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What was the life and health insurance M&A market like in 2024?
After two down years, life and health insurance mergers and acquisitions rebounded slightly in 2024. Globally, 85 transactions were reported, up from 80 the year before, while deal values rose from US$21.5 billion in 2023 to US$21.6 billion in 2024.
While small, these shifts signaled optimism at the end of 2024. Although 2025 transactions are likely to be affected by emerging trade and stock market uncertainty, last year’s growth hinted at the start of a new era, particularly as stabilizing inflation in some regions offered buyers and sellers more certainty, empowering them to set their future M&A strategy.
See mergers and acquisitions by country, plus more deal data
Milliman’s annual report, expanded this year to include Africa, studies life and health insurance M&A trends around the world. We present the highlights of our research below. Download the full report for a country-by-country breakdown of 2024 deal specifics, key players, and future projections.
Download the full reportGlobal highlights
M&A deal volume and values on the rise
North America
A slight dip in M&A activity, but signs of a stabilizing market
Top deal-making countries in North America
The U.S. led North American insurance M&A with 18 deals in 2024.
North America M&A market overview
After several turbulent years, the North America M&A market finally showed signs of stability in 2024. While the number of life and health insurance mergers and acquisitions declined by 9% from 2023, deal values rose by 15%, driven by several multibillion-dollar transactions.
Key themes included:
- Decreased M&A interest among private equity firms
- The continued expansion of Japanese insurers into North America
- The emergence of multiline reinsurers as prominent players in the life and annuity M&A space
North America M&A market outlook
After a rise in transactions related to health and benefits insurers in 2024, 2025 is likely to see transactions involving a wide range of liabilities. Interest in alternative deal structures such as sidecars also is likely to continue, as is the exploration of different partnerships among traditional insurers, reinsurers, and asset managers as regulatory environments and the competitive landscape continue to evolve.
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Europe
M&A deals continued their downward trend
Top deal-making countries in Europe
France led European insurance M&A with four deals in 2024.
Europe M&A market overview
Except for 2021, when the pandemic’s effects caused a spike in deals, the number of life and health insurance mergers and acquisitions in Europe has declined every year since 2017. While this downward trend continued in 2024, the rate of decline—8%—was notably smaller than the 26% drop seen between 2022 and 2023. Similarly, while deal values fell 20% in 2024, this was a shallower drop than the 71% decline observed between 2022 and 2023.
Key themes included:
- A lack of M&A opportunities following market consolidation across Europe
- A reluctance among private equity firms to purchase life and health insurers after the financial struggles of Italy’s Eurovita
- Only one M&A transaction in Spain after the country led European deals for two years in a row
Europe M&A market outlook
While European life and health insurance M&A activity in 2025 is expected to be similar to 2024, momentum may be building in key markets as economic, regulatory, and political uncertainty abates. In particular, with high inflation seemingly subsiding, buyers and sellers may have a better sense of local interest rate movements and be able to set a path forward. Strategic disposals are likely, especially in areas that will be less attractive as interest rates fall.
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Asia
Increased M&A volume, but deal values fell sharply
Top deal-making countries in Asia
India and Israel led insurance M&A in Asia with four deals each in 2024.
Asia M&A market overview
Globally, Asia had the most insurance mergers and acquisitions in 2024. The region saw 23 reported deals, a 13% increase from 2023, but the value of those transactions was down 47% year over year. With four M&A deals, India experienced the most activity in Asia thanks to regulatory changes that facilitated more foreign investment.
Key themes included:
- M&A largely involved acquiring stakes in insurers; acquisition of individual insurance portfolios was rare
- Some multinationals sold their stakes in Asia-based insurers for strategic and capital optimization purposes, while other multinationals did the opposite
- Market impact from inflation and interest rate movements was minimal
Asia M&A market outlook
Mergers and acquisitions of Asia’s life and health insurers are expected to remain at current levels or increase in the years ahead, driven by economic and regulatory changes and market consolidation. Implementation of risk-based capital regimes in many Asian markets has increased both balance sheet volatility and capital requirements for many companies, which may lead firms to dispose of life insurance investments or to look for capital efficiency. With IFRS 17 now in force in many countries, its emerging financial impact may drive many insurers to pursue M&A deals. In addition, multinational insurers may review existing and potential stakes in Asia as part of their global strategy or capital management initiatives.
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Latin America
Fewer deals, but combined value up more than 90%
Top deal-making countries in Latin America
With one deal each, Argentina, Bolivia, and Peru were the only Latin American countries reporting M&A insurance transactions in 2024.
Latin America M&A market overview
Across Latin America, only three life and health insurance mergers and acquisitions were reported in 2024, down from five deals in 2023. However, at US$0.3 billion, the combined value of these deals was 92% higher than the total reported last year.
Key themes included:
- The 2024 year-on-year increase in deal values mirrors the global trend
- Deal value in the region was driven by Grupo Credito and Pacifico Seguros’s purchase of private medical insurance business and Pacifico EPS from Banmedica
- Unlike in previous years, more investors were looking to enter the market than to exit
Latin America M&A market outlook
Latin America’s life and health insurance M&A market is poised for significant activity in 2025 due to its growth potential, digital transformation, and increasing investor interest. In particular, Brazil and Mexico, with their large economies and low insurance penetration, present significant opportunities for international investors, as does Chile, thanks to regulatory changes in its pension and health markets. Meanwhile, the focus of Argentina’s new government on reducing inflation and foreign exchange restrictions could stimulate insurance M&A there in 2025.
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Africa
Deal volumes were up, while deal values rose more than 400%
Top deal-making countries in Africa
South Africa reported three deals, Nigeria had two, and Botswana, Kenya, Morocco, Mozambique, and Zambia each had one life and health insurance M&A deal in 2024.
Africa M&A market overview
With 10 reported deals in 2024, up from three deals in 2023, life and health insurance M&A activity rose significantly across Africa last year. The value of these transactions also increased substantially, from US$0.1 billion to US$0.7 billion—representing a rise of 468%.
Key themes included:
- Investors sought opportunities in insurtech start-ups and microinsurers
- After reporting one deal each in 2022 and 2023, Tunisia had no transactions in 2024
- M&A activity also was quiet in Ghana, which had led the region in 2022 with two deals
Africa M&A market outlook
Insurance M&A across Africa is expected to maintain current levels or grow in the coming years. The introduction of IFRS 17 reporting requirements has made it easier for potential international investors to evaluate insurers’ finances and could spur more deals, as could local regulations surrounding microinsurance and bancassurance partnerships. South Africa, in particular, is poised for growth thanks to improved political stability and low inflation, although some life and health insurance products face headwinds. Similarly, Kenya and Nigeria could see increased M&A activity in the future, although economic challenges persist.
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Life and health insurance M&A around the world
Download the PDF to see more specific data on 2024 life and health insurance mergers and acquisitions around the world.
