AXA announced on the 8th of November that it had completed the acquisition of 100% of Assur Africa Holdings, which holds a 77% stake in the composite insurance company Mansard Insurance plc, for a total consideration of €198 million ($245m). Through the acquisition of a majority stake in Mansard Insurance plc, AXA would further strengthen its presence in Africa and would become the #4 insurance player in Nigeria.
In a statement to the press Denis Duverne, Deputy Chief Executive Officer of AXA explained –
‘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.’
Nigeria is the largest economy in Africa, with a nominal GDP of Euro 378 billion in 2013, and the most populous country in Africa, with a population of 174 million inhabitants. Founded in 1989, Mansard is the #4 insurance provider in Nigeria with operations in both Property & Casualty and Life & Savings. The company is well established in commercial lines, which represents nearly two thirds of its revenues, and has been developing successfully its retail business, achieving a growth of ca. 40% per annum on average over the past three years.