Bajaj Finserv on October 22 said Allianz has indicated it is "actively considering an exit
from the life and general insurance joint ventures".
"Discussions are at preliminary stage and there is no proposal before the Board of the Company or its insurance subsidiaries in this regard," said Bajaj Finserv in a stock exchange filing.
Bajaj holds a 74% stake in the joint ventures with Allianz.
"The Bajaj Group, through the 74% equity stake held by the Company (Bajaj Finserv Limited) has built two solid businesses in life and general insurance, as joint ventures with Allianz SE which holds the balance 26% stake," said the NBFC.
At 1:30 pm on October 22, Bajaj Finserv's shares were trading nearly 1% lower at Rs 1,743.45 apiece.
"Allianz, in case it exits the joint venture, has committed full support to Bajaj in ensuring a smooth transition to the Bajaj brand keeping in mind the interest of policyholders, business partners, employees and other stakeholders of the insurance companies," added Bajaj Finserv.
The Bajaj Allianz general insurer is the third-largest in the country by gross written premiums, while the Bajaj Allianz life insurer is one of the fastest-growing with assets under management of Rs 1 lakh crore as of March 31, according to exchange filings.
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