By Inti Landauro

PARIS--French insurance company AXA SA (CS.FR) bought an 8% stake in Africa Internet Group for 75 million euros ($83.7 million) to gain a foothold in the African insurance market.

As part of the deal, the Lagos-based company will sell AXA insurance products on its websites, the French company said in a statement.

AXA foresees business opportunities in Africa where an emerging middle class is fast developing and is underserved by insurance companies.

-Write to Inti Landauro at inti.landauro@wsj.com

(END) Dow Jones Newswires

February 08, 2016 03:59 ET (08:59 GMT)

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