Last year, Bajaj Finserv said that Allianz was considering exiting the joint ventures, ending the long-standing partnership.
In a statement, Allianz said that India remains an important growth market and the company will explore new opportunities in this market.
The German company has tried unsuccessfully to increase its stake in Bajaj's joint ventures, two sources familiar with the situation told Reuters.
One of the sources said that Allianz is exploring the possibility of creating a joint venture with Jio Financial Services, a company part of the Reliance Group, headed by Mukesh Ambani .
Bloomberg first reported on talks about a possible partnership last year.
Source: Reuters
