AXA has strengthened its hold in Germany after buying a significant chunk of Tecis, a financial services firm.
The deal more than doubled its holding from about 5% to 10.2%.
Reports indicated that AXA's chief saw the move as an investment.
However, analysts believed it could have had strategic motives as well.
Managers and founders of Hamburg-based Tecis own about 30% of the firm. This makes it difficult to wrestle control away from the managers without their cooperation.
AXA is already the fourth-largest insurer in Germany.
Last year the company was in talks with Deutsche Bank over a bancassurance deal. But the talks broke down.
The group's strategy in the UK and the composition of the board is discussed on page 6 in an interview with AXA Insurance chief executive Peter Hubbard.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
