France-based AXA has completed the acquisition of 100% stake in Assur Africa Holdings (AAH), for EUR198m.
AAH owns 77% interest in the Nigeria-based composite insurance company Mansard Insurance, which carries out operations in both property & casualty and Life & Savings sectors.
AXA plans to include the acquired operations within the Mediterranean and Latin American region.
The acquisition will allow AXA to enter the Nigerian market, while Mansard will be benefitted through the former’s extended distribution knowledge and product skills to accelerate its development and leverage its competitive advantages.
Established in 1989, Mansard is a composite insurer in the Nigerian market with two thirds of its revenue from commercial lines and has been developing successfully its retail business.
The company has reported GWP of NGN13.6bbn (EUR64.3m) in 2013, while it achieved a GWP growth of 22% per annum on average from 2010 to 2013.
AXA entered into the deal at the end of November.
At the time of announcing the agreement, AXA deputy CEO Denis Duverne said: "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."
Image: Building of AXA in Utrecht. Photo: courtesy of neushorn.