Eustacia Ltd Acquires AXA Mansard Pensions

AXA Mansard Insurance plc, has announced the sale of its subsidiary, AXA Mansard Pensions Limited.

The divestment which was disclosed on Saturday, followed Shareholders’ approval of the deal at the Company’s Extra Ordinary General Meeting on February 13 this year.

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The Company Secretary, Omowunmi Mabel Adewusi, said in a statement seen by THE WHISTLER.

AXA Mansard Insurance said, “Upon completion of a bid process, Eustacia Limited (a member of the Verod Group) was selected as the preferred bidder.

“The company is confident about Verod’s strong commitment to providing the Company with the requisite support to actualize its promise to  clients and stakeholders.”

The Company said it agreed with the Minority Shareholder in the sale and purchase agreement with Eustacia Limited to divest the entire issued ordinary share capital of AXA Mansard Pensions comprising of 60 per cent shareholding (2,067,672,000 shares) held by AXA Mansard Insurance plc.

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The insurance company said that another 40 per cent shareholding  of 1,378,448,000 shares held by the minority Shareholder were inclusive.

According to AXA Mansard Insurance, the completion of the divestment is still subject to the final approval of the National Pension Commission.

The company further noted that the divestment has received letters of No Objection from the National Insurance Commission, National Pension Commission, and the Federal Competition and Consumer Protection Council.

On the divestment, Mr. Kunle Ahmed, Chief Executive Officer, AXA Mansard Insurance Plc said, “This transaction marks a new step in AXA´s broader strategy to focus on and grow our Life, Property & Casualty and Health businesses across all its geographies.”

He said the move would ideally place the company to capture the opportunities in its core product in Health Insurance, Property and Casualty and Life Insurance.

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He said the parent company plans to capitalize on our successes to further build our capabilities and continue to deliver the best offers and services to our customers.

Eric Idiahi, Partner at Verod, said, “We strongly believe that this is the ideal time to enter the market and that AXA Mansard Pensions provides an excellent head from which to establish a consolidated position and gain market share.”

Idiahi said the  National Pension Commission has continued to demonstrate strong commitment to raising the industry’s standards, as well as driving pension penetration rates in the short to medium term.

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