Conning Announces its Newest Strategic Report - Global Mergers & Acquisitions in the Insurance Industry: 2021 Distribution and Services Edition

March 18, 2022


HARTFORD, CT – March 18, 2022 – The number of distribution-related M&A transactions has increased steadily over a long period, with the annual tally more than doubling since 2016, according to a new study by Conning.

There were 1,327 global M&A transactions across the insurance underwriting, distribution, and services sectors in 2021. “This was a 1% decrease from 2020,” said Steve Webersen, Head of Insurance Research at Conning. “However, the total number of transactions for 2021 was an increase from 2019. In terms of total value, 2021 was a strong 56% increase over 2020.”

Focusing more closely on the distribution and insurance services, the number of acquisitions has increased from approximately 600 in 2014 to 1,200 in 2021.

“In 2021, the volume of property-casualty distribution M&A activity was record-breaking yet again. Transaction activity for the year was up about 12% from 2020,” said Alan Dobbins, a Director in Insurance Research at Conning. “There was a pull back in the number of service-related transactions that was experienced through the full industry.”

“In 2021, the number of life-annuity distribution M&A transactions decreased 14% from 2020’s level,” said Scott Hawkins, a Director in Insurance Research at Conning. “However, aggregators, many of whom are backed by private equity firms, continued to dominate with three firms accounting for 76% of all life-annuity distribution M&A in 2021.”

“The number of health insurance M&A transactions (including vertical integration) almost doubled compared to 2020,” stated Daniel Erickson, a Vice President in Insurance Research at Conning. “Excluding 2018’s CVS-Aetna deal, 2021 was the largest total transaction value since 2007.”

The Conning study, “Global Mergers & Acquisitions in the Insurance Industry: 2021 Distribution and Services Edition tracks both U.S. and non-U.S. insurer M&A activity across property-casualty, life-annuity, and health insurance sectors. The report provides industry transaction trend information over the preceding decade, with specific transactions detailed for each of the major sectors.

“Global Mergers & Acquisitions in the Insurance Industry: 2021 Distribution and Services Edition is available for purchase from Conning by calling (888) 707-1177 or visiting


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Conning ( is a leading investment management firm with a long history of serving the insurance industry. Conning supports institutional investors, including insurers and pension plans, with investment solutions, risk modeling software, and industry research. Founded in 1912, Conning has investment centers in Asia, Europe and North America.

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