Axa is to acquire Irish health insurer Laya Healthcare from AIG subsidiary Corebridge Financial in a €650m deal.
Laya commands around 28% of the Irish health insurance market, serving close to 700,000 policyholders and generating €800m in premiums per year. It operates as a managing general agent with a digitalised platform and a direct distribution network.
Axa said the deal served its ambition to grow its European franchise, by expanding its operations in a “buoyant, fast-growing health insurance market”.
Patrick Cohen, chief executive officer (CEO) of European markets and health at Axa, said: “We are very pleased to join forces with Laya Healthcare, a company recognised in Ireland for its unwavering customer service, its strong brand, and its technical expertise.
“This transaction provides a unique opportunity to strengthen our presence in one of our key European markets through the acquisition of a leading player offering a perfect cultural fit with Axa.
“Through its relentless focus on innovation and customer experience, Laya will bring invaluable assets to our broader health franchise, notably in terms of digitalisation of the healthcare journey and provision of health-related services.”
Marguerite Brosnan, CEO of Axa Ireland, added: “This transaction further diversifies our company, and I am confident that we will see our business thrive with the addition of Laya.
“We look forward to working together to develop innovative products, grow further our tech and data capabilities and create value for the benefit of our clients and all our stakeholders.
“I would like to welcome Laya’s team members whose vision and hard work over the past 20 years have made it a very successful company.”
The completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to take place by the end of 2023.
Health & Protection contacted Corebridge about the deal who declined to comment.