AXA to acquire Spanish health insurer GACM Espana for €310m


French multinational insurance company AXA has announced entering into negotiations to acquire Groupe Assurances du Credit Mutuel Espana (GACM Espana) for €310 million in an all-cash deal.

GACM Espana is mainly a property and casualty (P&C) and health insurer.

AXA will make the acquisition through AXA Spain, which has entered into discussions with Groupe des Assurances du Crédit Mutuel (GACM SA), the parent of GACM Espana.

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Olga Sanchez — AXA Spain CEO, commenting on AXA acquisition of GACM Espana, said: “This acquisition will strengthen our leading position in Spain and we look forward to growing our business while ensuring a smooth transition for both policyholders and employees.”

AXA to acquire Spanish health insurer GACM Espana for €310m

AXA to acquire Spanish health insurer GACM Espana for €310m. Photo courtesy of JoachimKohler-HB/Wikimedia Commons.

The acquisition is expected to be completed in the third quarter of 2023.

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It is subject to customary closing conditions, including completing the information and consultation of the relevant works councils, as well as obtaining required regulatory approvals.

GACM Espana earned gross written premiums of €400 million with a consolidated net income of €16 million in 2021, primarily across retail P&C and health.

Commenting on AXA acquisition of GACM Espana, Frédéric de Courtois — AXA Deputy CEO said: “This transaction reflects our disciplined approach towards M&A in line with our strategy, enhancing our scale in one of our core European markets, with a focus on technical lines.”

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