MADRID, 18 Oct. (EUROPA PRESS) -

The French insurance group Axa, through Axa Spain, has entered into exclusive negotiations with Crédit Mutuel Alliance Fédérale (GACM) for the potential acquisition of its subsidiary Groupe Assurances du Crédit Mutuel Spain (GACM Spain) for 310 million euros, according to informed the entity.

The potential purchase of GACM Spain, which could be completed in the third quarter of 2023, would allow Axa to strengthen its presence in the country in the non-life and health segments.

"This operation reflects our disciplined approach to mergers and acquisitions, in line with our strategy, reinforcing our position in one of our main European markets, with a focus on technical lines," said Frédéric de Courtois, deputy CEO of the Axa Group.

"This acquisition will strengthen our leadership position in Spain and we look forward to growing our business while ensuring a smooth transition for both policyholders and employees," added Olga Sánchez, CEO of Axa Spain.

GACM Spain recorded gross written premiums of 400 million euros and a consolidated net profit of 16 million euros in 2021, mainly in the private non-life and health lines.