Corebridge Financial, one of the largest providers of retirement solutions and insurance products in the US, has completed the sale of Laya Healthcare Limited to a subsidiary of AXA.
The sale was previously announced back in August 2023. It was stated that AXA would acquire Laya Healthcare for a total consideration of €650 million in cash.
Laya Healthcare, the second largest health insurance provider in Ireland, is a full-service MGA headquartered in Cork, Ireland.
The company offers a wide range of innovative health insurance benefits and services in the Irish health insurance market, along with life insurance and travel insurance.
According to Peter Zaffino, Chairman and CEO of majority shareholder AIG, and Chairman of the Board of Directors of Corebridge, “this divestiture allows Corebridge to streamline its portfolio and focus on core Life & Retirement products and solutions in the United States.”
Kevin Hogan, President and Chief Executive Officer of Corebridge, commented: “Since AIG’s acquisition of laya healthcare in 2015, the company has solidified its position as a leading wellness and connected healthcare provider, while developing a strong track record of growth and profitability. We look forward to working with the AXA team and our laya healthcare colleagues on a smooth transition of the business.”
Morgan Stanley & Co. LLC and A&L Goodbody LLP, respectively, acted as financial advisor and as legal counsel to Corebridge.
