1、MILLIMAN REPORT Life and health insurance M&AA review of 2024 and an outlook for 2025 and beyondCovering North America,Europe,Asia,Latin America,and AfricaAUTHORSIan Humphries(London)Katie Nelson(Chicago)Tanner McKerlie(Chicago)Chew Hou Ng(London)Samuel Burgess(London)Stuart Reynolds(London)Ariel Ho
2、jman(Buenos Aires)Fernando Mesquida(Buenos Aires)Richard Taylor(Cape Town)David Kirk(Cape Town)Su Meng Lee(Bermuda)2Life and health insurance M&A|May 2025Overview This report provides an analysis of recent life and health insurance transaction activity across the globe,focusing on North America,1 Eu
3、rope,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 2024,looking at transaction volumes and reported deal prices,as well
4、as a high-level analysis of the activity in each region.The North America(pages 716),Europe (pages 1749),Asia(pages 5071),6 Latin America(pages 7275),and Africa (pages 7681)sections provide a detailed insight into the activity in each region.For key markets under each region,we provide:An analysis o
5、f the level of activity in 2024 An overview of the key announced transactions in 2024,with consideration of transaction drivers,common themes,and trends An analysis of local private equity(PE)7 and asset manager activity An outlook for life and health insurance M&A in 2025 and beyondAs an extension
6、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.See pages 48-49 for more details.The underlying data used for this paper has been sourced fro