AXA announce purchase of laya healthcare
Laya has a leading position in the Irish health insurance market with around a 28% market share.
AXA announced today that it has entered into an agreement to acquire laya healthcare Limited (“laya”) from Corebridge Financial Inc., a subsidiary of AIG. The completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals.
Laya has a leading position in the Irish health insurance market with around a 28% market share, serving 690,000 members and generating around €800 million premiums. Laya has a strong Cork presence with an office in Eastgate Business Park, Little Island.
AXA in Ireland is a market leader in the provision of motor vehicle insurance, holding over 30% of the market. It is also an active player in the home, commercial, and farm lines of business. The organisation operates in both the Republic of Ireland and Northern Ireland, employing over 1,450 staff and has an extensive branch network of 34 branches.
Commenting on this morning’s announcement, Marguerite Brosnan CEO of AXA in Ireland said: This acquisition underlines AXA’s commitment to Ireland and fast-tracks our entry into the local and vibrant healthcare insurance sector.
"It is an exceptionally strong business recognised for its customer first approach of ‘looking after you always’, which very much reflects our own ethos of helping our customers ‘protect what matters’. I look forward to the opportunities that this transaction will provide us to deliver new and exciting solutions that meet more customer needs, in more moments, each and every day.”
Patrick Cohen, Chief Executive Officer of AXA Europe and Health, said: “We are very pleased to join forces with laya healthcare, a company recognized in Ireland for its unwavering customer service, its strong brand, and its technical expertise. This acquisition 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 digitalization of the healthcare journey and provision of health-related services."
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