Allianz SE has agreed to exit its Indian life and non-life insurance joint ventures with the Bajaj promoter group in a transaction valued at approximately €2.6 billion.
Under the transaction, Allianz will sell its 26% stake in each of:
Bajaj General Insurance Limited (formerly Bajaj Allianz General Insurance Company Limited), and
Bajaj Life Insurance Limited (formerly Bajaj Allianz Life Insurance Company Limited),
to the Bajaj promoter group, following which Bajaj will acquire 100% ownership of both insurance joint venture companies.
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Transaction Structure and Timeline
The transaction documents were executed between Allianz, Bajaj Finserv Limited, and the relevant joint venture entities on March 17, 2025.
The sale of 23% stake in each joint venture was completed on January 8, 2026.
The remaining 3% stake is expected to be transferred by the second quarter of 2026, subject to applicable approvals and conditions.
Sale of Distribution Business Stake
In addition to the insurance exits, the transaction also involved Allianz’s 50% stake sale in Bajaj Financial Distributors Limited (formerly Bajaj Allianz Financial Distributors Limited), a financial products distribution company, to Bajaj Finserv Limited.
Legal Advisory
JSA Advocates & Solicitors – Counsel to Allianz SE
JSA Advocates & Solicitors advised Allianz SE on all aspects of the transaction, including structuring, drafting and negotiation of transaction documents, regulatory approvals, fulfilment of conditions precedent, and transaction closing.
Strategic Advisory
Jyoti Sagar, Chairman Emeritus & Founder
Corporate / M&A
Venkatesh Raman Prasad, Partner
Ronak Ajmera, Partner
Ankita Jain, Principal Associate
Udit Rao, Senior Associate
Saloni Birla, Senior Associate
Marvel Soni, Associate
Direct Tax
Kumarmanglam Vijay, Partner
Aditya Patadia, Associate
Competition Law
Vaibhav Choukse, Partner
Ela Bali, Partner
Nripi Jolly, Principal Associate
Aditi Khanna, Senior Associate
Advisory
Dheeraj Nair, Partner
Vishrutyi Sahni, Principal Associate
Ridhima Sharma, Associate
Significance of the Transaction
The transaction marks one of the largest exits by a global insurer from the Indian market, consolidating Bajaj Finserv’s full ownership over its insurance businesses while enabling Allianz to monetise its long-standing Indian joint venture investments. Upon completion, Bajaj will have complete strategic and operational control over both life and general insurance entities.
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Disclaimer
This article is for informational purposes only and does not constitute legal or financial advice. Readers should consult professionals before making decisions
