Total insurance industry M&A deals worth $1.5bn were announced in Europe in Q3 2022, led by Athora Deutschland Holding GmbHKG’s $612.92m asset transaction with AXA Germany, according to GlobalData’s deals database.

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The value marked a flat growth over the previous quarter and a drop of 1.9% when compared with the last four-quarter average of $1.57bn.

Europe held a 52.03% share of the global insurance industry M&A deal value that totalled $2.96bn in Q3 2022. With a 20.71% share and deals worth $612.92m, Germany was the top country in Europe’s M&A deal value across insurance industry.

In terms of deal activity, Europe recorded 29 deals during Q3 2022, marking an increase of 7.41% over the previous quarter and a rise of 9.43% over the last four-quarter average. The UK recorded 11 deals during the quarter.

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Europe insurance industry M&A deals in Q3 2022: Top deals

The top five insurance industry M&A deals accounted for 100% of the overall value during Q3 2022.

The combined value of the top five M&A deals stood at $1.54bn, against the overall value of $1.5bn recorded for the quarter.

The top five insurance industry deals of Q3 2022 tracked by GlobalData were:

1) Athora Deutschland Holding GmbHKG’s $612.92m asset transaction deal with AXA Germany

2) The $507.61m acquisition of 49% stake in CNP Vita Assicura by CNP Assurances

3) Phoenix Group’s $326.78m acquisition deal with SunLife

4) The $87.45m acquisition of Cattolica Assicurazioni Soc. Coop. by Assicurazioni Generali

5) PSC Insurance Group’s $5.65m acquisition deal with Ensurance