AXA announced that it has completed the acquisition of 51% of Prima's shares for an amount of 0.5 billion euros. Purchase and sale options have been put in place allowing AXA to acquire the remaining shares, which are expected to be exercised in 2029 or 2030, according to the statement.
Impact on Solvency II Ratio
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The integration of premiums currently underwritten by third-party insurers is expected to result in a 6-point reduction in the group's Solvency II ratio. This decrease includes an initial impact of 4 points at the closing of the transaction, and a gradual effect estimated at -2 points related to the internalization of premiums starting from the end of 2026, subject to regulatory approval.
Strategic Expansion
AXA, a global player in the insurance industry, continues to expand through this strategic acquisition. The company, which employs 154,000 people and operates in 50 countries, reported a revenue of 110.3 billion euros in 2024. AXA is listed on Euronext Paris under the ticker symbol CS (ISIN FR0000120628).
we expect underlying earnings of circa. Euro 8.6 billion with underlying EPS growth at the top end of the target range
Risks mentioned
Softening market conditions in large commercial P&C
Natural catastrophe exposure with normalized Nat Cat load of 4.5 points of combined ratio
Interest rate sensitivity with -50bp interest rates shock expected to result in -1pt impact in Solvency II ratio
Opportunities identified
Growth in Life & Savings segment driven by ageing populations and pressure on existing systems
Expansion in direct distribution channel with rising demand for affordable insurance and digital experiences
Deployment of AI across value chain with expected annual recurring benefits of €500-700m (pre-tax) by 2029
Outlook / guidance
Expected EBITDA: 500 millions d'euros
Expected net income: 8 600 millions d'euros
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
