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What was the life and health insurance M&A market like in 2025, and what will it look like going forward?
In 2025, the number of announced life and health insurance M&A transactions around the globe remained unchanged from one year earlier at 85 deals. But the value of those deals rose significantly—by 150%. The surge was driven by an increase in megadeals exceeding $1 billion.
This shift came amid widespread political uncertainty, tariff-driven market volatility, and regulatory adjustments in several regions. M&A dealmakers around the world responded by deepening asset management expertise and partnerships in key markets.
Looking ahead, North American life and health insurers are expected to increasingly focus on strategic initiatives and opportunities to drive organic growth through mergers and acquisitions. In Europe, ongoing consolidation in fragmented markets and Solvency II changes are likely to whet M&A appetites. And across Asia, evolving RBC regimes and the growing consideration of IFRS 17 metrics may shape deal structures more than volumes.
While policy and geopolitical uncertainties will persist, we expect that global life and health insurance mergers and acquisitions are likely to continue along their current stable trajectory in 2026 and beyond.
See mergers and acquisitions by country, plus more deal data
Each year, Milliman studies global life and health insurance M&A trends. We present the highlights of our research below. Download the full report for a country-by-country breakdown of 2025 deal specifics, key players, and future projections.
Download the full reportGlobal highlights
M&A deal volumes were steady—but their values surged
North America
Consistent deal values but an increase in transaction volume
Top deal-making country in North America
The United States was the only North American country to publicly announce any M&A transactions, with 28 deals during 2025.
North America M&A market overview
During 2025, the number of publicly reported life and health insurance mergers and acquisitions in North America rose from 21 to 28, representing 33% of global transactions. But the value of those deals remained level at $14.4 billion, driven by five deals exceeding $1 billion.
Key themes included:
- Broader strategic scope targeting retail distribution, brand recognition, and cross-selling potential
- Japanese buyers continuing to seek U.S. life and annuity businesses
- Diversification into employee benefits, group medical stop-loss, and select property and casualty lines
North America M&A market outlook
The trend of partnering with asset managers is expected to persist, as is an emphasis on strategic asset allocation. Many insurers, having already strengthened their balance sheets, will increasingly focus on strategic initiatives and on driving organic growth through mergers and acquisitions. Buyers backed by private equity are likely to remain prominent players, as are Japanese firms and traditional carriers.
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Europe
M&A volume and values finally rebound
Top deal-making countries in Europe
The United Kingdom led European insurance M&A with 6 deals in 2025.
Europe M&A market overview
After years of declining health and life insurance mergers and acquisitions across Europe, 2025 saw a significant rebound in volume and values. The number of deals rose 35%, while their value increased more than ten-fold, from $3.0 billion in 2024 to $33.6 billion in 2025—surpassing the $15.6 billion recorded during the busy year of 2021. A rise in public deal value disclosures contributed to this increase, as did the seven regional megadeals valued at more than $1 billion. Europe saw the largest life and health insurance M&A deal reported globally in 2025: the $11.6 billion merger between Helvetia and Baloise.
Key themes included:
- A reversal of the recent trend of declining M&A activity across Europe
- A high number of transactions exceeding $1 billion, with many representing megadeals being released from the pipeline
- A surge in interest in the U.K. pension risk transfer market
Europe M&A market outlook
Amid stabilizing economic, regulatory, and political uncertainty across Europe, M&A dealmaking is expected to remain active in 2026, with signs of building momentum in key markets such as Germany. While the ongoing Solvency II review may not have a significant impact on M&A volumes, the upcoming changes to the calculation of the risk margin will likely free up capital for future acquisitions and reduce the capital strain when acquiring insurance portfolios. In addition, the Danish Compromise, which became permanent in 2025, continues to drive life and health insurance mergers and acquisitions in markets where bancassurance models are common.
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Asia
A reversal of 2024: Volumes were down but values soared
Top deal-making countries in Asia
India led insurance M&A in Asia with 7 deals in 2025.
