Axa Ireland revenue surges 53% to €1.7bn as Laya Healthcare underwriting comes in-house

Axa Ireland recorded a 53% jump in total revenue to €1.7 billion in 2025, driven by a structural shift that saw the company begin underwriting health insurance policies for Laya Healthcare rather than relying on an external reinsurer to carry that risk.

According to The Irish Times, health gross written premiums reached €672 million last year, underpinned by price increases Laya implemented across its plans in 2025. All four health insurance providers in the Irish market raised prices during the year amid mounting claims costs and rising hospital charges, reflecting broader cost pressures that have reshaped private health insurance pricing across Ireland.

Prior to Axa taking over underwriting, a Swiss Re unit called Elips Insurance had underwritten Laya's policies for years, effectively making Laya a tied agent both before and immediately after its €650 million acquisition from AIG in 2023. Bringing underwriting in-house materially altered the revenue profile of Axa's Irish operations, consolidating premium income that had previously flowed through a third-party structure.

General insurance revenue in the Republic fell 4% to €744 million in 2025, based on figures from Axa Ireland's solvency and financial condition report published on the company's website. The decline suggests the company retained its position as the second-largest general insurer in the Irish market for a second consecutive year, having surrendered the top spot to Allianz Ireland in 2024.

The combined health and general insurance figures place Axa Ireland among the most consequential private healthcare and insurance operators in the country. Laya Healthcare is the second-largest health insurer in Ireland by membership, and its full integration into Axa's underwriting operations marks a significant consolidation of the group's Irish healthcare footprint.

Read the full breakdown of Axa Ireland's 2025 financial performance.