French insurance company Axa announced in a press release on Tuesday 18 October that it had entered into exclusive negotiations with Crédit Mutuel Insurance Group (GAMC) to buy its subsidiary in Spain for 310 million euros. The transaction “allows us to strengthen our presence in one of our most important European markets, focusing on our technical activities”, Frédéric de Courtois, deputy director of Axa, was quoted as saying in the press release.
“This acquisition will strengthen our leading position in Spain,” added Olga Sánchez, CEO of Axa Spain. “After several years of development in Spain, Assurances du Crédit Mutuel has decided to develop primarily in France, Belgium and tomorrow in Germany to support the country strategy of its parent company, Crédit Mutuel Alliance Fédérale,” explained Crédit Mutuel Insurance on its side. group.
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Both parties hope to complete the operation in the third quarter of 2023. In 2021, GACM España recorded an amount of gross premiums of 400 million euros for a consolidated net result of 16 million euros, “mainly in insurance, especially damage and health”, specifies the press release.
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