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Business News of Friday, 14 February 2020

Source: MyNigeria

Axa Mansard Insurance to divest pension, real estate investments

Axa Mansard Insurance has secured the approval of its shareholders to divest its investment assets in AXA Mansard Pensions Limited and Real Estate Investments to further the company's objectives.

 The insurance firm made this disclosure in a notice filed to the Nigerian Stock Exchange after announcing the resolutions at its Extra-Ordinary General Meeting, which held Thursday, February 13, 2020, in Victoria Island, Lagos.

The Directors of the company were empowered to draw up, sign documents and appoint advisers regarding the matter where necessary. They were also expected to comply with the directives of regulatory authorities to make the aforementioned divestments possible.

AXA Mansard Insurance Plc was incorporated on the 23rd of June, 1989 as a private limited liability company called “Heritage Assurance Limited”. It was issued a composite insurance license by the National Insurance Commission in March 2004.

The company’s name was changed to Guaranty Trust Assurance Limited in September 2004, following the acquisition of a majority shareholding by Guaranty Trust Bank Plc. Later, the company’s name was changed again to Guaranty Trust Assurance Plc in March 2006.

AXA Mansard Insurance Plc functions as a multi-expert asset management company within the AXA Mansard Group. The company is duly registered by the Securities and Exchange Commission of Nigeria as Fund/Portfolio Managers.

In November 2009, the company was listed on the Nigerian Stock Exchange. Guaranty Trust Bank Plc divested from the firm in 2012, following CBN‘s guidelines for banks to either divest from non-banking subsidiaries or form holding companies. Mansard was then bought by Assur Africa Holdings.

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