Magazine date:
Jan 2024 
An analysis conducted by EY (formerly known as Ernest & Young) has found that the UK insurance market had recorded 112 mergers & acquisitions (M&A) in 2023, 14.3% more than those concluded in 2022.
Meanwhile, the overall value of these transactions has dropped from 5.1 billion GBP (6.1 billion USD) in 2022 to 3.3 billion GBP (4.2 billion USD) a year later, representing a 35.3% decline.
According to the study, the entire financial sector (banking, insurance, asset and wealth management) has seen a 9% drop in M&A transactions to 273 in 2023. The overall volume of transactions, 12.1 billion GBP (15.4 billion USD) in 2023, was down by 18.8% over one year.
This activity is adversely affected by a challenging macroeconomic environment.