Diversified financial services group Bajaj Finserv Ltd has announced the rebranding of its insurance businesses as Bajaj General Insurance and Bajaj Life Insurance, marking a significant milestone in the journey of its insurance businesses.

The transition follows after the execution of the share purchase agreement (SPA), signed by the Bajaj Group early this year to acquire Allianz SE’s 26% interest in its general and life insurance joint ventures, taking the Bajaj Group’s ownership to 100% from the current 74%.

The rebranding unveils a new identity and campaign -- ‘100% Bajaj. Made in India. Made for India. Made by India’ -- signifying the Bajaj Group’s renewed commitment to shaping the future of insurance in India.

Sanjiv Bajaj, Chairman & Managing Director, Bajaj Finserv, said: “The rebranding goes beyond a mere change of name. It brings to life Bajaj Finserv’s vision of giving wings to every Indian to fulfil their aspirations, while remaining financially protected. At the core lies our belief in building responsible businesses that are ‘Made in India. Made for India. Made by India’. This is a defining moment in the strategic transformation of both our insurance businesses. The journey towards being ‘100% Bajaj’ reaffirms our long-standing commitment to supporting the nation’s growth and making financial protection accessible and inclusive for all. We thank the regulators and all authorities for their support.”

The Bajaj Group has received all requisite regulatory approvals, including approvals from the Registrar of Companies, Competition Commission of India and the Insurance Regulatory and Development Authority of India. The company says the acquisition of shares in accordance with the terms of the SPA, is expected to be completed in the coming months, making both insurance entities wholly owned by the Bajaj Group.

The joint venture agreements between the Bajaj Group and Allianz SE in respect of insurance businesses will stand terminated upon the completion of the initial first tranche of acquisition of at least 6.1% and the reclassification of Allianz from being a promoter to an investor.

In March this year, Bajaj Finserv had signed a definitive agreement to acquire the 26% stake held by Allianz SE in its insurance businesses—Bajaj Allianz General Insurance Company (BAGIC) and Bajaj Allianz Life Insurance Company (BALIC)—for a total amount of ₹24,180 crore.

Bajaj Finserv is one of India’s leading promoters of financial services businesses with consolidated revenue of over ₹1,33,822 crore ($15.66 billion) for FY2024-25.