New accounts filed by Laya Healthcare Ltd show that pre-tax profits increased by 108pc from \u20ac9.13m in 2023 to \u20ac19.02m last year.<\/p>\n
This followed revenues rising by 2.5pc from \u20ac100.85m to \u20ac103.39m.<\/p>\n
Last year Laya imposed two premium price hikes on its customer base.<\/p>\n
In October 2024, it increased its premiums on average by 6.5pc, stating at the time that the price rise was needed to address the increased demand for healthcare services and rising costs.<\/p>\n
The hike followed a 7pc price increase in April 2024 and the insurer has increased premium rates twice in 2025 – in October and April as part of a trend of recent years.<\/p>\n
Last month, Laya increased its prices by an average of 4.5pc where it blamed higher demand for private and high-tech healthcare and new advances in medical technology for its higher costs.<\/p>\n
October\u2019s increase comes following a separate increase in premiums of 6.6pc at the beginning of April this year.<\/p>\n
In their report on the 2024 financial performance, the directors don\u2019t refer to the 2024 price increases.<\/p>\n
Instead they state that there were a number of factors contributing to the profitable results including Laya Healthcare\u2019s continued growth within the Irish market.<\/p>\n
They state that this growth saw the company\u2019s membership base growing to over 717,000 members in 2024 from 696,000 in 2023 – an increase of 3pc.<\/p>\n
The directors state that the company\u2019s \u201cHealth and Wellness services also saw growth during the year, through the expansion of products and offerings to both our corporate and individual members\u201d.<\/p>\n
The firm last year paid out dividends of \u20ac5m after a dividend payout of \u20ac25m in 2024.<\/p>\n
In a subsequent event, the directors state that Dermot Oliver O\u2019Connor succeeded D\u00f3nal Clancy to assume the position of MD of the company on January 1st of this year.<\/p>\n
Last year was the first full year of the ownership of Laya Healthcare by French headquartered Axa following the \u20ac650m sale by AIG subsidiary, Corebridge Financial in 2023.<\/p>\n
Profits were hit in 2023 by a \u20ac15.1m bill in transactional costs in the sale to Axa that did not re-occur last year.<\/p>\n
Numbers employed by Laya Healthcare last year increased by 43 from 664 to 707 as staff costs rose from \u20ac44.74m to \u20ac46.44m<\/p>\n
The profit last year takes account of non-cash depreciation costs of \u20ac5.6m.<\/p>\n
The company recorded post tax profits of \u20ac14.8m after a corporation tax charge of \u20ac4.2m.<\/p>\n
At the end of December last, the firm\u2019s accumulated profits totalled \u20ac67.26m.<\/p>\n
The company\u2019s cash funds increased to \u20ac111.09m.<\/p>\n
The cash funds were made up of Laya Healthcare cash balances of \u20ac38.59m and restricted cash of \u20ac72.5m that was held on behalf of the underwriter.<\/p>\n
Commenting on the results, Managing Director of Laya Healthcare, Mr Dermot Oliver O\u2019Connor said the company\u2019s financial strength allows it meet the growing healthcare needs of 717,000 members.<\/p>\n
“When normalised for once-off transactional costs linked to the sale of Laya Healthcare to AXA in 2023, our net profit after tax is down 35pc, reflecting our continued investment in expanding access and clinical excellence \u2014 from growing our Laya Health & Wellbeing Clinic network to enhancing digital and diagnostic services,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"New accounts filed by Laya Healthcare Ltd show that pre-tax profits increased by 108pc from \u20ac9.13m in 2023…\n","protected":false},"author":2,"featured_media":148385,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,61,60,898],"class_list":{"0":"post-148384","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-ie","10":"tag-ireland","11":"tag-latest-news-ticker"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/148384","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=148384"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/148384\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/148385"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=148384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=148384"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=148384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}