India : Allianz is committed to India. It aspires to make deeper capital infusion and integration of global expertise to achieve the government`s vision of Insurance for All by 2047, bringing in greater security and peace of mind to individuals, communities, and businesses.
Towards this, today, Allianz SE entered into binding share purchase agreements with Bajaj Finserv Ltd. to sell its 26% stake in its successful non-life and life joint ventures – Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company – to the Bajaj Group for a total consideration of EUR ~2.6bn[1]. Allianz may receive the proceeds in several tranches.
The decision to sell is the result of constructive and amicable talks with Bajaj Finserv Ltd. India continues to be one of Allianz`s growth markets, and Allianz will explore new opportunities that strengthen its position in the market and expand its potential to serve not only as an investor but also as an operator.
As the proceeds become available, Allianz will consider options for their deployment that support the company`s strategic ambitions, in particular the reinvestment of sale proceeds into potential new opportunities in India.
The transaction is subject to obtaining necessary regulatory approvals, which are expected to take a number of months. Upon the transfer of shares and the cessation of Allianz being a promotor of the joint ventures, also the joint venture agreements between Allianz SE and Bajaj Finserv Ltd. will be terminated.