November 23, 2020

EastAfrica Herald

East African Views on Global News.

Jumia and AXA to Provide Online Insuarance Services


Africa Internet Group (“AIG”), a leading e-commerce group in
Africa, and AXA, a worldwide leader in insurance and asset management, today
announced a partnership whereby AXA will become the exclusive provider of
insurance products and services through Jumia and other AIG online and mobile
platforms in Africa. Going forward, AXA’s African insurance companies plan to
propose custom-made insurance products to Jumi and AIG’s
e-commerce client base through its ecosystem of marketplaces and classifieds

As part of the partnership, AXA will also become a
shareholder of AIG, along with MTN, Rocket Internet and Millicom. AXA and Jumia
view Africa as a fast developing market for financial services and insurance
products, benefitting from strong fundamentals such as low penetration rates,
rise in middle class, urbanization as well as the youth of its population.
“Internet is creating unparalleled opportunities for consumers and businesses
in Africa to

connect and do business in a new way. We continue to be very
excited about the growth prospects of Jumia and this new partnership will
enable us to capture them,” said Sacha Poignonnec and Jeremy Hodara, founders
and co-CEOs of Jumia and AIG. “We expect Africa’s e-commerce and online
businesses to develop rapidly as a result of the strong growth of the middle
class coupled with the increasing mobile phone and internet penetration.
With Rocket Internet’s extensive background in online
business models, MTN as leading mobile carrier with its broad African presence,
and now the partnership with AXA in insurance products and services, we are in
a great position to continue to innovate and connect businesses to the fast
growing consumer demand.” “This transaction confirms AXA’s long-term
commitment towards 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. 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”, added Denis
Duverne, Deputy CEO of AXA. As a result of the transaction, AXA will invest Euro
75 million and own approximately 8% of the capital of AIG. Completion of the
transaction is subject to customary closing conditions, including the closing
of the previous investment round, and is expected to take place in the first
quarter of 2016
The additional capital contributed by AXA will further
strengthen the balance sheet and support AIG’s continued growth. Jumia, AIG’s
main subsidiary, is currently present in 11 African markets and grew its
transaction volume (GMV) by 265% during first 9 months of 2015 to reach Euro
206 million. Jumia is part of broader ecosystem of services providing
opportunities for local African businesses to do business with the fast-growing
African consumers and middle class.
Other services include Kaymu, a leading online shopping
community, as well as leading marketplaces in food delivery (Hellofood), travel
(Jovago) and leading classifieds in real estate (Lamudi), jobs (Everjobs) and
cars (Carmudi). 

About Jumia & Africa Internet Group
Jumia is Africa’s leading online shopping
destination with a presence in 11 countries. Since launching in 2012, the
company has transformed the way that African consumers shop by offering them
the opportunity to buy everything from fashion items to consumer electronics to
home appliances all online. Jumia is part of a larger ecosystem of companies
supported by Africa Internet Group (AIG), a leading internet company in Africa
with a network of companies including Carmudi, Easy Taxi, Everjobs, hellofood,
Jovago, Jumia, Kaymu, Lamudi, Vendito and Zando across 23 African countries.

About AXA
The AXA Group is a worldwide leader in
insurance and asset management, with 161,000 employees serving 103 million
clients in 59 countries. In 2014, IFRS revenues amounted to Euro 92.0 billion
and IFRS underlying earnings to Euro 5.1 billion. AXA had Euro 1,277 billion in
assets under management as of December 31, 2014. The AXA ordinary share is
listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR
0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA’s American Depository
Share is also quoted on the OTC QX platform under the ticker symbol AXAHY.
The AXA Group is included in the main international SRI
indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD. It is a
founding member of the UN Environment Programme’s Finance Initiative (UNEP FI)
Principles for Sustainable Insurance and a signatory of the UN Principles for
Responsible Investment.