Each year, Milliman studies the trends in mergers and acquisitions (M&A) of global health and life insurance companies, with a particular focus on data and deals in North America, Europe, and Asia. In 2022, life and health insurance transaction activity was down sharply. Our research points to the likely causes and projects the landscape for future life and health insurance transaction activity, with consideration of demand from traditional insurers, private equity investors, and other key players in the market.