Axa, the French insurance company, has aimed for the acquisition of the first, the Italian group specialized in direct insurance. According to the terms of the agreement, the French will acquire 51% of the company for 500 million euros. The completion of the operation will take place by the end of 2025.
From Axa they say they are satisfied with strengthening the position in the Italian market. The acquisition will in fact allow to double the size of the Axa group business in Italy and the direct distribution channel.
Axa takes 51% before
The French put their hands on Prima Assicurazioni, the Italian group specialized in direct insurance. The acquisition is worth over 500 million euros, but the operation will only be completed by the end of 2025.
The agreement provides for the transition to Axa of 51% of the company, while the remaining 49% is covered by call/put options respectively in favor of Axa and minority shareholders.
Teodoro D’Ambrosio, the major shareholder of before, remains, while selling are:
- Blackstone;
- Carlyle;
- Goldman Sachs.
The details of the operation
As reported Republicthe French company also presented the accounts, and the reaction to the Paris Stock Exchange was negative. The title loses around 6% in the middle of the morning, with profits under the expectations (drop of 2.4% to 3.92 billion euros in the first semester 2025, missing Bloomberg consensus at 4.68 billion).
However, a different reaction arrives from the experts and there are those who first consider an impressive company for multiples. For this reason, the agreement with many likes to the first, even if you cannot ignore a certain skepticism in the sector about the margins.
Axa comments satisfied the acquisition and speaks of “an important milestone and a recognition of the work done so far by the whole team”. George Ottothycal, CEO of Prima Assicurazioni, explains:
Axa strongly believes in our strategic plan and will make available resources and skills that will allow before further expressing their potential.
It also recalls that the Italian company “brings a portfolio of almost 5 million customers and a profound competence in technological development, the definition of prices and the management of claims”.
The impact in Italy
What will be the impact on Italy is still early to say it, but the intentions are there. Axa, for its part, will see its strengthened position in Italy, because first is the leader in 4 of the 8 geographical areas of direct distribution (generating 3.5 billion in 2024 prizes for the group).
The intention is to reach a wide range of digital customers, often younger and sensitive to the price. Axa does it through a consolidated reality that already has a modern technological platform and Digital Experts team.
