LeapFrog Exits BIMA to Allianz

LeapFrog Investments has sold a major stake in an emerging markets mobile insurer BIMA to Allianz X as part of a $96.6M transaction. The microinsurer currently operates in 14 countries in Asia, Africa and Latin America, BIMA. In fact, one in ten life insurance policies in Ghana are by BIMA, whilst in Cambodia, BIMA became the largest life insurance provider within just one year of launching .  This has been achieved by partnering with mobile operators with vast customer bases such as Millicom, Digicel, Axiata and Vodafone. To-date the company has sold 30 million insurance policies.

“We knew early on that emerging markets and financial services could be transformed by mobile technology and data. BIMA is a stellar example of a digital financial services firm that has scaled quickly and profitably. We are proud to have supported management in their incredible journey to develop an emerging consumer insurance footprint that is unmatched in the industry. The investment from one of the world’s great companies recognizes this success and cements our conviction that BIMA has a bright future” – Partner at LeapFrog Investments, Stewart Langdon.

LeapFrog supported BIMA’s growth over the past four years through specialist capabilities such as product design and market expansion. Notably, LeapFrog worked with BIMA to co-develop the company’s first health insurance product, as well the roll-out of its pioneering telemedicine consultation service, now used by more than one million subscribers in Ghana and Bangladesh.

“Mobile technologies have fundamentally reshaped the future of financial services, creating an infrastructure to reach billions of first-time consumers in emerging markets. BIMA has demonstrated the potential of this model to impact the lives of millions of people, providing essential services that enable their rise into prosperity. We exist to back companies like BIMA, fueling an economic transformation in Africa, Asia and Latin America” – founder and CEO of LeapFrog Investments, Andrew Kuper.

Over 95% of BIMA’s customers live on under $10 per day, with 75% of BIMA’s total customer base never having previously had access to insurance . “LeapFrog’s strategic support, specialist insight and incredible network were fundamental to our ability to grow sustainably. The LeapFrog team were great allies as we expanded into new territories and develop new financial products for the emerging consumer. It was a true partnership which achieved, as LeapFrog promised, profit with purpose” – cofounder and CEO of BIMA, Gustaf Agartsson.