Bajaj Finserv Limited has responded to reports in the media, confirming that Allianz SE is actively considering exiting its joint ventures in the life and general insurance sectors. Allianz currently holds a 26% equity stake in the joint ventures, while Bajaj Finserv holds the remaining 74%.
In a statement issued on October 22, 2024, Bajaj Finserv noted that Allianz has informed them of its strategic priorities and is exploring other options in the Indian insurance market. While discussions are at an early stage, there is no formal proposal before Bajaj Finserv’s Board or its insurance subsidiaries at this time.
Allianz has reassured Bajaj Finserv of its commitment to a smooth transition should it decide to exit, ensuring that the interests of policyholders, business partners, employees, and stakeholders are safeguarded.
Bajaj Finserv has built a robust presence in the Indian insurance market alongside Allianz, and while Allianz remains committed to India, it is considering new strategic directions.