Allianz SE has completed a major change in how it operates in India after selling most of its stake in two long-standing insurance joint ventures with the Bajaj Group.

The insurer said it has sold 23% of its shares in Bajaj General Insurance Company and Bajaj Life Insurance Company to the Bajaj Promoter Group for a gross amount of about €2.1 billion, based on current exchange rates. Allianz expects to sell its remaining 3% stake by the second quarter of 2026.

The sale follows discussions between the two partners and the completion of regulatory approvals. Allianz said its minority ownership in the joint ventures, which began in 2001, limited how much it could operate in the Indian market, leading to the decision to exit the partnerships.

Despite the divestment, Allianz said India remains an important growth market. The company plans to continue operating in the country through new joint ventures under a different structure.

On July 18, 2025, Allianz announced that its wholly owned subsidiary, Allianz Europe B.V., had entered into a binding agreement with Jio Financial Services Limited to form a 50:50 domestic reinsurance joint venture in India. The two companies also signed a separate, non-binding agreement to explore equally owned joint ventures for general and life insurance businesses.

Allianz said it will review how to use the proceeds from the Bajaj sale in line with its strategic priorities, including possible investments connected to the newly announced joint ventures in India.

The company also updated its expected financial impact to reflect changes in exchange rates since its March 2025 announcement. Allianz expects to record a non-operating IFRS gain of about €1.1 billion from the transaction in its first-quarter 2026 results.

During 2026, Allianz plans to use the IFRS gain for investments in growth and productivity initiatives, as well as actions related to its fixed income portfolio, which the company said are expected to support future profitability and provide financial flexibility.