In this report, we analyze recent life and health insurance transaction activity across the globe, focusing on North America, Europe and Asia. Before giving an outlook for M&A in 2022 and beyond, we cover the key announced transactions in 2021. For key markets under each region, we provide an analysis of:

• The level of activity in 2021 versus previous years
• Transaction drivers, including the impacts of the COVID-19 pandemic
• M&A themes and trends
• Private equity and private asset manager involvement in life and health M&A in 2021