Laya Healthcare reports doubling of profits after premium increases

Laya Healthcare, one of Ireland’s leading private health insurers, recorded pre-tax profits of €19.02m in 2024, more than doubling from €9.13m the previous year. Revenue rose by 2.5 per cent to €103.39m, supported by multiple premium adjustments across the year.

The insurer implemented two price hikes in 2024, including a 6.5 per cent increase in October and a 7 per cent rise in April. Premium rates were further adjusted twice in 2025, most recently by 4.5 per cent in October, reflecting increased demand for private healthcare and advances in medical technology.

Membership growth contributed to the strong financial performance, rising to over 717,000 in 2024 from 696,000 in 2023, a 3 per cent increase. Expansion in the Health and Wellness services segment also bolstered revenue through new products and offerings for both corporate and individual members.

The year marked Laya Healthcare’s first full year under French-headquartered Axa, following the €650m acquisition from AIG subsidiary Corebridge Financial in 2023. Transactional costs that affected profits in 2023 did not recur, allowing the company to report higher net returns.

Staff numbers increased from 664 to 707, reflecting investment in service delivery, while staff costs rose to €46.44m from €44.74m. Post-tax profits reached €14.8m after a corporation tax charge of €4.2m, with accumulated profits at €67.26m and total cash funds rising to €111.09m.

Managing Director Dermot Oliver O’Connor noted that the company continues to invest in expanding access and clinical services. Initiatives include growth of the Laya Health & Wellbeing Clinic network, enhanced digital and diagnostic capabilities, and support for a larger member base across Ireland.

Read the full report on Laya Healthcare’s latest financial performance and sector developments.