Axa Acquires Majority Stake in Prima Assicurazioni for €500M to Bolster Motor Business in Italy

Axa has agreed to buy a majority stake in Italian car insurer Prima Assicurazioni for €500 million, nearly doubling the size of its motor business in the country. The purchase is part of Axa's strategy to strengthen its core business after the sale of its asset management arm. Prima Assicurazioni has 4 million clients across Europe and was backed by Goldman Sachs, Blackstone, and Carlyle Group. The deal is expected to be completed by the end of the year.

AXA has announced the acquisition of a majority stake in Italian car insurer Prima Assicurazioni, with an investment of €500 million. The deal, expected to be completed by the end of the year, aims to significantly enhance AXA's position in Italy and bolster its direct distribution channel. The acquisition is part of AXA's broader strategy to strengthen its core business following the sale of its asset management arm [1].

Prima Assicurazioni, founded in 2015, has grown to become a leading direct insurance player in Italy, with a market share of approximately 10% in the retail motor segment. The company's proprietary technology platform and strong data analytics capabilities have enabled it to achieve a combined ratio of 90% in 2024. With this acquisition, AXA expects to nearly double the size of its motor business in Italy and strengthen its direct distribution capabilities across Europe [2].

The deal involves AXA taking a 51% stake in Prima Assicurazioni for €500 million. The remaining 49% will be held by minority stakeholders, with call/put options granted to AXA and the minority stakeholders with an exercise price tied to Prima's earnings. The total consideration represents an expected price-to-earnings multiple of around 11x [1].

The acquisition is expected to have a minor impact on AXA Group's Solvency II ratio, with an estimated -6 points impact upon closing, related to the €500 million cost for a 51% share, plus the net present value of the cost of acquiring the remaining 49% minority stake in 2029 or 2030 through the put/call option agreements [1].

AXA's Chief Executive Officer, Thomas Buberl, expressed his excitement about the acquisition, stating that it will not only significantly enhance AXA's position in the Italian P&C market but also bring capabilities to strengthen its direct business in European markets. He is confident that together with the Prima team, AXA can further scale its direct business, expanding its market reach to customer segments that naturally complement those served by its traditional distribution channels [2].

The acquisition of Prima Assicurazioni is part of AXA's broader strategy to consolidate its position in the insurance industry, following the sale of its asset management arm. With this move, AXA aims to capitalize on the growing demand for direct insurance services from digitally savvy and price-sensitive customers [1].

References:
[1] https://www.marketscreener.com/news/axa-announces-the-acquisition-of-prima-a-leading-direct-insurance-company-in-italy-ce7c5fd2da8ff42d
[2] https://www.bloomberg.com/news/articles/2025-08-01/axa-to-buy-majority-in-italian-insurer-prima-for-500-million