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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Allianz deal brings little cheer for Bajaj Finserv’s shareholders
Subscribe to enjoy similar stories. The Bajaj Group and Allianz SE are finally parting ways after 24 years. Bajaj will buy Allianz's 26% stake in its insurance business: Bajaj Allianz General Insurance Co.
Ltd and Bajaj Allianz Life Insurance Co. Ltd. Based on the price to be paid of ₹13,780 crore for the general insurance stake and ₹10,400 crore for the life insurance stake, the valuation of the two businesses works out to ₹53,000 crore and ₹40,000 crore.
The structure of the deal involves Bajaj Finserv and Bajaj Holdings buying out about 1% and 20%, respectively, with the rest to be bought by Jamnalal Sons. The Street’s reaction to the deal is muted, with shares of Bajaj Finserv and Bajaj Holdings remaining almost flat to negative. After the transaction, Bajaj will get full ownership of the general and life insurance businesses.
However, this may not persist for long as the management has discussed the possibility of listing both businesses in the future. But does it need capital to grow? On the contrary, as against the regulatory requirement of solvency ratio (similar to capital adequacy ratio) at 150%, the measure for Bajaj Allianz General and Bajaj Allianz Life is significantly higher at 300% and 369%, respectively. In fact, a very high solvency ratio or excess capital pushes down the return on equity.
The valuation of Allianz’s stake acquisition has to be evaluated separately for non-life and life businesses, as both have different valuation parameters. Bajaj Allianz General and Bajaj Allianz Life can be compared with rivals ICICI Lombard General Insurance Co. Ltd and ICICI Prudential Life Insurance Co.
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21.05 / 10:17
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Subscribe to enjoy similar stories.Pain is invisible; the sufferer has to make noise for it to be acknowledged, treated or accepted. Mumbai-based artist Koshy Brahmatmaj, 34, lives with chronic endometriosis, a painful condition that afflicts millions of women around the world.
21.05 / 10:17
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21.05 / 10:17
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RK Swamy bets on integrated advertising model as global agency giants split media and creative
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21.05 / 09:47
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FPIs exit Korea & Taiwan: Is India ready for the flow rotation?
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21.05 / 08:45
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