Irish Life Health Net Profit Soars 84% to €31.1M Amid Premium Hikes
Irish Life Health's net profit surged 84% to €31.1 million last year, driven by premium increases due to higher claims. The insurer, with 515,328 customers, saw revenues rise to €655.2 million. This trend mirrors VHI's profit growth, reflecting broader market conditions with rising medical costs and premiums.
Irish Life Health, Ireland's third-largest health insurer, reported an 84 per cent increase in net profit to €31.1 million last year, marking its sixth consecutive year of profitability. This rise follows a series of premium increases implemented by medical insurers, citing higher claims costs.
The company's insurance revenues, primarily from premiums, grew 10.3 per cent to €655.2 million. Premium income increased by 7 per cent due to customer growth and average premium hikes. Irish Life Health, with a 20.2 per cent market share, raised coverage plan costs three times in the past year. Customer numbers increased by almost 200 to 515,328. The company paid out €590 million in claims and benefits in 2025, an 11.3 per cent increase from the previous year.
State-owned VHI, with a 48.3 per cent market share, also saw its net profit jump 96 per cent to €71.2 million last year. Axa Ireland, which acquired Laya Healthcare in 2023, recorded gross written health premiums of €672 million last year. Laya holds a 27.9 per cent market share. Overall, 2.55 million people in Ireland had private health insurance by the end of last year, up from 2.52 million, with the average adult premium rising 9 per cent to over €1,902.