Laya profits increase 5% to €5.25m

Pre-tax profits at the country’s second largest health insurer, Laya Healthcare, last year increased by 5% to €5.25m.

New figures filed with the Companies Office show that Laya Healthcare Ltd — formerly Quinn Healthcare Ltd — last year enjoyed the profit increase after revenues went up by 16.5%, from €33.75m to €39.33m.

The firm — which now has almost 500,000 subscribers — was the subject of a management buy-out in December 2011 with the support of an underwriter owned by reinsurance company Swiss Re. The business rebranded in May 2012 to become Laya Healthcare.