Insurance: Major M&A operations in 2025

January 06, 2026
Insurance M&A
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DateBuyerTarget company Transaction amount in billions USD
OctoberNippon Life Insurance Company, JapanResolution Life Group Holdings, Bermuda8.2 
JulyAthora Holding Limited, BermudaPension Insurance Corporation Group Limited (PICG), United Kingdom7.59
MarchMS&AD Insurance Group Holdings, JapanAcquisition of a 15% stake in W.R. Berkley, United StatesAround 3.8
AprilStanCorp Financial Group, U.S. subsidiary of Japan's Meiji Yasuda, United StatesTwo Allstate entities, United States2 
JanuarySentry Insurance, United StatesThe General, United States1.7
OctoberWoori Financial’s, South KoreaTong Yang Life Insurance, South Korea1.2
OctoberSGAM Matmut, FranceHSBC Assurances Vie, France0.961
AprilZurich Insurance Group, Switzerland50% in the capital of Icen Risk, United StatesAround 0.192
OctoberWafa Assurance, Morocco63,4% in the capital of Egyptian Delta Insurance, Egypt0.067
MayDai-ichi Life, Japan15% in the capital of M&G, United Kingdom-

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