On Friday evening, AXA announced that it had finalized the acquisition of a 51% majority stake in Prima, a direct insurance specialist in Italy, in a transaction announced on August 1 for €0.5 billion.

Call and put options, with strike prices based on Prima's profits, have been granted to AXA and minority shareholders respectively so that the insurer can acquire the remaining stake, and are expected to be exercised in 2029 or 2030.

Including the planned internalization of premiums written by third-party insurers, the transaction is expected to have a negative impact of 6 points on AXA's Solvency II ratio, in line with the impact estimated at the time the agreement was signed.

Based in Milan, Prima claims approximately 10% market share in the private motor insurance segment. It has more than 1,100 employees, including more than 400 developers, IT engineers, and data analysts.