French insurance company AXA has agreed to purchase Irish health insurer Laya Healthcare from American International Group (AIG) unit Corebridge Financial, in a cash deal valued at €650m.

Headquartered in Cork, Ireland, Laya Healthcare operates as a full-service managing general agent with a digitalised platform.

The company provides life insurance, travel insurance, as well as a wide range of health insurance benefits and services in Ireland.

It has around 700,000 policyholders and generates premiums of €800m annually, with a 28% share in the country’s health insurance market.

The acquisition will expand AXA’s reach in Ireland, where it currently focuses on the property and casualty (P&C) space.

It is also said to lower the group’s Solvency II ratio by three percentage points.

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AXA European Markets and Health CEO Patrick Cohen said: “This transaction provides a unique opportunity to strengthen our presence in one of our key European markets through the acquisition of a leading player offering a perfect cultural fit with AXA.

“Through its relentless focus on innovation and customer experience, Laya will bring invaluable assets to our broader Health franchise, notably in terms of digitalisation of the healthcare journey and provision of health-related services.”

The deal awaits regulatory clearance and is scheduled to complete in the fourth quarter of this year.

A&L Goodbody was the legal counsel to Corebridge for the transaction while Morgan Stanley & Co. was the financial adviser.