The deal, which is subject to regulatory approvals and customary closing conditions, is expected to be completed in the fourth quarter of 2023.

Laya Healthcare, based in Cork, Ireland, is the second-largest health insurance provider in Ireland and operates as a full-service MGA. It has established a strong presence in the Irish health insurance market, offering a wide array of innovative health insurance benefits and services, in addition to life insurance and travel insurance solutions.

Peter Zaffino, Chairman and Chief Executive Officer of Corebridge’s majority shareholder, American International Group (AIG), and Chairman of the Board of Directors of Corebridge, expressed his views on the divestiture. Zaffino stated that the sale allows Corebridge to focus on its core Life & Retirement products and solutions in the United States. He believes AXA is the ideal owner for Laya Healthcare, citing AXA’s global platform as an opportunity for Laya Healthcare to continue its success and maintain its highly regarded member-centric approach to health insurance.

Kevin Hogan, President and Chief Executive Officer of Corebridge, acknowledged the progress made by Laya Healthcare since AIG’s acquisition in 2015. The company has grown to become a leading wellness and connected healthcare provider, achieving noteworthy growth and profitability. Hogan expressed confidence in a seamless transition of the business with the collaboration of the AXA team and Laya Healthcare colleagues.

In the first quarter of 2023, Corebridge Financial reported a net loss of $459 million, reflecting a significant decrease of 114% compared to the same period last year.

Morgan Stanley & Co. LLC served as the financial advisor, and A&L Goodbody LLP acted as the legal counsel to Corebridge in this transaction.

With this acquisition, AXA aims to further strengthen its position in the healthcare insurance market and expand its global footprint in providing quality insurance products and services to its customers.