French insurance giant Axa has entered the Irish life insurance market, initially as an underwriter of term life and mortgage protection policies through its Laya brand.
The group’s Axa Life Europe business in Dublin has replaced a unit of Swiss reinsurer Swiss Re – known as iptiQ Life – as the insurer behind Laya’s life insurance offering. IptiQ began underwriting the company’s life policies in 2015.
AXA Life Europe is now actively seeking additional Irish partners, including credit unions and non-bank mortgage lenders, to offer its protection products to their own customers, the company said in a statement.
Axa Insurance in Ireland acquired Laya Healthcare in 2023 for €650 million. It subsequently started to underwrite the company’s health policies at the start of last year, replacing another unit of Swiss Re, called Elips Insurance, which had been behind Laya’s health policies for years.
The move by Axa to take over Laya’s life offering coincided with plans to strike distribution deals with more partners in the State to open up a new growth avenue for the French group in the Irish market.
“Axa brings global scale and underwriting expertise, and Laya life already has a reputation Irish customers trust. Over time, we expect to widen how people can reach our products through further distribution and partnerships,” said Eoin Lynam, chief executive of Axa Life Europe.
Life cover with Laya starts from €9 a month for a non-smoking 25-year old taking out a €100,000 policy for 20 years, according to Axa. That price includes a 10 per cent discount for buying the coverage online. It covers up to €750,000 depending on age.
Coverage can be taken out on one life or two, with benefits including early lump sum payments for terminal illness and funeral cover, according to Axa. It can be index-linked over time. Mortgage protection is available on the same single or dual life basis, also with terminal illness benefit, and pays off the outstanding mortgage if the policyholder dies during the term.
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While Axa is aiming to offer products online, customers can also purchase over the phone.
AXA Life Europe, established in 2005 and headquartered in Dublin, operates across several European markets and has 190,000 in-force policies. Its offering through Laya leaves Laya Life as the regulated insurance intermediary responsible for sales and aftersales services.
The Axa Life Europe spokesman declined to comment on the value of life premiums written in the past through Laya.
Insurance Ireland members paid out almost €14 billion in 2024 in benefits and claims, according to the latest published figures from the representative group.
Axa Insurance in Ireland saw its revenue soar by 53 per cent last year to €1.7 billion as it began underwriting health insurance policies for Laya, the second-largest player in the health market.
Health gross written premiums amounted to €672 million, according to the company’s 2025 solvency and financial condition report, underpinned as Laya increased the cost of plans last year. The three other coverage providers in the market also hiked pricing last year amid rising claims and hospital charges.
Axa Ireland’s general insurance revenue in the Republic dipped by 4 per cent to €744 million in 2025, leaving it as the second-largest general insurer in the market, behind Allianz Ireland.
