French insurer Axa to buy 51% stake in Italy's Prima
The company, headquartered in Milan, generated 1.25 billion euros of premiums in Italy last year, and achieved around 10% of overall market share in the retail motor segment, Axa said.
It also operates in Spain and United Kingdom.
"The acquisition... will not only significantly enhance our position in the Italian P&C market but also bring capabilities to strengthen our direct business in European Markets", Axa European Markets & Health CEO Patrick Cohen said in a statement.
The French insurer and other minority shareholders have been a granted call and put option, dependant on Prima's earnings, for the remaining 49% of the shares to be exercised in 2029 or 2030.
Axa said that although it will own 51% of the company it expects to recapture 100% of the premiums generated in Italy and Spain by third party insurers.
The French insurance group also said on Friday that its half-year net income edged down year-on-year to 3.92 billion euro, mainly due to "unfavourable" foreign exchange impacts.
($1 = 0.8756 euros)
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