EMEA insurance M&A volume down in 2025 despite uptick in large deals

Insurance deal activity in Europe, the Middle East and Africa slowed further in 2025, even as the number of outsize transactions rose year over year.

There were 255 M&A transactions in the region in 2025 compared to 355 in the previous year. Deal volumes have steadily declined since at least 2021, according to an analysis by S&P Global Market Intelligence. Announced deals involving EMEA insurance companies totaled 434 in 2021, 386 in 2022 and 374 in 2023.

The second quarter was the most-active period for dealmaking in the region last year with 79 transactions announced, followed by the first quarter with 63 transactions. M&A activity slowed in the third quarter with 54 deals announced and picked up again in the fourth quarter with 59 deals.

Helvetia, Baloise out front

There were nine EMEA insurance deals with values of more than €1 billion in 2025, compared to just three in 2024.

Helvetia Holding AG's €8.98 billion merger with Baloise Holding AG was the largest deal of the year. At the time, Helvetia and Baloise said the combination would create the second-largest insurance group in Switzerland, which was expected to operate as Helvetia Baloise Holding Ltd. The transaction closed, forming Helvetia Baloise Holding AG, in December 2025.

Athora Holding Ltd.'s €6.59 billion acquisition of Pension Insurance Corp. Group Ltd. was the second-largest transaction in 2025. Pension Insurance, which is the ultimate parent company of Pension Insurance Corp. PLC, said the deal would give it a single strategic owner for the first time in its 20-year history. It was also the largest deal of the third quarter.

The third-largest deal of 2025 was the purchase of a 29.9% stake in Viridium Group GmbH & Co. KG by a consortium of investors that include T&D Holdings Inc.'s T&D United Capital Co. Ltd. unit, Allianz SE and BlackRock Inc.

The €3.5 billion acquisition, announced in March 2025, facilitated majority owner Cinven Ltd.'s exit after more than a decade. The new investor group became joint owners of Viridium alongside existing shareholders Generali Financial Holdings and Hannover Re.

Ageas SA/NV's pending €1.90 billion acquisition of a 25% stake in Belgium-based AG Insurance SA/NV from BNP Paribas Fortis SA was the biggest deal announced in the fourth quarter of 2025. Under the agreement, Ageas will become the full owner of AG Insurance. The transaction is expected to complete in the second quarter of 2026.

Brookfield Wealth Solutions Ltd.'s €2.68 billion acquisition of UK-based Just Group PLC in July, Vienna Insurance Group AG's €1.38 billion acquisition of Germany-based Nürnberger Beteiligungs-AG in August and Radian Group Inc.'s €1.43 billion acquisition of UK-based Inigo Ltd. in September were among the largest announced deals in the third quarter.

In a September 2025 interview with Market Intelligence, Inigo CEO Richard Watson said the transaction with Radian Group helps remove a big source of uncertainty in the company's future. Seeking new private equity owners would have put Inigo back on the "merry-go-round" of needing to look for a new owner in another three to five years, Watson added.

Other notable deals from 2025 include Inoc SA's proposed €2.28 billion acquisition of a 37.97% stake in Grupo Catalana Occidente SA, Ageas (UK) Ltd.'s €1.49 billion acquisition of Esure Group PLC, Samsung Fire & Marine Insurance Co. Ltd.'s €496.9 million purchase of an additional 21% stake in Canopius Group Ltd. and Axa SA's acquisition of an initial 51% stake in Prima Assicurazioni SpA for €500 million. Axa has call and put options in place to acquire the remaining 49% stake in Prima in a few years' time.

Another noteworthy transaction announced in the first quarter was Piraeus Bank SA's acquisition of a 90.01% stake in Greece-based Ethniki Hellenic General Insurance Co. SA for €537.6 million, announced in March. The bank later acquired an additional 9.99% stake in the Greek insurer for €62.4 million in November.

– Use the screener to access M&A data on the S&P Capital IQ Pro platform. – Read a review of insurance M&A activity and related trends in North America and Asia-Pacific throughout 2025. – Read about potential M&A activity in the global insurance sector on In Play Today and a summary of recently announced deals on M&A Replay.

Mideast transactions

In the Middle East, Phoenix Financial Ltd.'s €194.4 million minority stake acquisition in Israel-based Phoenix Insurance Agency 1989 Ltd. was the largest deal during the year. The transaction, announced in July, raised Phoenix Financial's total shareholding in Phoenix Insurance to 95% from 78%.

This was followed by the €132.8 million merger agreement between Saudi Arabia-based The Mediterranean and Gulf Cooperative Insurance and Reinsurance Co. and Buruj Cooperative Insurance Co. in July, and by Salama Cooperative Insurance Co.'s pending merger with Saudi Enaya Cooperative Insurance Co., which has a transaction value of €89.0 million.

The proposed merger between Salama and Saudi Enaya, which was announced in February, will result in the delisting of Saudi Enaya's shares.