AXA has entered into an agreement to purchase Laya Healthcare from Corebridge Financial Inc., a subsidiary of InsurTech giants AIG.
The deal is set to cost AXA €650m, but will see them obtain Laya’s leading position in the Irish health market that sees them hold a 28% market share.
The Paris-based insurer will also capitalise on the brand’s annual generation €800m and make Laya the sole point of contact for its customers through their healthcare journey due to its innovative digitalised platform and a strong direct distribution network.
Patrick Cohen, AXA’s chief executive officer, European Markets & Health said: “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.”
The move is seen by many as a statement of intent from the InsurTech giant, as AXA looks to reaffirm its ambition to grow its European franchise and take advantage of the burgeoning health insurance market.
The transaction will now be completed subject to regulatory approval that is expected to be completed by the end of 2023.
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