AXA, a French Insurance giant, is planning on investing 75 million euros ($84 million) for a 8 percent stake in Africa Internet Group (AIG). AIG is Nigerian-owned and the largest e-commerce company on the continent. AIG is the holding company for Africa’s fast growing online retail startup Jumia that has operation in 11 countries. Jeremy Hodara, AIG’s Chief Executive, said that the investment will enable AXA to provide insurance products and services catered to the African market through Jumia. Africa is reported to have a very low insurance penetration rate of only 3.5 percent which is far below the global average of 6.3 percent.
The investment AXA plans on making ,will push AIG’s valuation to slightly over a billion dollars. AXA will join South Africa’s MTN Group, Millicom International Cellular SA and German-based Rocket Internet to be the top four largest shareholders in AIG.
 

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