Ivorian entrepreneur Koné Dossongui’s AFG Assurances secures investment from Mediterrania Capital    

Ivorian entrepreneur Koné Dossongui’s Atlantic Group has secured an investment from private equity firm Mediterrania Capital Partners in its insurance subsidiary, AFG Assurances, as the financial services group prepares to expand its footprint across Francophone Africa and target millions of households and businesses without formal insurance coverage. 

The investment will support a development programme that aims to increase AFG Assurances’ network from seven to 14 insurance companies through new subsidiaries, acquisitions and capital injections into existing businesses. The partnership also targets stronger distribution through banking channels and wider access to life and non-life insurance products. 

AFG Assurances has built its regional presence over the past decade through acquisitions and the establishment of new subsidiaries. Its operations span West Africa, Central Africa and the Indian Ocean, offering motor, health, life, personal accident, property, industrial risk and third-party liability insurance to individuals and businesses. 

Seven insurers target 14 markets

The insurance group currently operates seven subsidiaries, including businesses in Benin, Cameroon, Comoros, Côte d’Ivoire, Madagascar and Mali. Its companies operate under the regulatory framework of the Inter-African Conference on Insurance Markets, known by its French acronym CIMA, which oversees insurance markets across 14 African countries. 

The group has established positions in retail insurance, particularly motor, health and personal accident coverage. Its affiliation with AFG Bank also gives it access to an existing banking distribution network, creating opportunities to sell insurance alongside financial products and reach customers through bancassurance arrangements. 

The expansion plan includes five new subsidiaries, targeted acquisitions and additional capital for existing operations. Mediterrania Capital will support the group as it strengthens its regional platform, increases its customer base and develops digital and microinsurance products for individuals and smaller businesses.

Francophone Africa’s insurance gap 

The investment targets a market with considerable room for expansion. The 14-country CIMA zone has a combined population exceeding 200 million, but insurance penetration stands at approximately 1.5% of gross domestic product, about half the sub-Saharan African average. 

Despite the low penetration, the market has been growing. Insurance premiums across the region increased by an average of 9% annually between 2018 and 2024, reaching approximately 2.9 billion euros, or $3.2 billion. Urbanisation, a growing middle class and expanding mobile money services have supported demand. 

Health and personal accident insurance already account for AFG Assurances’ largest business line. Working with AFG Bank, the company plans to expand bancassurance, digital distribution and microinsurance, with particular attention to first-time policyholders, women and small businesses that remain largely outside formal insurance markets.

Mediterrania backs regional ambitions 

Maty N’Diaye, a partner at Mediterrania Capital Partners, said the investment reflected the private equity firm’s confidence in the growth prospects of Francophone Africa’s insurance industry. She said AFG Assurances’ existing operations and access to AFG Bank’s distribution network provided a foundation for building a larger regional insurance business. 

Hatim Ben Ahmed, managing partner at Mediterrania Capital, said the partnership would also focus on corporate governance, environmental, social and governance systems, impact management and customer protection standards. The objective is to increase active policyholders while making insurance more accessible to households and businesses. 

Abissa Kouakou Anzoua, chief executive of Atlantic Group, described the investment as a milestone for the insurance division. He said the partnership would accelerate the expansion programme, deepen cooperation with AFG Bank and help deliver affordable insurance products across the group’s markets. 

Dossongui deepens financial services 

Founded in 1978 by Dossongui, Atlantic Group has developed into a pan-African financial and industrial conglomerate through businesses spanning banking, insurance and other commercial activities. AFG Assurances operates under AFG Holding, the group’s financial holding company established in 2006, and represents a key part of its financial services expansion. 

Mediterrania Capital Partners, a private equity firm focused on growth investments in African small and midsize companies, operates from Malta, with offices in Abidjan, Barcelona, Casablanca, Cairo and Mauritius. The firm is led by founder and Chief Executive Albert Alsina. 

Deloitte advised Mediterrania Capital on financial and tax matters, while Asafo & Co. handled legal work and SLR provided environmental, social and governance advice. Atlantic Group received legal advice from Ashurst Perkins Coie UK LLP. The financial terms and size of the investment were not disclosed.