AXA has announced the successful completion of its acquisition of Gruppo Nobis (Nobis), a predominantly retail P&C insurance company based in Italy. The acquisition is valued at €423m, with the potential to increase by up to €55m based on the achievement of specific revenue targets over the next five years.
Nobis, which has a well-diversified distribution network including multi-tied agents and car dealer partnerships, reported €0.6bn in gross written premiums and €34m in net income in 2024. The acquisition strengthens AXA’s position in the Italian retail insurance market, which is a key strategic focus for the group.
“The completion of this acquisition marks an important milestone in our strategy to enhance AXA Italy’s retail insurance capabilities. We are excited about the growth prospects this brings,” said AXA.
The transaction is expected to have a -1 point impact on AXA Group’s Solvency II ratio in the second quarter of 2025, in line with the expected impact announced upon the signing of the agreement in August 2024.
AXA Italy reported €6.2bn in gross written premiums and €0.2bn in underlying earnings for 2024, focusing mainly on retail P&C and Life & Savings (L&S) segments. The company markets its products through a combination of agents, bancassurance partnerships, and direct channels.
Photo by Carlo Giovanni Ghiardelli
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