AXA becomes exclusive insurance provider for Africa Internet Group

As the result of a transaction worth more than $85 million, global insurance provider AXA became the exclusive insurance products and services provider for e-commerce firm Africa Internet Group (AIG) Tuesday.

Under the terms of the agreement between the two companies, AXA will also own about 8 percent of AIG's capital.

AIG's extensive portfolio of mobile platforms includes Jumia, Africa's largest online shopping site.

“Internet is creating unparalleled opportunities for consumers and businesses in Africa to connect and do business in a new way," Sacha Poignonnec and Jeremy Hodara, founders and co-chief executive officers of Jumia and AIG, said. "We continue to be very excited about the growth prospects of Jumia and this new partnership will enable us to capture them." 

Denis Duverne, deputy CEO of AXA, said the partnership is indicative of "AXA's long-term commitment toward the African markets and represents another step in our development on the continent."

"Africa is home to some of the most dynamic and promising insurance markets in the world and our partnership with Africa Internet Group will enable us to accelerate materially our development by having access to their rich customer base and to their state-of-the-art e-commerce technology," Duverne said. "Going forward, we aim to enable African consumers to better access insurance solutions to create sustainable financial well-being throughout their lives and those of their dependents."