Insurance giant Axa has entered into an agreement to acquire Laya Healthcare Limited (“Laya”) from AIG subsidiary Corebridge Financial for €650m (£559m, $710m)
Laya is an Ireland-based health insurance provider and serves close to 700,000 policyholders.
With the transaction, Axa affirms its ambition to grow its European franchise, by expanding its operations in the health insurance market. Axa is already present in Ireland.
The completion of the deal is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to take place by the end of 2023.
Patrick Cohen, chief executive of Axa Europe and Health, said: “We are very pleased to join forces with Laya Healthcare, a company recognized in Ireland for its unwavering customer service, its strong brand, and its technical expertise.
“This transaction 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. Through its relentless focus on innovation and customer experience, Laya will bring invaluable assets to our broader health franchise, notably in terms of digitalization of the healthcare journey and provision of health-related services.”