Laya Healthcare, formerly Quinn Healthcare, has filed accounts that show its pre-tax profits more than doubled in 2014 to €12.98m. The revenues of Ireland’s second largest health insurer also increased by 30% in the same year to €51.28m.
A company spokesperson said: “We are very pleased with the overall performance of the business in 2014. We have continued to grow our market share as well as our membership, which now stands at more than half a million members as at November 2015.“We have also diversified our business through offering life insurance as well as travel insurance… we are very positive about the future,” he said.
The business was bought by international insurance company AIG in early 2015 and the firm rebranded in May 2012 to become Laya Healthcare. Their 500,000 members account for 24% of the private health insurance market. The company’s seven directors were rewarded for the growth of the business during the year with their remuneration increasing by 45% from €1.36m to €1.98m or on average over €280,000 each.