Axa enters the health insurance market with €650m Laya Healthcare purchase

The major deal sees the French insurer join Ireland's healthcare market

Headquartered in Little Island, Laya Healthcare grew out of a management buyout of Quinn Insurance in the early 2010s, with US Insurance giant, AIG acquiring the company for an estimated sum of €80m in 2015.

Insurance giant Axa has acquired Ireland's second largest healthcare insurer, Laya from its rival AIG in a deal worth €650m.

With a 28% share of the Irish health insurance market, Laya Healthcare serves around 690,000 members, generating premiums of €800m annually.

Already a market leader in motor vehicle insurance, holding over 30% of the market, Axa is already an active player in the home, commercial and farm line of business, with its latest acquisition expanding the French insurer's reach further as it enters the healthcare market.

The organisation operates in both the Republic of Ireland and Northern Ireland, employing over 1,450 staff and has a network of 34 branches.

Headquartered in Little Island, Laya Healthcare grew out of a management buyout of Quinn Insurance in the early 2010s, with US Insurance giant, AIG acquiring the company for an estimated sum of €80m in 2015.

The insurer's health insurance is a tied agent of Swiss Re subsidiary Elips Insurance Ltd, who underwrites Laya health insurance policies, with IptiQ Life SA underwriting its life insurance policies.

Its purchaser, Axa has established a strong presence in the healthcare market in Europe and Asia, with the French giant reporting more than €17bn in gross revenues and €0.6bn earnings in 2022 across its health division.

On a global level, Axa has around 145,000 employees who serve 93 million clients in 51 countries. In 2022, AXA had €933bn in assets under management, including assets managed on behalf of third parties.

Speaking on the deal, Ms. Marguerite Brosnan CEO of AXA in Ireland said, "I am delighted to welcome the laya team to the AXA family. 

"It is an exceptionally strong business recognised for its customer first approach and I look forward to the opportunities that this transaction will provide us." 

Patrick Cohen, Chief Executive Officer of AXA Europe and Health said “We are very pleased to join forces with laya healthcare. 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."