Sanjiv Bajaj confirms IPO for both life and general insurance businesses of Bajaj Finserv: Exclusive

Bajaj Finserv Chairman & Managing Director Sanjiv Bajaj has confirmed that both the life and general insurance arms of the company will go public in due course of time, confirming a CNBC-TV18 newsbreak.

In an exclusive interaction with CNBC-TV18 on Tuesday, March 18, Bajaj said that while financial year 2027 will be too early to consider listing both the businesses, the board of both the companies will "seriously consider" going public at a suitable time.

Bajaj also mentioned that both the life and general insurance businesses are fully capable of going solo and that they do not need a new partner now.

On Monday, Bajaj Finserv announced that the company and other promoter entities will acquire 26% stake from Allianz in Bajaj Allianz Life and Bajaj Allianz General Insurance.

Post this deal, Bajaj Finserv and other promoter entities will have a 100% stake in both these companies.

Bajaj Allianz Life Insurance has significantly outgrown the market in the last six to seven years and the company will look to grow with a much higher level of profitability, Bajaj said, adding that he expects both the businesses to grow at higher than industry level rates.

This is a developing story.