Mediterrania Capital Partners (MCP) has announced an investment in AFG Assurances, the insurance division of Atlantic Group, a pan-African group founded by Ivorian entrepreneur KONE DOSSONGUI.
The transaction, completed in Abidjan, aims to support AFG Assurances’ next phase of development in French-speaking Africa. This investment will support the company’s growth plan.
MCP’s investment is intended to double AFG Assurances’ network, bringing it to fourteen insurance companies. It will also strengthen its bancassurance model and help reduce the protection gap for households and small businesses. AFG Assurances, which has grown through acquisitions and the establishment of subsidiaries, currently operates seven life and non-life insurance companies in West Africa, Central Africa, and the Indian Ocean region.
The insurance market in the CIMA region, which comprises 14 countries and more than 200 million people, offers considerable potential. The insurance penetration rate there is around 1.5%, or nearly half the average for sub-Saharan Africa. Between 2018 and 2024, this market grew by an average of 9% per year to reach approximately 2.9 billion euros in premiums, driven by urbanization and the rise of the middle class.
Keep up with the latest headlines on WhatsApp | LinkedIn
This investment is strategic for AFG Assurances, enabling it to accelerate its expansion through organic growth, entry into new markets, and targeted acquisitions. For investors, it underscores Mediterrania Capital Partners’ conviction in the growth potential of the insurance sector in French-speaking Africa. The partnership also aims to promote financial inclusion by expanding access to formal insurance for individuals and businesses.
The development plan calls for the creation of five new subsidiaries, targeted acquisitions, and capital increases to support the growth and financial strength of existing subsidiaries. Atlantic Group, which has been operating for over 40 years in some 20 countries, is active in financial services, industry, and mining. This partnership marks a pivotal milestone for the group’s insurance division.
Key Takeaways
Mediterrania Capital Partners’ investment in AFG Assurances underscores the strong conviction among market participants regarding the growth potential of the insurance sector in French-speaking Africa.
The CIMA region, with a population of over 200 million, has an insurance penetration rate of approximately 1.5 percent, which is significantly lower than the sub-Saharan African average, revealing a significant protection gap for households and small businesses. Nevertheless, this market has demonstrated robust growth, expanding by 9% annually between 2018 and 2024 to reach 2.9 billion euros in premiums, driven by factors such as urbanization, the emergence of the middle class, and the growth of mobile money.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
The partnership aims not only to capitalize on this growth by doubling AFG Assurances’ network to fourteen companies, but also to strengthen financial inclusion. By developing bancassurance offerings, digital solutions, and microinsurance, AFG Assurances seeks to reach new customer segments–including first-time policyholders, women, and small businesses–making insurance an essential driver of economic resilience and livelihood protection in the region.