Allianz completes the divestment of first major tranche in joint ventures with Bajaj

Allianz SE (Allianz) today announced the completion of the sale of 23 percent of the shares in the two joint ventures, Bajaj General Insurance Company and Bajaj Life Insurance Company, to the Bajaj Promotor Group (Bajaj) for a gross consideration of approximately 2.1 billion euros (updated for current exchange rates). Allianz expects to complete the sale of the remaining stake of 3 percent until 2Q 2026.

Allianz’s and Bajaj’s partnership, initiated in 2001, has been a remarkable example of growth and joint success. Nevertheless, Allianz’s ability to operate in the Indian market remained limited due to its minority position in the joint ventures. The decision to divest is the result of constructive and amicable talks with Bajaj and Allianz is grateful for the smooth approval process with the relevant authorities since the announcement.

India remains an important growth market for Allianz, with a strong ambition to continue serving its dynamic and rapidly expanding insurance sector also in the future. As announced on July 18, 2025, Allianz, through its wholly-owned subsidiary Allianz Europe B.V., and Jio Financial Services Limited (JFSL) have entered into a binding agreement to form a 50:50 domestic reinsurance joint venture and into a non-binding agreement for setting up equally owned joint ventures for both general and life insurance businesses in India.

Allianz will consider options for the redeployment of the proceeds that align with the company’s strategic priorities. This will include investments into our new joint ventures in India.

Anticipated financial effects are updated for movement in exchange rates compared with the March 2025 announcement. Allianz expects to recognize a non-operating IFRS gain of approximately 1.1 billion euros from this transaction in its 1Q 2026 results and anticipates a positive impact of approximately 5 percentage points on its Group Solvency II ratio. Over the course of 2026, Allianz plans to use the IFRS gain for investments into strategic growth and productivity initiatives, and the realization of losses to accelerate reinvestment of fixed income instruments into higher yields. These actions will have a positive impact on future profitability and will create options for the future.

About Allianz

The Allianz Group is one of the world’s leading insurers and asset managers serving private and corporate customers in nearly 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 761 billion euros* on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.9 trillion euros* of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2024, over 156,000 employees achieved total business volume of 179.8 billion euros and an operating profit of 16.0 billion euros for the Group.

* As of September 30, 2025.