Bajaj Finserv Limited has submitted a regulatory filing under SEBI Listing Regulation 30 regarding a press release from its material unlisted subsidiary, Bajaj General Insurance Limited (formerly Bajaj Allianz General Insurance Company Limited).
The disclosure concerns a leadership transition at Bajaj General Insurance Limited. The Board of Directors has approved the appointment of Deepak Reddy as CEO Designate effective January 1, 2027. He is scheduled to take charge as Managing Director & CEO on April 1, 2027, subject to approval from the Insurance Regulatory and Development Authority of India (IRDAI).
Dr. Tapan Singhel will continue serving as MD & CEO until March 31, 2027, to ensure a seamless transition. This leadership change is in compliance with IRDAI's regulation that sets a maximum continuous tenure of 15 years for Managing Directors, CEOs, and Whole-time Directors of insurance companies.
Deepak Reddy brings over three decades of experience in financial services, including senior leadership positions at Bajaj Finserv, American Express, Standard Chartered Bank, and MIRC Electronics. He spent 17 years with the Bajaj Finserv group, where he played a key role in building and scaling several businesses. His most recent role within the group involved leading the Rural, Insurance and Gold Loan businesses at Bajaj Finance. He also served as Bajaj Finserv's first Group Head of Human Resources. Immediately prior to this appointment, he was Chief Executive Officer of Manappuram Finance.
Sanjiv Bajaj, Chairman and Managing Director of Bajaj Finserv Limited, commented on the transition, acknowledging Dr. Singhel's role in building Bajaj General Insurance "from its early years as a joint venture to its evolution into a wholly Bajaj-owned company" and expressing confidence in Reddy's ability to lead the company's next growth phase.
Dr. Tapan Singhel reflected on building an organization that "redefine[s] the way insurance is understood, delivered and experienced" and emphasized the company's customer-first philosophy.
The press release also provided background information on Bajaj Finserv Limited, describing it as an unregistered Core Investment Company under RBI directions with consolidated revenue of over ₹1,50,530 crore (USD 15.9 billion) and consolidated profit after tax of over ₹8,800 crore (USD 1 billion) for FY2025-26. The company and its subsidiaries have served over 308 million customers.
Bajaj General Insurance was described as one of India's leading private general insurers with an [ICRA]AAA rating from ICRA Limited, reflecting strong financial strength and stability. The company offers a broad portfolio of insurance products including motor, health, home, pet, wedding, event protection, cyber, and rural insurance, along with corporate products like fire, marine, engineering, liability and surety insurance.