AXA Completes Acquisition of Groupe Assurances du Crédit Mutuel España
- Written by: iPMI Global
AXA has announced that it has completed the acquisition of Groupe Assurances du Crédit Mutuel España (“GACM España”).
Under the terms of the transaction, AXA has acquired GACM España for a total cash consideration of Euro 310 million, in line with the announcement made upon signing of the agreement.
GACM España reported gross written premiums of Euro 0.4 billion, mainly across Retail P&C and Health in 2022. Its consolidated* Solvency II ratio was 272% on a Standard Formula basis at year-end 2022 and its Eligible Own Funds** were Euro 0.3 billion. The company sells its products through a wide distribution network of agents and partners.
*Consolidated figures for GACM España which notably includes Agrupació AMCI, Atlantis Vida and GACM Seguros Generales
**Own Funds is the surplus derived from the Solvency II balance sheet
