AXA SA plans to invest 75 million euros ($84 million) in Africa Internet Group, the Nigerian owner of online businesses including retailer Jumia, as France’s biggest insurer extends its product offering to customers on the world’s least developed continent.
The deal will give the Paris-based company an 8 percent stake in AIG, making it one of the company’s four largest shareholders alongside MTN Group Ltd., Africa’s biggest mobile- phone company, Millicom International Cellular SA and Berlin- based Rocket Internet SE, AIG said in a statement on Monday. The partnership will enable AXA to provide insurance products and services catered to the African market through Jumia, the company said.
“AXA will ensure that customers in different African countries have access to its insurance products,”AIG Chief Executive Officer Jeremy Hodara said in a phone interview. “The offline world, or real world infrastructure in Africa, is simply moving too slowly. You cannot find a real estate company or travel agency or insurance company on every second corner and our online businesses aim to fill that gap.”
–With assistance from Fabio Benedetti-Valentini.