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New Delhi: The financial services group Bajaj Finserv has rebranded its insurance businesses as Bajaj General Insurance and Bajaj Life Insurance.
Earlier, they were known as Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance.
The rebranding follows 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 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," the company said in a release.
It further said the new logo reflects the enduring values the Bajaj Group stands for – trust, fairness to customers, transparency and a deep dedication to supporting the nation’s growth.
"The rebranding goes beyond a mere change of name. It brings to life Bajaj Finserv’s vision of giving wings to every Indian to fulfill 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’," said Sanjiv Bajaj, Chairman & Managing Director, Bajaj Finserv.
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 release stated.
"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," it said.
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 reclassification of Allianz from being a Promoter to Investor.