance companies is expected to be completed over the next few months through a proposed buyback of shares by the insurance companies.