Bajaj Finserv News: Bajaj Group's long-time partner Allianz is going to exit its life and general insurance business. The company announced a day earlier on March 17 that it has signed share purchase agreements worth Rs 24180 crore to buy 26% stake of Allianz SE in insurance joint ventures Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance Company. Now CNBC-TV18 has received information from sources that after Allianz's exit, Bajaj Finserv is not looking for any new partner. Apart from this, the company can also consider listing its life and general insurance business.
At what price was the agreement made?
Bajaj Group has signed an agreement to buy Allianz's stake. According to information given in the exchange filing, Bajaj Group will pay Rs 13,780 crore for holding in Bajaj Allianz General Insurance and Rs 10,400 crore for holding in Bajaj Allianz Life Insurance Company. Thus, the 24-year-old partnership between Bajaj Group and Allianz is coming to an end and this financial year will be their last partnership.
What next for Bajaj Finserv and Allianz?
Bajaj Finserv CMD Sanjeev Bajaj said that Bajaj and Allianz have had a wonderful journey and maintained excellent solvency margins and together raised premiums of more than Rs 40,000 crore. Now, regarding the future, Sanjeev Bajaj says that the advantage of having sole ownership in both the companies will be taken and growth will be accelerated. Allianz says that it will invest more capital in India with the goal of providing insurance to all by the year 2047. German company Allianz says that the money received from selling stake in the joint venture with Bajaj will be used to consider investing in new opportunities in India itself.
