Pre-tax profits at health insurance provider, Laya Healthcare last year soared by 36% to €36.55m.
New accounts show that pre-tax profits increased at the Cork-based Laya Healthcare Ltd after revenues rose by €14.47m or 16% from €89.56m to €104.04m.
The pre-tax profits of €36.55m follow pre-tax profits of €28.85m in 2021.
Last year, the firm led by MD, Dónal Clancy recorded post tax profits of €31.69m after incurring a corporation tax charge of €4.85m.
The consistent high level of profits at the insurance provider persuaded French insurance giant, AXA Insurance to pay out €650m to AIG subsidiary,Corebridge Financial for Laya Healthcare in August of the year.
In May, Peter Zaffino, chairman and chief executive of AIG, said in an earnings call that the group was considering a sale of Laya following a review of its health insurance offering. The company first acquired Laya in January 2015.
According to the directors' report for Laya Healthcare, there were a number of factors contributing to another year for profitable results including the firm's membership base here rising to 676,000 members which represents an overall market share of 27.6%.
The directors state that throughout the pandemic, the health insurance market has remained resilient with the numbers insured in the country increasing during this period to 2.42m or 47.3% of the population.
The Laya directors state that the Health and Wellness services also saw growth during the year, through the expansion of products and offerings to both corporate and individual members.
Laya Healthcare last year paid a dividend of €20m and this followed a dividend payout of €20m in 2021.
Numbers employed by Laya last year increased from 603 to 617 as operations and sales staff totalled 488 and support teams employed 129.
Staff costs last year increased from €35.33m to €38.28m which included €32.09m in wages and salaries.
Pay to directors last year increased €1.89m made up of salaries of €1.75m, fees of €70,000 and pension contributions of €76,654.
The profit last year takes account of non-cash depreciation costs of €4.74m.
At the end of December last, the firm’s accumulated profits totalled €59.02m.
The company’s cash funds increased from €57.42m to €118.49m.
The cash funds were made up of Laya Healthcare cash balances of €56m and restricted cash of €62.47m that was held on behalf of the underwriter.
Reporting by Gordon Deegan