Global insurance industry raises $2.3M from IPOs in Q1

Global insurance and insurtech companies filed for only two IPOs in the first quarter of 2022, according to an S&P Global Market Intelligence analysis.

Both offerings came from Asia-Pacific insurers. Bangladesh-based Union Insurance Co. Ltd.'s IPO, completed in January, raised $2.3 million. Pakistan-based Adamjee Life Assurance Co. Ltd. was the other company to go public in the first quarter. Data for the proceeds from the Adamjee Life IPO, which closed in March, is not available.

First-quarter IPO activity is usually fairly light. A major exception was the first quarter of 2021, when there was a heightened activity due to attractive market conditions. Global insurance and insurtech companies filed for eight IPOs in the first quarter of 2021, raising about $1.94 billion.

Global insurance and insurtech companies raised a total of $7.92 billion from 29 IPOs throughout the whole of 2021.

The IPO of the Life Insurance Corp. of India, scheduled to take place in the second week of March, was delayed amid market volatility due to the Russia-Ukraine conflict, Business Standard reported. The long-awaited IPO is now likely to run from May 4 to May 9. The government of India has reportedly trimmed the size of the IPO by as much as 60% amid weakened investor demand due to the conflict in Ukraine.