French insurer AXA has more than doubled its stake in Tecis, the fast growing German financial services provider, the Financial Times has reported.
The newspaper said the insurer, which has been looking to increase its distribution power in the German market, had increased its holding in Tecis from around 5% to 10.02%.
It reported AXA executives as saying the purchase had been made for "investment purposes".
It added that AXA was one of Tecis's main insurance partners.
