Insurer AXA has agreed to acquire health-insurance firm Laya Healthcare for €650 million.

Laya, which had been owned by AIG subsidiary Colebridge Financial Inc, has almost 30% of the Irish market, with around 700,000 policy-holders.

The deal is subject to regulatory and competition approval.

“With this transaction, AXA affirms its ambition to grow its European franchise, by expanding its operations in a buoyant, fast-growing health-insurance market,” AXA said in a statement.

Profits flat

The Paris-based company is already a prominent player in the Irish market, offering motor, home and other insurance.

“This transaction further diversifies our company, and I am confident that we will see our business thrive with the addition of Laya,” said AXA Ireland CEO Margaret Brosnan.

The acquisition came as AXA reported revenue of €55.7 billion for the first six months of 2023 – an increase of 2% on the same period last year. Net profits were unchanged at €3.8 billion.