Insurer Laya in good health as profits jump to €19.9m

Pretax profits at Laya Healthcare, the country's second largest health insurer, surged last year, rising by more than 260 per cent to €19.9 million.

The insurer rebounded after reporting a sharp decline in profits to €5.5 million in 2016 on the back of rising claims.

Latest accounts for Laya show revenues rose to €66.6 million from €50 million a year earlier, as operating profits jumped from €5.9 million to €20.4 million.

First established as Bupa Ireland, the Laya brand was launched in May 2012 following a management buyout of the then Quinn Healthcare.

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AIG acquired the insurer in deal valued at about €80 million in 2015. In recent years, the company has expanded its product offering to include life insurance, travel insurance and health and wellbeing programmes.

Laya had a 27 per cent share of the overall health insurance market as of the the end of July, as against VHI's 52 per cent and Irish Life Health's 21 per cent share.

New agreement

Employee numbers remained stable at 520 in 2017 as staff costs rose from €26.8 million to €28.1 million. The majority of staff are employed across operations and sales. Directors’ remuneration increased from €962,642 to €1.13 million.

The accounts show Laya entered into a new agreement with AIG Transaction Execution Ltd, under which it deposited €27 million with the latter.

Laya earlier this year announced a strategic tie-up with Affidea, previously Euromedic, to establish a new network of minor-injury clinics in the Republic.