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Annual Report

Global Life and Health Insurance Mergers and Acquisitions (M&A)

3 August 2023
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See mergers and acquisitions (M&A) by country, and more deal data

We present the highlights of our analysis below. Download the full report for more details, including a country-by-country breakdown of deal specifics, key players, and a future outlook.


Worldwide statistics: Life and health insurance mergers and acquisitions

Life and health insurers saw significantly less M&A activity in 2022 than the year before. High inflation, geopolitical conflict, and other pressures likely inspired caution among buyers and sellers, although some decline in activity was likely after a busy 2021.

Globally, there were 122 deals announced in 2022, versus 171 in 2021. Total publicly announced deal values were US$19.8 billion in 2022, down from US$70.7 billion in 2021.


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%
Total reported global deal volume in 2022
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%
Total reported global deal value in 2022

map north america

North America

Deals

29

arrow-downfrom 57 in 2021


Total publicly announced transaction value

$2.7 billion

arrow-downfrom $37.2 billion in 2021

map europe

Europe

Deals

34

arrow-downfrom 51 in 2021


Total publicly announced transaction value

$12.7 billion

arrow-downfrom $14.9 billion in 2021

map asia

Asia

Deals

32

arrow-downfrom 34 in 2021


Total publicly announced transaction value

$1.7 billion

arrow-downfrom $15.9 billion in 2021


Announced transactions by region


North America

Private equity drives insurance M&A in U.S., Bermuda

Private equity firms and asset managers have continued to expand their presence in the North American life and health insurance M&A market. But rising interest rates, economic volatility, and regulatory uncertainty likely impeded overall transaction activity in 2022.

Although the most life and health insurance M&A transactions were completed in the United States, Bermuda led in publicly announced deal values.

See the full report for key transactions in the U.S. and other details.

Download the full report

Top deal-making countries in the region in 2022:

United States
25
Bermuda
2
Canada
1

Europe

Bank consolidations in Spain and Italy trigger M&A in Europe

In 2022, Europe had:

2 out of 4

global deals exceeding $1 billion

4 out of 7

global deals exceeding $500 million

$0.6 billion

average deal value

Bancassurance transactions drove market activity in Spain and Italy, which reported the most insurance M&A transactions in Europe last year.

Overall, the region continued to see the general decline in M&A activity it has experienced since 2017. However, it dominated the globe with the largest reported deals in 2022 and overtook North America for the largest average deal value.

See the full report for key transactions in the U.K., Italy, Spain and Portugal, France, CEE, Belgium and Luxembourg, Germany, and the Netherlands.

Download the full report

Top deal-making countries in the region in 2022:

Spain
7
Italy
5
France
4

Asia

Higher foreign investment caps encourage M&A in China, India

Although the value of insurance M&A transactions declined 89% in Asia from the year before, the number of deals fell only 14% in 2022—the smallest decline of any region.

Many Asian markets avoided the rising inflation and interest rates experienced in North America and Europe. In addition, recent increases in foreign investment caps spurred activity in China and India, which led the region’s deals. Relaxing regulations also stoked private equity demand in some countries.

See the full report for key transactions in China, Hong Kong, India, and Singapore.

Download the full report

Top deal-making countries in the region in 2022:

China
6
India
6
UAE
5

Get more in-depth data and analysis

Download the full report
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About the Author(s)

Sam Burgess

Tubin Wang

Candace Wang

John Gakuya

Stuart Reynolds

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