0918 GMT - AXA's latest acquisition of a direct insurer in Italy is interesting, Citi says in a research note. The French insurer said it is buying a majority stake in Prima for 500 million euros. "This is an impressive company and 11x multiple seems reasonable," analyst James Shuck writes, noting the deal follows its recent acquisition of Italian insurer Nobis. The two deals show how AXA is seeking to leverage insurtechs to gain scale in Italy, he adds. "We like the Prima deal but we do note some industry skepticism around margins and note that Axa doesn't have the best track record in acquiring direct motor insurers," he adds. AXA also reported first-half results that were roughly in line with views except for net profit, which was dented by currency fluctuations. Shares fall 6% to 40.1 euros. (elena.vardon@wsj.com)

(END) Dow Jones Newswires

August 01, 2025 05:18 ET (09:18 GMT)

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