AXA SA
Acquisitions
6
Major Deals Covered
$34.1B
Disclosed Deal Value
AXA's largest disclosed acquisition here is XL Group for $15.3B in 2018. This page covers 6 major deals from 1991 to 2025, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| The Equitable (US) | 1991 | $1.0B | AXA invested about $1.0 billion to demutualise and take control of The Equitable, then the fifth-largest life insurer in the United States, after its attempt to buy Farmers failed in 1990. |
| UAP (Union des Assurances de Paris) | 1996 | $7.8B | AXA agreed in November 1996 to buy UAP, France's largest insurer and a company twice its size, in a deal Fortune reported at about $7.8 billion, to become the number one insurer in France. |
| Winterthur | 2006 | $10.0B | AXA bought the Winterthur insurance business from Credit Suisse for ~$14.8 billion (CHF 12.3 billion) in cash, about $8.93 billion (EUR 7.9 billion), to build scale in Switzerland, Germany, Spain and central and eastern Europe. |
| XL Group | 2018 | $15.3B | AXA bought the Bermuda-based commercial lines insurer and reinsurer XL Group for $15.3 billion in cash to shift its earnings mix from life and savings toward commercial property and casualty insurance. |
| Laya Healthcare | 2023 | Undisclosed | AXA agreed in August 2023 to buy Laya Healthcare, the second-largest health insurer in Ireland, from Corebridge Financial for a total consideration of ~$734 million (EUR 650 million) in cash, and completed the deal in October 2023. |
| Prima Assicurazioni (51% stake) | 2025 | Undisclosed | AXA announced in 2025 the acquisition of a 51% stake in Prima, an Italian direct insurance provider, for ~$565 million (EUR 500 million), to expand direct distribution in Italian retail motor and household lines. |
2025
AXA announced in 2025 the acquisition of a 51% stake in Prima, an Italian direct insurance provider, for ~$565 million (EUR 500 million), to expand direct distribution in Italian retail motor and household lines.
The deal gives AXA a larger share of the Italian direct market alongside its agent network.
Reported by AXA as part of its organic growth and bolt-on strategy under the Unlock the Future plan.
2023
AXA agreed in August 2023 to buy Laya Healthcare, the second-largest health insurer in Ireland, from Corebridge Financial for a total consideration of ~$734 million (EUR 650 million) in cash, and completed the deal in October 2023.
The purchase added scale to AXA's European health business, one of the group's fastest-growing lines.
Laya continues to operate as AXA's Irish health insurance business.
2018
$15.3B
AXA bought the Bermuda-based commercial lines insurer and reinsurer XL Group for $15.3 billion in cash to shift its earnings mix from life and savings toward commercial property and casualty insurance.
The deal created AXA XL, adding Lloyd's market access, specialty underwriting and a large North American commercial book, and made property and casualty the group's main earnings driver.
AXA later cut the unit's natural catastrophe reinsurance exposure; AXA XL Insurance grew earnings again in 2025 with stable underlying margins.
2006
$10.0B
AXA bought the Winterthur insurance business from Credit Suisse for ~$14.8 billion (CHF 12.3 billion) in cash, about $8.93 billion (EUR 7.9 billion), to build scale in Switzerland, Germany, Spain and central and eastern Europe.
The purchase was funded with a ~$4.63 billion (EUR 4.1 billion) share issue and debt, and made AXA a leading insurer in the Swiss market.
Winterthur's operations were folded into AXA's European business and the Swiss unit still trades as AXA Switzerland.
1996
$7.8B
AXA agreed in November 1996 to buy UAP, France's largest insurer and a company twice its size, in a deal Fortune reported at about $7.8 billion, to become the number one insurer in France.
AXA doubled its French business and reached critical mass in the United Kingdom, Belgium and Germany. The merger took legal effect in 1997.
AXA became France's largest insurer and one of the largest insurance groups in the world, and the deal set the pattern for its later large acquisitions.
1991
$1.0B
AXA invested about $1.0 billion to demutualise and take control of The Equitable, then the fifth-largest life insurer in the United States, after its attempt to buy Farmers failed in 1990.
The deal gave AXA a United States platform and its first third-party asset management business, Alliance Capital Management. Equitable was listed on the New York Stock Exchange in 1992.
The business was later renamed AXA Equitable and separated from the group through the Equitable Holdings listing and sell-down from 2018.
AXA grows mostly organically in insurance lines it can price, supplemented by bolt-on deals: Laya Healthcare in Ireland and GACM España in 2023, and a 51% stake in the Italian direct insurer Prima announced in 2025 for ~$565 million (EUR 500 million). The bigger strategic move has been simplification. AXA listed and sold down its United States life business as Equitable Holdings from 2018, bought XL Group to build commercial lines, and completed the sale of AXA Investment Managers to BNP Paribas Cardif on July 1, 2025, using part of the proceeds for a ~$4.29 billion (EUR 3.8 billion) buyback. Management also reports efficiency gains from automation and artificial intelligence in claims and service work.
AXA collects premiums across three businesses: property and casualty (motor, home, commercial property, liability and specialty risks written through AXA XL), life and savings (protection, general account savings and unit-linked contracts), and health (individual cover and employee benefits). In 2025 property and casualty premiums reached ~$65.5 billion (EUR 58 billion) and life and health premiums ~$63.8 billion (EUR 56.5 billion). Policies are sold through tied agents, brokers, bancassurance partners and direct digital channels. The group also earns investment income on the reserves it holds before claims are paid. Since selling AXA Investment Managers to BNP Paribas Cardif on July 1, 2025, AXA no longer runs a third-party asset manager and has BNP Paribas manage a large part of its own assets under a long-term agreement.
AXA completed the acquisition of the Bermuda-based commercial lines and specialty insurer XL Group in September 2018 for $15.3 billion in cash, creating AXA XL.
AXA agreed in June 2006 to buy Winterthur from Credit Suisse for ~$14.8 billion (CHF 12.3 billion) in cash, about $8.93 billion (EUR 7.9 billion), expanding in Switzerland, Germany, Spain and central and eastern Europe.
From 2018 AXA listed AXA Equitable Holdings on the New York Stock Exchange and sold down its stake in stages, raising proceeds that helped fund the XL Group purchase and cutting exposure to capital-heavy annuities.
AXA agreed in August 2024 to acquire the Italian property and casualty underwriter Nobis Group, strengthening its retail distribution and motor business in Italy.
AXA agreed in August 2023 to buy Laya Healthcare, the second-largest health insurer in Ireland, from Corebridge Financial for a total consideration of ~$734 million (EUR 650 million) in cash, and completed the deal in October 2023.
AXA agreed in August 2024 to sell AXA Investment Managers for ~$5.76 billion (EUR 5.1 billion) in cash, a total transaction value of ~$6.1 billion (EUR 5.4 billion). BNP Paribas Cardif completed the purchase on July 1, 2025 and manages a large part of AXA's assets under a long-term agreement.
AXA completed the acquisition of Groupe Assurances du Crédit Mutuel Espana in July 2023 for a total cash consideration of ~$350 million (EUR 310 million), expanding its retail property, casualty and health business in Spain.
AXA moves acquired portfolios onto standard claims and policy platforms, re-underwrites unprofitable lines, brings the reserves into its Solvency II internal model and folds broker and agent distribution into its local operations.
In a massive strategic pivot, AXA acquired the commercial property insurer XL Group for over $15 billion, instantly making them the absolute global leader in commercial lines.
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