Major insurance M&A deals in the Middle East and Africa: 2022-2023
| Buyer | Buyer's country | Target company | Country of target company | Transaction amount | Comments |
|---|---|---|---|---|---|
| Middle East | |||||
| Arabian Shield | Saudi Arabia | Alinma Tokio Marine | Saudi Arabia | NA | Finalized in November 2023 |
| Fairfax Financial Holdings | Canada | Gulf Insurance Group (GIG)(46.32%) | Kuwait | 832 | Finalized in December 2023 |
| Abu Dhabi National Insurance Co. (ADNIC) | United Arab Emirates | Allianz Saudi Fransi (51%) | Saudi Arabia | 133.1 | Ongoing operation |
| Sukoon | United Arab Emirates | Arabian Scandinavian Insurance Company ASCANA (93%) | United Arab Emirates | NA | Finalized in May 2023 |
| Liva (Ex. National Life & General Insurance Co.) | Oman | Al Ahlia Insurance (47.5%) | Oman | 57 | Finalized in January 2023 |
| Kuwait Insurance Company(KIC) | Kuwait | National Takaful Ins. Co. (74%) | Kuwait | NA | Finalized in March 2023 |
| National Life & General Insurance Company | Oman | RSA Middle East | Middle East | NA | Finalized in September 2022 |
| Africa | |||||
| Sanlam Life Insurance | South Africa | Assupol Holdings | South Africa | 348.2 | Ongoing operation |
| Wifak Bank | Tunisia | At-Takafulia | Tunisia | 15.6 | Finalized in September 2022 |
| La Banque Africaine de Développement | Côte d'Ivoire | CICA-RE (5.47%) | Côte d'Ivoire | 10.69 | Finalized in June 2022 |
| Gulf Insurance Group (GIG) | Kuwait | AIG Egypt (95.02% of the capital) | Egypt | 6.4 | Finalized in April 2023 |
| Al Baraka Bank | Tunisia | El Amana Takaful (87.2) | Tunisia | 5.04 | Finalized in August 2023 |
| The National Social Insurance Fund (CNPS) | Cameroon | Chanas Assurances Vie (11.6%) | Cameroon | 1.1 | Finalized in March 2023 |
| Hollard International | South Africa | Apollo Investments, Parent company of APA Insurance (20%) | Kenya | NA | Ongoing operation |
| Maghrebia | Tunisia | GAT Assurances (23%) | Tunisia | NA | Finalized in December 2022 |
Middle East
The United Arab Emirates and Saudi Arabia are the most attractive markets, with several M&A deals reported in 2022 and 2023.
In 2023, with the exception of deals involving Canada's Fairfax Financial Holdings, the vast majority of M&A transactions are between local or regional insurers. Transactions such as Arabian Shield in Saudi Arabia or Sukoon in the Arab Emirates reflect the need for insurers to consolidate in their own national markets.
Africa
The same trend can be observed in Africa, where transactions are generally carried out among African partners. Acquirers are focusing on strengthening their presence in their home markets and taking advantage of local or regional external growth opportunities.
Read also | Major global insurance M&A deals in 2023
