Allianz SE has entered into binding agreements with Bajaj Finserv Ltd. to divest its 26% stake in Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company for an estimated $2.84 billion (€2.6 billion).
The stake will be acquired by the Bajaj Group, with Allianz receiving the proceeds in multiple installments. Despite the sale, Allianz has reiterated its commitment to India as a key growth market and will continue to explore new investment and operational opportunities in the region.
The company plans to reinvest the proceeds in line with its strategic objectives, particularly targeting potential ventures in India. Allianz also emphasized that it will adhere to its capital management policy, maintaining a balance between distributing earnings and disciplined reinvestment.
The transaction is still subject to regulatory approvals, which are expected to take several months. Upon completion, Allianz will no longer be a promoter of the joint ventures, and its agreements with Bajaj Finserv Ltd. will be formally terminated.
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