Axa SA agreed to buy a majority in Italian car insurer Prima Assicurazioni, as the Paris-based company deploys proceeds from the sale of its asset management arm.

French life and health insurer AXA has agreed to buy a 51% stake in Italian direct insurance group Prima for 500 million euros ($571 million) as it seeks to strengthen its position in Italy's motor business,

Axa SA is close to acquiring Italian car insurer Prima Assicurazioni for about €1 billion ($1.1 billion) including debt, according to people with knowledge of the matter.