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* 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** 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.

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.

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.

*Under IFRS.

**The earn-out payments are conditional on the achievement of revenue targets, over the five-year period after closing of the transaction.