AXA Expands Retail P&C Operations in Italy with Nobis Group Acquisition

AXA announced an agreement to acquire Gruppo Nobis, a retailer in the P&C insurance sector in Italy. Nobis offers a diversified distribution network, including multi-tied agents and car dealer partnerships. In 2023, Nobis reported gross written premiums of €0.5 billion and a net income of €35 million.

The acquisition cost is €423 million upfront, with a potential earn-out of up to €55 million. The acquisition is expected to impact AXA Group’s Solvency II ratio by -1 point. The deal aims to diversify AXA's distribution channels and gain market share, improving its position from fifth to fourth in the Italian P&C market.

Patrick Cohen, CEO of AXA European Markets & Health, expressed confidence in the acquisition, emphasizing the growth and innovation opportunities it will bring. The transaction is subject to regulatory approvals and is expected to close in the first half of 2025.