Insurance : historic decline in transactions in the first half of 2025

Faced with persistent economic and geopolitical uncertainties, the insurance market is favoring caution. Consequently, during the first half of 2025, mergers and acquisitions were mainly limited to low-risk, small-scale deals, favoring internal growth.

At the end of June 2025, only 95 transactions had been completed, the lowest level since 2008.

Notably, in October, Japan completed one of the largest transactions of 2025, with Nippon Life Insurance Company acquiring Resolution Life Group Holdings (UK/Bermuda) for nearly 8.2 billion USD.

On the other side of the Pacific, the United States remains the most buoyant market, with 35 transactions reported at the end of June 2025.