Industry & Business

IRISH Life set to become a major force in the health insurance market after buying Aviva Health and GloHealth

 Breaking News
  • Grand Canal Innovation District Planned For Dublin A far-reaching plan for the creation of the Grand Canal Innovation District in Dublin has been launched. The proposal from Trinity College Dublin is modelled on innovation districts in cities such as Boston, Toronto, Rotterdam and Barcelona. It will significantly strengthen Ireland’s competitive advantage when developing new indigenous companies or competing for foreign direct investment. [...]...
  • Heiton Buckley Unveils Newly Refurbished Mayo Branch Heiton Buckley, Ireland’s leading supplier of doors, floors, bathrooms, garden, plumbing and heating products, has officially unveiled its newly refurbished branch in Castlebar, County Mayo . GAA star, Andy Moran, CEO of Grafton Merchanting ROI, Patrick Atkinson, Heiton Buckley Castlebar Branch Manager, Mick Kane, and longtime customer Mick Duane officially cut the ribbon and kicked [...]...
  • Export Sales by Enterprise Ireland Client Companies Hit New Record Enterprise Ireland, the state agency responsible for helping Irish companies export to international markets, has announced that its clients recorded export sales of €22.71 billion in 2017, representing a 7 per cent increase on 2016. This is the highest level of export sales recorded in the history of the agency and the eighth-consecutive year of [...]...
  • BAM Wins €25 Million Contract to Build New Cheese Factory in Cork TINE Ireland, a subsidiary of the Norwegian dairy co-operative TINE, has awarded the construction of a new Jarlsberg® cheese production facility and administration building at Mogeely, County Cork, to BAM Ireland. The contract value is more than €25 million. TINE is Norway’s largest producer, distributor and exporter of dairy products with 11,400 members (owners) and [...]...
  • HBAN Scoops Major European Business Angel Network Award HBAN (Halo Business Angel Network), the all-island organisation responsible for the promotion of business angel investment, and a joint initiative of Enterprise Ireland and InterTradeIreland, was crowned Globally Networked Organisation 2018 at the recent EBAN (European Business Angel Network) Awards Ceremony held in Sofia, Bulgaria. HBAN was awarded the prominent European accolade in recognition of the significant [...]...

IRISH Life set to become a major force in the health insurance market after buying Aviva Health and GloHealth

IRISH Life set to become a major force in the health insurance market after buying Aviva Health and GloHealth
March 10
11:18 2016

Irish Life has confirmed that it has now taken control of Aviva Health and GloHealth.

The deal is the biggest in the sector since Aviva’s larger rival Laya Healthcare was sold to AIG last year in a deal understood to have been worth in the region of €90m.

Aviva Health is Ireland’s third biggest health insurer after VHI and Laya. It is 70pc owned by Aviva with AIB holding the other 30pc.

Irish Life was already a 45pc shareholder in GloHealthcare, and the Aviva Health deal will catapult it close to second-ranked Laya in terms of market share.

The new Irish Life health insurance business will have 400,000 private healthcare customers.

Insurers across Europe are being forced to assess their deployment of capital as a result of incoming regulations known as Solvency 2 which will force institutions to hold more capital as a precaution against potential losses.

It is understood that capital raised from a sale of the Aviva health business would be invested back into the other Irish arms, and that the decision to review the assets was driven by a review of the group’s relative return on capital across different businesses.

VHI will continue to dominate the market with around one million health insurance customers. Laya has around half a million private health insurance customers.

Aviva Ireland said its general insurance and life and pensions businesses are unaffected by the announcement and business will continue as usual.

Existing customers, corporate partners and brokers will see no immediate change as a result of the announcement.

About Author

admin

admin

Related Articles

New Subscriber





Subscribe Here



Advertisements



















National Manufacturing Conference & Exhibition 2018

NIBRT Springboard Success Stories



Upcoming Events

  • No upcoming events
AEC v1.0.4