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1、MILLIMAN REPORT Life and health insurance M&AA review of 2025 and an outlook for 2026 and beyondCovering North America,Europe,Asia,Latin America,and AfricaAUTHORSIan Humphries(London)Katie Nelson(Chicago)Tanner McKerlie(Chicago)Samuel Burgess(London)Stuart Reynolds(London)Su Meng Lee(Bermuda)Ariel H

2、ojman(Buenos Aires)Fernando Mesquida(Buenos Aires)Richard Taylor(Cape Town)David Kirk(Cape Town)Bryan Liu(Bermuda)Wen Yee Lee(Asia)2Life and health insurance M&A|April 2026Overview This report provides an analysis of recent life and health insurance transaction activity across the globe,focusing on

3、North America,1 Europe,2 Asia,3 Latin America,4 and Africa,5 while setting out our expectations for future life and health merger and acquisition(M&A)activity.The Global insight section(pages 36)provides an overview of global life and health M&A in 2025,looking at transaction volumes and reported de

4、al prices,and a high-level analysis of the activity in each region.The North America(pages 717),Europe (pages 1854),Asia(pages 5579),6 Latin America(pages 8083),and Africa(pages 8489)sections provide a detailed insight into the activity in each region.For key markets under each region,we provide:An

5、analysis of the level of activity in 2025An overview of the key announced transactions in 2025,with consideration of transaction drivers,common themes,and trendsAn analysis of local private equity(PE)and asset manager activityAn outlook for life and health insurance M&A in 2026 and beyondAs an exten

6、sion to the analysis of life and health M&A transactions in Europe,we continue to explore transaction value metrics such as the ratio of price to Solvency II own funds and pricing trends observed in recent years.The underlying data used for this report have been sourced from S&P Global Market Intell