German insurer Allianz and automobile company Bajaj Auto have signed an agreement for their third joint venture partnership, Bajaj Allianz Financial Distributors, hoping to build on the success of their previous joint ventures, Bajaj Allianz Life Insurance and Bajaj Allianz General Insurance, in India.

The decision to establish the new joint venture was driven by demand from customers across the South Asian country, specifically from non-urban markets, to also provide other consumer financial products such as mutual funds, credit cards, home loans and personal loans.

At present, the Bajaj Allianz network has a strong presence in the country, with over 900 offices and over 200,000 agents.

Rahul Bajaj, member of parliament and chairman of Bajaj Auto, said: The new company ‘Bajaj Allianz Financial Distributors’ will also provide quality service to the masses, especially in non-urban areas, where they will now get from us best financial products right at their doorsteps.

Werner Zedelius, member of the board of management of Allianz, added: India is a key growth market for Allianz. Both the insurance companies have performed exceedingly well. The new distribution company will help us strengthen our leadership position in India.