Profits increase by 147pc to €12.98m at Laya as revenues soar at health insurer
Pre-tax profits at the country's second largest health insurer, Laya Healthcare last year more than doubled to €12.98m.
New figures filed with the Companies Office show that Laya Healthcare Ltd - formerly Quinn Healthcare Ltd - enjoyed the profit increase after revenues went up by 30pc from €39.33m to €51.28m.
The firm - which has now over 500,000 subscribers - was purchased by international insurance giant AIG earlier this year.
Previously, the firm was the subject of a management buy-out in December 2011 with the support of an underwriter owned by giant, Swiss Re.
At the end of 2014, Laya Healthcare had a market share of 23.3pc.
Numbers employed by Laya increased from 405 to 468 with staff costs increasing from €20.2m to €3.8m.
The firm's seven directors were well rewarded for the growth of the business during the year with directors' remuneration last year increasing by 45pc from €1.36m to €1.98m or on average over €280,000.
A spokesman for Laya Healthcare said: "We are very pleased with the overall performance of the business in 2014."
He said: "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."
He added: "We are now in a very strong position in the market to continue our growth, having recently completed our acquisition by AIG, and we are very positive about the future."
He pointed out that Laya's members accounts for 24pc of the private health insurance market.
He said: "This growth in membership and market share is testament to the hard work of our team, and moreover our obsession with maintaining affordable quality healthcare for our members."