This week in insurance: Insurance M&A volume falls, HK insurance premiums hit $28.6b, Tokio Marine rebrands direct auto insurance unit

Global insurance carrier M&A activity dropped to its lowest level.

This week (28 July to 1 August), the insurance industry saw weak merger and acquisitions (M&A) volume globally, record billion-dollar deals and premiums, and strategic partnerships across key markets.

Global insurance carrier M&A activity dropped to its lowest level since the 2008 financial crisis, with just 95 deals completed in the first half of 2025 (H1 2025), according to Clyde & Co.’s recent report. 

This was down from 106 in the same period last year and well below the 10-year H1 average of 192. Activity was mostly limited to smaller bolt-on acquisitions, share buybacks, and organic investments. Private equity interest also declined.

On a regional perspective, Hong Kong’s insurance sector reported a strong start to 2025, with total gross premiums reaching $28.6b (HK$220.3b) in the first quarter (Q1 2025), driven by robust growth in both long-term and general insurance business.

In the long-term insurance segment, new office premiums excluding retirement scheme business reached $12.1b (HK$93.4b), up 43.1% year-on-year. Total revenue premiums for in-force long-term business rose 31.1% to $24.6b (HK$189.1b).

In the Philippines, AXA Group has sold AXA Investment Managers (AXA IM) to BNP Paribas for $6.34b (€5.4b) as part of its strategy to focus on core insurance operations. The deal creates a combined asset management business with $1.76t (€1.5t) in assets under management, ranking amongst the top 10 globally.

Also in the Philippines, Sun Life Financial marked the 25th anniversary of its listing on the Philippine Stock Exchange (PSE) with a ceremonial opening bell ringing on 24 July. Sun Life was listed on the PSE in 2000. Since then, it has expanded its financial services and community programmes across the country.

On business updates, Tokio Marine Holdings will rename its direct auto insurance unit E.design Insurance Co., Ltd. to Tokio Marine Direct Insurance Co., Ltd. (TMDI) effective 1 October 2025. The move aims to raise awareness of Tokio Marine Group’s direct insurance offerings and respond to changing customer preferences for digital and self-directed services.

Additionally, Mox Bank Limited has officially entered Hong Kong’s insurance market following the granting of its Insurance Agency License by the Insurance Authority. The bank launched “Mox Insure,” its new insurance service platform, and unveiled an exclusive bancassurance partnership with QBE Hong Kong & Shanghai Insurance Limited.

Three coverage plans are available—Basic at $2.6 (HK$20) per month, Value at $7.8 (HK$60), and Max at $13 (HK$100)—providing up to $260,000 (HK$2m) in coverage for accidental death or permanent disablement.