AXA to Acquire Laya
13th August 2023
AXA recently announced that it has entered into an agreement to acquire Laya Healthcare Limited (“Laya”) from Corebridge Financial Inc., a subsidiary of AIG for €650M.
Marguerite Brosnan is CEO of Axa Ireland having taken on this role at the beginning of the year. Three years ago, she joined AXA as part of the Management Committee, and as Director of the organisation’s retail direct business.
Laya has a leading position in the Irish health market with ca. 28% market share, serving close to 700,000 policyholders and generating ca. Euro 800 million premiums* per annum. It operates as a Managing General Agent with a highly digitalised platform and a strong direct distribution network, which makes Laya the sole point of contact for its customers through their healthcare journey.
With this transaction, AXA affirms its ambition to grow its European franchise, by expanding its operations in a buoyant, fast-growing Health insurance market. AXA is already present in Ireland where it benefits from a number 1 position in the P&C market.
“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 & data capabilities and create value for the benefit of our clients and all our stakeholders,” said Marguerite Brosnan, Chief Executive officer of AXA Ireland.
“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,” she concluded.