AXA to Buy Laya Healthcare for $711 Million
03 August 2023 - 3:41PM
Dow Jones News
By Adria Calatayud
AXA has agreed to buy Laya Healthcare from AIG subsidiary
Corebridge Financial for 650 million euros ($711 million), in a
deal that seeks to strengthen its European health-insurance
operations.
The French insurer said Thursday that Laya generates EUR800
million in premiums a year and serves around 700,000 policyholders.
Laya focuses on the Irish health market and will complement AXA's
presence there in the property-and-casualty market, it said.
AXA said the acquisition further diversifies the company and
will contribute to digitization. The deal will result in a
reduction of the group's solvency II ratio--a measure of financial
strength--of three percentage points, it said.
The acquisition is expected to be completed by the end of the
year, subject to customary closing conditions, AXA said.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
August 03, 2023 01:26 ET (05:26 GMT)
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