Gruppo Nobis is primarily a retail P&C insurance company in Italy with an extensive distribution network that includes multi-tied agents and car dealer partnerships. In 2023, Nobis reported €0.5 billion in gross written premiums alongside €35 million in net income.
The acquisition will bolster AXA’s distribution channels, especially through long-term agreements with car dealerships within Nobis’ network, supporting profitable and sustainable growth.
By leveraging Nobis’ networks and expertise, AXA Italy expects to improve its market position within the P&C sector from fifth to fourth place.
Patrick Cohen, CEO of AXA European Markets and Health, commented: “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 completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to take place before the end of the first half of 202
