AXA has completed the acquisition of Gruppo Nobis (Nobis), 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.

According to the AXA’s press release, under the terms of the transaction, the upfront consideration for the acquisition will amount to EUR 423 million, with a potential earn-out of up to EUR 55 million, in line with the announcement made on August 1, 2024, 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.

It is noted that Nobis reported EUR 0.6 billion of gross written premiums and net income of EUR 34 million in local GAAP in 2024.