AXA Closes in on?1 Billion Deal to Acquire Prima Assicurazioni

AXA SA is reportedly close to acquiring Italian car insurer Prima Assicurazioni S.p.A. for approximately €1 billion ($1.1 billion) including debt. The French insurer is said to be the front-runner after beating out other suitors. The deal, which could be announced in the coming days, would mark a significant expansion of AXA's presence in the Italian market.

French insurer AXA SA is reportedly nearing a final agreement to acquire Italian car insurer Prima Assicurazioni S.p.A. for approximately €1 billion ($1.1 billion), including debt. The acquisition would mark a significant expansion of AXA's presence in the Italian market and is expected to be announced in the coming days.

The deal, which has been in negotiation for some time, sees AXA SA as the front-runner, beating out other European insurance companies. The acquisition will see the top management of Prima Assicurazioni remain in charge, with the company expanding its client base to over 4 million across Europe since 2022 [1].

The acquisition is part of AXA's broader strategy to enhance its direct distribution capabilities in Europe. By leveraging Prima Assicurazioni' technology and capabilities, AXA aims to serve a growing segment of digitally savvy and price-sensitive clients, supplementing its traditional distribution channels [2].

Under the terms of the agreement, AXA will acquire a 51% stake in Prima Assicurazioni for a consideration of €500 million. Call/put options with an exercise price tied to Prima’s earnings have been granted respectively to AXA and minority stakeholders for the remaining 49% [3].

The acquisition is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to take place by the end of 2025. Patrick Cohen, chief executive of AXA European markets and health, expressed excitement about the acquisition, stating that it will significantly enhance their position in the Italian P&C market and bring capabilities to strengthen their direct business in European markets [3].

This acquisition follows a series of significant legal victories for AXA. The company recently won a £680 million (€781.53 million) UK court ruling against Santander for mis-selling payment protection insurance (PPI), which could further bolster AXA's financial position [3].

References:
[1] https://www.bloomberg.com/news/articles/2025-08-01/axa-nears-1-billion-deal-for-italy-s-prima-assicurazioni
[2] https://www.marketwatch.com/story/france-s-axa-to-buy-majority-stake-in-italian-car-insurer-prima-for-571-million-27eb0659
[3] https://www.insurancetimes.co.uk/news/axa-to-acquire-majority-stake-in-12bn-italian-mga-with-uk-operations/1455976.article