By Angela Chen
American International Group Inc. on Wednesday said it agreed to
acquire Laya Healthcare, Ireland's second-largest health-insurance
provider, as the insurance conglomerate looks to grow its health
offerings overseas.
"Building on Laya Healthcare's success serving customers in
Ireland is an important step in expanding AIG's Health and Consumer
strategies," said Jay Sheehy, global head of AIG's health business.
Expanding the health business is crucial to AIG's consumer
insurance strategy, the company said.
AIG didn't disclose financial details of the transaction, which
is expected to close in the first half of the year.
Laya, which has about 500,000 customers, serves more than 23% of
the Irish private health market. In addition to health coverage, it
offers life, dental and travel insurance. AIG has operated in
Ireland for more than 40 years.
AIG has been in transition since former Chief Executive Robert
Benmosche retired in September after five years at the helm, during
which the company repaid one of the biggest bailout packages of the
financial crisis. Under Mr. Benmosche, the once-sprawling
financial-services conglomerate sold many of its units, including
its aircraft-leasing business and two international life-insurance
businesses, to narrow its operations primarily to a global
property-casualty insurance business and a U.S. life-insurance and
retirement-services unit.
In its most recently reported quarter, AIG posted slightly
higher income, with a jump in profits in its life-insurance
business and a more modest gain in its core property-casualty unit.
Shares of AIG are down about 3% in the past three months through
Tuesday's close.
Write to Angela Chen at angela.chen@dowjones.com
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