India and Japan stood out as Asia-Pacific’s (APAC) main insurance M&A hubs in 2025, as the region saw overall deal count fall to its lowest level in five years, S&P Global Market Intelligence data has revealed.
Japan's deal count rose to 17 in 2025, the highest level recorded in five years. India rebounded with 13 deals in 2025, following a period of sluggish activity with only nine deals in 2024.
APAC recorded 71 insurance M&A deals in 2025, down from 86 in 2024.
India also dominated in terms of overall disclosed deal value, recording around $2.87 billion in 2025.
Australia and New Zealand, historically the region's most active insurance M&A market, saw the number of deals drop to 16 in 2025 from 26 in 2024. Southeast Asia mirrored this trend, with nine deals in 2025 compared to 18 in the prior year.
