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

(END) Dow Jones Newswires

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