Allianz exits majority of Bajaj insurance JVs

Allianz has completed the sale of a 23% stake in its Indian joint ventures—Bajaj General Insurance Company and Bajaj Life Insurance Company—to the Bajaj promoter group for approximately €2.1 billion, marking the first major tranche of its planned exit.

The divestment follows Allianz’s March 2025 announcement to sell its 26% holdings in stages, with the remaining 3% stake expected to be sold by 2Q 2026. The partnership with Bajaj dates back to 2001, but Allianz said its minority position limited its ability to operate and scale in the Indian market.

Despite the exit, India remains a strategic priority for Allianz. In July 2025, the group announced plans with Jio Financial Services Limited to form a 50:50 domestic reinsurance joint venture, alongside non-binding agreements to establish equally owned general and life insurance ventures.

Allianz expects to recognize a non-operating IFRS gain of about €1.1 billion in 1Q 2026 from the transaction, with a roughly five-point boost to its Group Solvency II ratio. The insurer said proceeds will be redeployed toward strategic growth initiatives, including investments tied to its new India ventures.