Allianz Invests $96.6 Million in Insurance Startup

By Nathan AllenFeaturesDow Jones Newswires

Germany's Allianz SE (ALV.XE) said Tuesday it has invested $96.6 million in digital-insurance startup BIMA to become the company's largest shareholder.

BIMA, which was launched in 2010, provides a digital platform that gives low-income families access to insurance products in 14 countries across Africa, Asia and Latin America, Allianz said in a statement. It employs a 3,500-person sales force and has 24 million customers, Allianz added.

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Chief Executive Oliver Baete said the investment will support the group's broader strategy to grow its business in emerging markets.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

December 19, 2017 11:50 ET (16:50 GMT)