Asia M&A market overview
In Asia, the number of life and health insurance mergers and acquisitions fell by 15% in 2025, to 22 transactions, but deal values soared by 119%, to $5.8 billion. For the fourth straight year, India was the most active market in the region.
Key themes included:
- Buyers sought partial stakes rather than full acquisitions
- High levels of activity continued in India, but the recent increases in foreign investment limits have so far had a muted impact, with most transactions resulting in minority stake acquisitions
- Multinationals pursuing strategic initiatives and capital optimization opportunities have both sold and purchased minority stakes in Asian insurers
Asia M&A market outlook
M&A activity in the Asian life and health market is expected to pick up in 2026, driven by regulatory changes and economic volatility. The growing implementation of RBC regimes may prompt higher capital requirements for local insurers and spur the need to dispose of life insurance investments or to improve capital efficiency through reinsurance solutions. The most recent increase in foreign direct investment limits in India, from 74% to 100%, which effectively removed the cap on foreign investment, could lead to a shift away from minority stake deals to whole company acquisitions moving forward. Local consolidation trends are expected to persist, with multinational insurers reviewing existing or potential stakes in the region. As a result, we expect M&A activity in Asia to remain relatively stable or increase going forward.
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Latin America
Only one 2025 transaction, resulting in a 68% drop in deal value
Top deal-making country in Latin America
With one deal, Chile was the only market in the region to publicly report a transaction during 2025.
Latin America M&A market overview
Across Latin America, only one life and health insurance M&A deal was reported during 2025, down from three transactions in 2024 and five in 2023. Chile reported the lone deal, valued at $96 million—equivalent to 1% of worldwide totals. Chile has continued to feature prominently in distribution-oriented M&A activity in recent years, reflecting the relatively advanced stage of its life and health insurance market. In contrast, other countries in the region have faced political, economic, and technology headwinds that have somewhat impeded mergers and acquisitions.
Key themes included:
- A steep drop in overall deal value, but consistent volume over recent years
- Consumers are increasingly seeking life and health policies, driving insurance M&A appetites
- Continued progress in technology and digitization are strengthening insurers’ ability to expand, further setting the stage for M&A activity
Latin America M&A market outlook
In 2026 and beyond, life and health insurance M&A activity in Latin America is expected to maintain its current pace. Ongoing digitization and technology improvements should support the development of more flexible and accessible product offerings, contributing to steady growth for local insurers and sustaining an active M&A environment going forward.
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Africa
Only two announced deals, with undisclosed values
Top deal-making countries in Africa
Côte d'Ivoire and Ghana each announced one M&A transaction in 2025.
Africa M&A market overview
In 2025, the market across Africa for life and health insurance mergers and acquisitions was defined by strategic repatriation and the rise of the regional aggregator. While the number of externally announced deals was relatively low—only two transactions, whose values were not reported—the underlying dynamics revealed a market in transition. Multinational insurers continued their retreat from the continent, while regional African groups expanded to fill the vacuum. In addition, there were a number of internal restructures. These shifts are reshaping competitive dynamics and reflect strategic responses to IFRS 17 and local solvency requirements.
Key themes included:
- Many South African and multinational insurers are divesting, creating opportunities for private equity firms and regional aggregators
- Regulatory reforms are expected to force transactions in Nigeria, Egypt, Namibia, Botswana, Kenya, and Ghana
- While traditional life segments have seen multinational withdrawals, health and international private medical insurance segments are attracting international insurers
Africa M&A market outlook
Deal volumes are poised to rise as a structural reset replaces fragmented expansion by individual insurers, with key themes being continued consolidation—driven by stringent 2026 regulatory recapitalization deadlines in Nigeria and Egypt—and a flight to quality toward better-capitalized, larger-scale, digital-forward firms. This transition is transforming the industry into a leaner landscape expected to be dominated by a moderate number of regional champions rather than dozens of smaller players.
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Life and health insurance M&A around the world
View the PDF to see more specific data on 2025 life and health insurance mergers and acquisitions.
