Profits at Laya Healthcare, one of the State’s largest private health insurers, more than doubled last year to €19.02 million.
New accounts filed by the insurer show that pretax profits surged by 108 per cent from €9.13 in 2023 even though revenues rose by a far more modest 2.5 per cent to €103.39 million.
The company imposed two hikes in premiums on its customers during the year. In October 2024, it increased its premiums on average by 6.5 per cent, stating at the time that the price rise was needed to address the increased demand for healthcare services and rising costs.
That followed a 7 per cent price rise in April 2024.
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Last year was the first full year of the ownership of the business by French headquartered insurance giant, Axa after its €650 million acquisition from Corebridge Financial, a subsidiary of rival AIG, in October 2023.
Profits had been hit by a €15.1 million bill in 2023 for transactional costs related to that sale which did not reoccur last year.
“2024 was a year of strong performance and strategic investment for Laya Healthcare,” Laya Healthcare managing director, Dermot O’Connor, said. “Our financial strength allows us to meet the growing healthcare needs of our 717,000 members, ensuring faster access to care and better medical outcomes.”
He said that, “when normalised for once-off transactional costs linked to the sale of Laya Healthcare to Axa”, the health insurer’s net profit after tax was down 35 per cent. This, he said, reflected “our continued investment in expanding access and clinical excellence – from growing our Laya Health & Wellbeing Clinic network to enhancing digital and diagnostic services”.
The business, which reported profit after tax of €14.8 million, paid out dividends of €5 million.
The insurer’s membership base grew by around 3 per cent to more than 717,000 members last year from 696,000 in 2023.
Numbers employed by the business at its Cork and Dublin offices increased by 43 to 707 with staff costs rising by 3.8 per cent to €46.44 million.
“Our focus remains clear: to deliver better health outcomes, faster access, and genuine value for our members,” Mr O’Connor added.
