AXA completes the acquisition of Nobis Group

AXA announced today that it has completed the acquisition of Gruppo Nobis (Nobis).

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, in line with the announcement made upon signing** of the agreement.

The transaction will result in an impact of -1 point on AXA Group’s Solvency II ratio in the second quarter of 2025, in line with the expected impact announced at signing.

About 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 0.6 billion of gross written premiums and net income of Euro 34 million*** in 2024.

About AXA Italy

AXA Italy reported**** gross written premiums of Euro 6.2 billion and underlying earnings of Euro 0.2 billion in 2024, mainly across Retail P&C and L&S. The company sells its products through a wide network of agents, a bancassurance partnership and direct channels.

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

** Announcement made on August 1, 2024.

*** In local GAAP.

**** Full Year 2024, as reported under IFRS17/9 standards.