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Even as a host of insurers like HDFC Life and SBI Life, among others, are readying themselves for public listing, Bajaj Finserv has ruled out any such plans for both of its two insurance subsidiaries Bajaj Allianz Life and Bajaj Allianz General.
"We have not taken any call on the IPO so far. There is no need for us to list either of our two insurance ventures as we are already well-capitalised," Bajaj Finserv managing director Sanjiv Bajaj told PTI.
He also said the company is already in talks with its foreign partners for increasing their stake to 49% in both of the insurance ventures, but added that the companies have not started a valuation process, even though Allianz had entered into an agreement with the Bajajs to increase its stake to 74% in life and 50% in general insurance company, if the law permits them to do so.
The new insurance law allows only up to 49% FDI in both life and non-life ventures, up from 26% earlier.
On the Q1 performance of both the life and general insurance ventures, Bajaj said, "Non-life grew 15% in the first quarter, whereas our new business in life insurance grew 70% and our overall business grew 55% up from 3-4% in the year-ago period."
When asked about the massive attrition of agents from his life insurance company, he said, "There were 1.5 lakh agents four years ago, but it has come down to a low 60,000 now which was deliberate as we wanted ..
