Axa enters Irish life insurance market through Laya

Axa has entered the Irish life insurance market with a new digital product to be sold through Laya Life, the company announced on Thursday. with plans to partner with credit unions. Picture: ERIC LALMAND/BELGA MAG/AFP via Getty Images

Axa has entered the Irish life insurance market with a new digital product to be sold through Laya Life, the company announced on Thursday. with plans to partner with credit unions.

Laya life policies will now be underwritten by Axa Life Europe, based in Dublin. The policies had previously been underwritten by iptiQ Life, which is owned by Swiss Re. which is headquartered in Zurich. 

Life cover with Laya Life starts from €9 a month and cover of up to €750,000 is available, the company said. Axa is investing over €10m in the launch. "Buying cover, especially larger amounts, still tends to mean paperwork and waiting. We’ve built laya life so people can get higher levels of cover online in minutes," said Axa Life Europe chief executive Eoin Lynam. "Axa brings global scale and underwriting expertise, and laya life already has a reputation Irish customers trust. Over time we expect to widen how people can reach our products through further distribution and partnerships.” 

The company said partnerships are central to its growth plans. "Axa Life Europe is actively seeking partners, including credit unions and non-bank mortgage lenders, to offer its protection products to their own customers." 

Axa purchased Laya from iAIG in a deal worth €650m in 2023. Laya Healthcare has more than 700,000 customers in Ireland