Quick links: North America Europe Asia Latin America
How has the life and health insurance M&A landscape changed?
Stability is often key to activity in insurance mergers and acquisitions—and 2023 was anything but stable. High inflation and interest rates caused economic uncertainty in many regions, while conflict roiled Ukraine and the Middle East and several global life and health insurance markets faced changes to solvency regulations. These pressures combined to slow M&A transactions among life and health insurers in 2023.
But while deal volume continued its downward trend from the 2021 peak, deal value rose, and there remains demand from traditional insurers, asset managers, and private equity firms for life and health insurance business around the world.
See mergers and acquisitions by country, plus more deal data
Each year, Milliman studies global life and health insurance M&A trends. Our analysis reviews data and deals in North America, Europe, and Asia, with a new section this year for Latin America. We present the highlights of our research below. Download the full report for a country-by-country breakdown of deal specifics, key players, and future projections.
Worldwide statistics
Life and health insurance M&A deals were down—but values were up
Globally, 80 life and health insurance mergers and acquisitions were announced in 2023, down from 131 in 2022. However, total publicly announced deal values rose from US$20.4 billion in 2022 to US$21.5 billion in 2023.*
*Backing data for some deals was updated after the publication of our earlier reports. For a small number of transactions, certain pre-2023 statistics presented here may not exactly match the numbers in previous editions of the paper. See the PDF for full source information.
Deal volume
Deal value