Bajaj Allianz
Allianz 'actively considering exit' from Bajaj insurance joint ventures in India
Mumbai/IBNS: Bajaj Finserv has announced that its joint venture partner, Allianz, is "actively considering" an exit from their life and general insurance ventures.
Allianz currently owns a 26 percent stake in both Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance, with Bajaj Finserv holding the remaining 74 percent.
According to a regulatory filing by Bajaj Finserv, Allianz's decision is driven by its strategic priorities, but the discussions are still in the preliminary stages, and no formal proposals have been presented to the boards of either company.
Despite the possible departure, Allianz has assured that it will facilitate a smooth transition to mitigate any disruptions for policyholders, business partners, and employees.
Bajaj Finserv highlighted its successful collaboration with Allianz in building two robust insurance businesses.
Bajaj Allianz General Insurance is the third-largest insurer in India based on gross written premiums, while Bajaj Allianz Life Insurance has shown significant growth, with assets under management exceeding Rs 1 lakh crore as of March 31.
If Allianz proceeds with the exit, the transition would involve shifting full brand ownership to Bajaj, with Allianz offering its support to ensure continuity.
The focus would be on safeguarding the interests of all stakeholders, including policyholders and employees.
Although Allianz has not provided details on its future plans, it reaffirmed its commitment to the Indian insurance sector.
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