AXA HAS ANNOUNCED that it is to buy Laya Healthcare, the second largest health insurer in Ireland, in a deal worth €650 million.

Axa said it has entered into an agreement to buy Laya from Corebridge Financial Inc., a subsidiary of AIG.

The completion of the deal is still subject to closing conditions, including the receipt of regulatory approvals. 

Laya has a leading position in the Irish health insurance market with around 28% market share, serving 690,000 customers and generating around €800 million in premiums.

Axa in Ireland is a market leader in the provision of motor vehicle insurance, holding over 30% of the market, while it is also active 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 34 branches.

Marguerite Brosnan, CEO of Axa in Ireland, said the acquisition “underlines AXA’s commitment to Ireland and fast-tracks our entry into the local and vibrant healthcare insurance sector”.

“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,” she said.

CEO of AXA Europe and Health Patrick Cohen said the deal “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.”