par AXA (EPA:CS)
AXA expands its Retail P&C operations in Italy with the acquisition of Nobis Group
Paris, August 1st , 2024
AXA expands its Retail P&C operations in Italy
with the acquisition of Nobis Group
AXA announced today that it has entered into an agreement to acquire Gruppo Nobis (“Nobis”).
Nobis is a predominantly Retail P&C insurance company in Italy, benefiting from a well-diversified distribution network, that includes multi-tied agents and car dealer partnerships. Nobis reported[1] Euro 0.5 billion of gross written premiums and net income of Euro 35 million in 2023.
Under the terms of the transaction, the upfront consideration for the acquisition will amount to Euro 423 million, with a potential earn-out[2] of up to Euro 55 million. Based on the full consideration, the price-to-earnings multiple is ca. 11x, including expected synergies. Upon closing, the transaction is expected to result in an impact of -1 point on AXA Group’s Solvency II ratio.
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The acquisition will further diversify our distribution channels, particularly through long-term agreements with car dealerships within the Nobis network, supporting profitable growth. By leveraging Nobis' network and expertise, AXA Italy expects to improve its market position in P&C from #5 to #4, gaining ca. 1 point of market share.
“This acquisition will further strengthen our position in the Italian P&C market, adding scale as well as distribution capabilities to our business. AXA Italy, together with the management team of Nobis, is very motivated to make this acquisition a success, as we are confident that the combination of Nobis with our dynamic Italian business will create both growth and innovation opportunities within our organization”, said Patrick Cohen, Chief Executive Officer of AXA European Markets & Health.
The completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to take place before the end of first half of 2025.
About AXA Italy
AXA Italy reported1 gross written premiums of Euro 5.0 billion and underlying earnings of Euro 155 million in 2023, mainly across Retail P&C and L&S. The company sells its products through a direct channel, wide network of agents and bancassurance partnership.
ABOUT THE AXA GROUP The AXA Group is a worldwide leader in insurance and asset management, with 147,000 employees serving 94 million clients in 50 countries. In 2023, IFRS17 revenues amounted to Euro 102.7 billion and IFRS17 underlying earnings to Euro 7.6 billion. AXA had Euro 946 billion in assets under management, including assets managed on behalf of third parties, as of December 31, 2023. The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA’s American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY. The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD. It is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment. This press release and the regulated information made public by AXA pursuant to article L. 451-1-2 of the French Monetary and Financial Code and articles 222-1 et seq. of the Autorité des marchés financiers’ General Regulation are available on the AXA Group website (axa.com).
| FOR MORE INFORMATION: Investor Relations: +33.1.40.75.48.42 investor.relations@axa.com Individual Shareholder Relations: +33.1.40.75.48.43
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