AXA insurance invests $84 million in Jovago to own 8 percent stake in AIG

Yesterday, French insurance giant and a world leader in insurance and assets management, AXA, announced that it invested $84 million in Jovago and its mother company, the Africa Internet Group (AIG). This investment is a partnership that will further ensure the expansion and strengthening of Jovago businesses in major cities across Africa and Asia.

“It’s amazing for Jovago to partner with such a strong group as AXA who will allow us to strengthen our ability to build the first platform for travellers in Africa. Jovago wants to break the barriers to travel and make the processes involved easier and affordable on the continent. The support of AXA will be key to succeed,” said Paul Midy, CEO of Jovago.

This partnership will allow AXA insurance become one of the four shareholders of AIG along with MTN, Rocket Internet and Millicom. It would also become an AIG exclusive provider of insurance products and services as it builds on the strength of AIG companies. AXA will provide insurance products and services in the African market through Jumia, one of AIGs companies.

“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 dependants,” said Denis Duverne, the Deputy CEO of AXA.

AIG is Nigerian-owned and the largest e-commerce company on the continent. It is also the holding company for Africa’s fast -growing online retail startup, Jumia, operating in 11 countries

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