North American insurance M&A in 2023 was similar to 2022 levels and appeared to signal the return of more typical activity after the record highs of 2021. Although the number of deals dropped 32%, their value rose 368%, driven by four multibillion-dollar transactions.

M&A in the region is dominated by the United States, where continued high interest rates led to the exploration of different reinsurance structures. Potential changes to U.S. and offshore regulatory environments may encourage companies to review deal options, and we may see more transactions through sidecars and other alternative structures.

See the full report for details on the largest deals and key players.

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Europe had the most insurance M&A transactions last year of any region in our report, but publicly announced deal values were down 71% from 2022, and 2023 activity continued the trend of declining deals in the region. As in 2022, Spain had the most active market, as well as the highest publicly announced deal value in Europe.

Rising interest rates across Europe have caused unrealized losses on fixed income investments for some insurers, which has increased lapse risk and mass lapse capital requirements. The expectation of sustained high rates may lead some companies to reconsider disposing of non-core holdings, and many insurers are waiting until economic conditions stabilize before making decisions about the suitability of portfolios. Still, private equity demand for European life and health insurance business is expected to remain high in 2024 and beyond.

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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In 2023, the number of Asia-based life and health insurance transactions decreased 30% from 2022, but total publicly announced deal values rose 152%. India and China were again among the busiest markets, aided by recent regulations facilitating foreign investment. Still, some multinationals sold their stakes in Asian insurers in 2023.

As risk-based capital regimes are implemented across the region—increasing balance sheet volatility and capital needs—some firms may need to dispose of life insurance investments going forward. While IFRS 17 has so far not driven M&A activity in Asia, it may spur future transactions as insurers gain understanding of the regulation’s impact on their financials.

See the full report for key transactions in China, India, and Southeast Asia.

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In 2023, Latin America saw a similar number of life and health insurance M&A transactions as in 2022 and 2021. In addition, the region saw a significant number of large insurance distribution agreements between insurers and financial groups, banks, and retailers, a trend that is expected to continue.

Life and health business is projected to grow across the region as insurance uptake rises and increased digitization enables insurers to reach a wider customer base. In particular, Chile's pension system is a recurrent source of M&A activity. Even Argentina, despite continued economic uncertainty, likely will see more foreign investment after recent political changes.

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