Laya Healthcare profit rises 4% to €20.6m on sharply higher revenue

Revenue increases by 16 per cent to €77 million

Laya Healthcare managing director Dónal Clancy said 2019 looked set to be “another solid-performing year”. Photograph Nick Bradshaw

Laya Healthcare managing director Dónal Clancy said 2019 looked set to be “another solid-performing year”. Photograph Nick Bradshaw

 

Pretax profit at the country’s second-largest health insurance provider, Laya Healthcare last year increased by 4 per cent to €20.6 million as revenue increased sharply.

New accounts filed by Laya Healthcare show the company recorded the increase in profit as revenue went up by 16 per cent from €66.6 million to €77 million.

The profit allowed the company to pay a dividend of €24 million during the year.

The AIG Europe-owned company posted the higher revenue after it last year announced two price hikes – the insurer put up the price on 63 schemes by 1.7 per cent from November 1st last year, having raised the price on 82 of its plans the previous July. Last year was Laya’s seventh consecutive year of profit.

Laya Healthcare managing director Dónal Clancy said 2019 looked set to be “another solid-performing year”.

“Cost containment and careful performance management remains critical with the sustained claim cost challenges we’ve experienced throughout 2018 and into 2019. “We are monitoring this trend and doing all we can for our members to give them the best-value health insurance on the market,” Mr Clancy added.

Laya Healthcare looks after the private health insurance needs of more than 580,000 members, representing a 26 per cent share of the market.