$CS (+0.6%) Share news

Sale:

1. AXA sells its asset management company AXA Investment Managers (AXA IM) to BNP Paribas for 5.4 billion euros.

2. this corresponds to 15 times the profit of AXA IM in 2023.

3. in future, AXA will focus on the core business of insurance: Life & Savings, Property & Casualty and Health insurance.

4. AXA and BNP Paribas enter into a long-term strategic partnership for investment management.

5. AXA retains full control over product design, asset allocation and asset-liability management.

6. upon completion of the transaction, AXA plans to repurchase an estimated €3.8 billion of shares to offset the decline in profits.

7. the transaction is expected to be completed by the second quarter of 2025.

8. the sale is expected to reduce AXA's adjusted profit by approximately €0.4 billion per year.

9. AXA expects a one-off net gain of 2.2 billion euros from the transaction.

10. the core financial targets of AXA's "Unlock the Future" plan remain unchanged.

11. the transaction and the planned share buyback are not expected to have a material impact on AXA's Solvency II ratio.

Purchase:

1. AXA acquires the Italian insurance group Nobis.

2. Nobis is mainly active in the private customer business of property and casualty insurance in Italy.

3. in 2023, Nobis achieved gross premiums of 0.5 billion euros and a net profit of 35 million euros

4. the purchase price amounts to 423 million euros plus a possible performance-related payment of up to 55 million euros

5. the price/earnings ratio is around 11, including expected synergies

6. the transaction is expected to reduce the AXA Group's Solvency II ratio by 1 percentage point.

7. the acquisition will improve AXA Italy's market position from 5th to 4th place in the property and casualty insurance market.

8. the market share of AXA in Italy will increase by approx. 1 percentage point.

9. the acquisition diversifies AXA's distribution channels, in particular through long-term agreements with car dealers in the Nobis network.

10. the transaction is expected to close before the end of the first half of 2025

11. AXA Italy reported gross written premiums of €5.0 billion and an adjusted profit of €155 million in 2023.