Insurance sector sees record Rs 38,000 crore worth of deals in 2 weeks

The past fortnight saw a slew of big-ticket deals in the insurance sector, with the biggest of them being a Rs 24,180 crore acquisition by Bajaj Allianz

The insurance industry has witnessed a wave of deals over the past two weeks, with transactions totaling more than Rs 38,000 crore. The biggest among them is the Bajaj Group's acquisition of Allianz's stake in their two insurance joint ventures for Rs 24,180 crore. Meanwhile, Patanjali has entered the insurance sector by acquiring a stake in Magma General Insurance from Adar Poonawalla. In another major deal, IndusInd International Holdings Ltd (IIHL) completed its acquisition of Reliance Capital, which owns two insurers — Reliance Nippon Life Insurance and Reliance General Insurance. Separately, the UK-based Prudential Group has partnered with HCL Group to establish a standalone health insurance company.