Lagos - Axa, the French insurer, described the entry into the Nigerian market as a unique opportunity that would enhance its growth plans.
On Friday, the company reported it had acquired a majority stake in Mansard Insurance plc, thereby further strengthen its presence in Africa and become the fourth biggest player in the local insurance industry.
AXA entered into an agreement to acquire 100 percent of Assur Africa Holdings which holds a 77 percent stake in the composite insurance company, Mansard.
Also Read:Insurance scheme finally makes payments
"This acquisition is a unique opportunity for AXA to enter the largest African economy with leading positions in all business lines and to get exposure to the fast-growing Nigerian retail insurance market. AXA will benefit locally from the knowledge of an experienced and successful management team and from a profitable platform.
"Thus, this transaction represents a further step in our acceleration strategy, which is at the heart of our Ambition AXA plan, and is in line with our belief that insurance is instrumental to foster economic development, by providing communities with protection and risk management expertise,” stated Denis Duverne, Deputy Chief Executive Officer of AXA.
That the Nigerian insurance market is the third largest in Africa and highly underpenetrated buoyed AXA’s investment.
AXA´s presence in Africa consists today of operations in Cameroon, Gabon, Ivory Coast, Morocco, Senegal as well as greenfield operations in Algeria.
- CAJ News