Conning Announces its Newest Strategic Report - Global Mergers & Acquisitions in the Insurance Industry: 2022 Insurer Edition

February 09, 2023

HARTFORD, CT – February 9, 2023 – In 2022, the number of global insurance M&A transactions decreased from 2021, driven largely by a decrease in the number of health transactions. Both the property-casualty and life sectors saw the number of transactions increase from the prior year. Despite the increase in the number of transactions, the reported value of these transactions was lower, according to a new study by Conning.


“Several factors combined to constrain the M&A market for insurers in 2022,” said Scott Hawkins, a Managing Director and the Head of Insurance Research at Conning. “Looking ahead to the rest of 2023, we believe these factors remain in place, suggesting that 2023 will also remain constrained. That said, even in 2023, strategic leaders will continue to see M&A as a source of value creation. However, successful M&A in 2023 will require a disciplined, strategic approach.”

“In 2022, 76 M&A transactions involving property-casualty insurers was a substantial increase from 67 in 2021,” said Alan Dobbins, a Director of Insurance Research at Conning. “That said, the aggregate value of those transactions decreased.”

“In 2022, M&A activity in 2022 was clearly focused outside the United States. Transactions that involved only non-U.S. companies accounted for 29 of the 38 reported transactions,” said Scott Hawkins. “In 2022, there was one transaction with a reported value of $1 billion or higher. However, there were nine transactions with reported values between $100 million and $1 billion.”

“In 2022, like the other lines of business, the number of health insurance M&A transactions (including vertical integration) reduced dramatically compared to 2021,” said Daniel Erickson, a Vice President in Insurance Research at Conning.  “Vertical integration continues to be a driver of M&A, with the largest transaction announced in the U.S. in 2022 being CVS Health Corporation’s acquisition of Signify Health.”

The Conning study, “Global Mergers & Acquisitions in the Insurance Industry: 2022 Insurer 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: 2022 Insurer Editionis available for purchase from Conning by calling (888) 707-1177 or here.


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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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