Allianz to sell its stake in its Indian joint ventures

Allianz has signed an agreement with Bajaj Finserv to sell its 26% stake in each of the Indian joint ventures Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company.

The transaction is valued at a total of 2.6 billion EUR (2.8 billion USD), and remains subject to regulatory approval.

Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company were established in 2001 as joint ventures between the Indian Bajaj Finserv Group and Germany's Allianz. The sale agreement marks the end of a long-standing collaboration.

The German group intends to explore new opportunities to consolidate its presence in India.