The Bajaj Group has submitted a proposal to the Competition Commission of India (CCI) seeking approval to acquire the remaining 26 per cent stake held by German insurer Allianz SE in their joint life and general insurance ventures. According to a media report, the deal is estimated at Rs 24,180 crore, marking the largest transaction in the Indian insurance sector.
Upon approval, Bajaj Group will gain complete ownership of Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company, raising its stake from 74 per cent to 100 per cent. The move also brings an end to a 24-year-long partnership between Bajaj and Allianz, with both groups opting to chart independent growth paths in India's expanding insurance market.
The application for the acquisition has been jointly filed by three Bajaj Group entities—Bajaj Finserv, Bajaj Holdings & Investment, and Jamnalal Sons. The acquisition of Allianz’s stake will be executed in phases. Additionally, Bajaj Finserv aims to acquire Allianz’s 50 per cent stake in Bajaj Allianz Financial Distributors, a joint venture currently operated equally by both companies, in a single tranche.
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Sources noted that the involved companies do not hold dominant market positions and operate within a highly competitive and regulated industry. Bajaj Group has highlighted that the transition to full ownership will not disrupt market dynamics, citing the fragmented nature of the insurance and financial services sectors in India.
Earlier, Bajaj Finserv’s chairman had indicated that the insurance ventures developed in collaboration with Allianz have already achieved over Rs 40,000 crore in premium collections. He expressed confidence that complete ownership would unlock greater value for shareholders. The CCI will now assess the proposal independently before reaching a verdict.
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