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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