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

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.

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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.

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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.

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