AXA to acquire Gruppo Nobis for €423m

AXA has entered into an agreement to acquire Gruppo Nobis for an upfront payment of €423 million, with a potential additional earn-out of up to €55 million.

Nobis is a predominantly Retail property and casualty (P&C) insurance company in Italy, with a diverse distribution network that includes multi-tied agents and car dealer partnerships. In 2023, Nobis reported €0.5 billion in gross written premiums and €35 million in net income.

This acquisition will enhance AXA’s 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 fifth to fourth place.

Patrick Cohen, Chief Executive Officer of AXA European Markets & Health, said, “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 organisation.”

The transaction is expected to be completed before the end of first half of 2025, subject to customary closing conditions.

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