In 2022, life and health insurance transaction activity was down sharply. Our research points to the likely causes and projects the landscape for future life and health insurance transaction activity, with consideration of demand from traditional insurers, private equity investors, and other key players in the market.
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.
Download the full reportWorldwide 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.
29%
Total reported global deal volume in 2022
72%
Total reported global deal value in 2022
North America
Deals
29
from 57 in 2021
Total publicly announced transaction value
$2.7 billion
from $37.2 billion in 2021
Europe
Deals
34
from 51 in 2021
Total publicly announced transaction value
$12.7 billion
from $14.9 billion in 2021
Asia
Deals
32
from 34 in 2021
Total publicly announced transaction value
$1.7 billion
from $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.
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Top deal-making countries in the region in 2022:
United States
Bermuda
Canada
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
Italy
France
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
India
UAE
Life and health insurance M&A
Download the PDF to see more specific data on health and life insurance mergers and acquisitions around the world.
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