The transaction, initially disclosed in August 2023, saw AXA securing Laya Healthcare for a substantial cash consideration totalling €650 million.
Laya Healthcare, headquartered in Cork, Ireland, stands as the second-largest health insurance provider in the country. Recognised as a full-service Managing General Agent (MGA), the company specializes in delivering innovative health insurance solutions, life insurance, and travel insurance services to the Irish market.
Peter Zaffino, Chairman and CEO of majority shareholder AIG, and Chairman of the Board of Directors of Corebridge, emphasized that the divestiture aligns with Corebridge’s strategic focus on core Life & Retirement products and solutions in the United States. The completion of this acquisition marks a significant step for AXA in expanding its foothold in the health insurance sector and strengthening its portfolio.
Zaffino said of the move: “This divestiture allows Corebridge to streamline its portfolio and focus on core Life & Retirement products and solutions in the United States.”
Kevin Hogan, President and Chief Executive Officer of Corebridge, also commented, saying: “Since AIG’s acquisition of laya healthcare in 2015, the company has solidified its position as a leading wellness and connected healthcare provider, while developing a strong track record of growth and profitability.”
He added: “We look forward to working with the AXA team and our laya healthcare colleagues on a smooth transition of the business.”
Author: Joanna England
