French insurance firm AXA has signed a deal to acquire Irish health insurance company Laya Healthcare (Laya) in a deal valued at €650m ($710m).

AXA will acquire Laya from Corebridge Financial, a subsidiary of American International Group (AIG).

Separately, in its second quarter earnings call, AIG revealed plans to further sell its stake in Corebridge, reported Insurance Business.

In June, AIG launched a secondary offering of stake in Corebridge, bringing its stake in the unit to around 65%

Operating in Ireland as a managing general agent (MGA), Laya claims to have a 28% market share.

With a digitalised platform and a direct distribution network, it caters to nearly 700,000 customers, generating approximately €800m in premiums every year. 

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The transaction is in line with AXA’s efforts to develop its European business by extending its business in the health insurance sector.

AXA Ireland CEO Marguerite Brosnan said: “This transaction further diversifies our company, and I am confident that we will see our business thrive with the addition of Laya.”

AXA is already present in the Irish property and casualty space. 

AXA Europe 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.”

Subject to customary closing conditions including regulatory approval, the transaction is expected to close by the end of this year.

Earlier this week, AXA Hong Kong and Macau formed a partnership with GoGoX to develop “a new type of technology platform collaborating with insurance”.