Laya Healthcare profits more than double to €13m

Pre-tax profits at the country’s second largest health insurer, Laya Healthcare last year more than doubled to €12.98m.
Laya Healthcare profits more than double to €13m

Newly-filed accounts for the company, formerly Quinn Healthcare, also show that revenues increased by 30% last year to €51.28m.

The firm now has over 500,000 subscribers. It was bought by international insurance company AIG earlier this year.

Previously, the firm was the subject of a management buyout in December 2011 with the support of an underwriter owned by company Swiss Re.

The business rebranded in May 2012 to become Laya Healthcare and at the end of last year had a market share of 23.3%, with VHI Healthcare having 52.8% of the market.

A company spokesperson said: “We are very pleased with the overall performance of the business in 2014.

"We have continued to grow our market share as well as our membership, which now stands at more than half a million members as at November 2015.

“We have also diversified our business through offering life insurance as well as travel insurance.

“We are now in a very strong position in the market to continue our growth, having recently completed our acquisition by AIG, and we are very positive about the future,” he said.

Numbers employed by Laya last year increased from 405 to 468 with staff costs increasing from €20.2m to €3.8m.

The firm’s seven directors were well rewarded for the growth of the business during the year with their remuneration increasing by 45% from €1.36m to €1.98m or on average over €280,000 each.

The revenues generated by the firm arise from commission it receives from its insurance related services.

The firm did make an actuarial loss of €9.83m on its defined pension scheme last year. Accumulated profits at the firm last year totalled €7.6m.

The profits last year take account of non-cash depreciation costs of €1.28m.

The company’s more than 500,000 members accounts for 24% of the private health insurance market.

“This growth in membership and market share is testament to the hard work of our team, and moreover our obsession with maintaining affordable quality healthcare for our members,” the spokesperson said.

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