Axa completes €310m GACM España acquisition

Written by Michael Griffiths

14/07/2023

Axa has confirmed 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 €310m, in line with the announcement made upon signing of the agreement.

GACM España reported gross written premiums of €400m, mainly across the retail P&C and health sectors in 2022.

Its consolidated Solvency II ratio was 272% on a standard formula basis at year-end 2022 and its eligible own funds, the surplus derived from the Solvency II balance sheet, were €300m. The company sells its products through a wide distribution network of agents and partners.

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