Australia offsets India slowdown as APAC insurance deals hold at 16

Regional activity stayed at 16 transactions in the first quarter of 2026.

Asia-Pacific’s (APAC) insurance mergers and acquisitions (M&A) activity in the first quarter of 2026 (Q1 2026) sustained a stable growth, with Australia outpacing other markets.

Australia and New Zealand recorded seven insurance deals during the quarter, up from one in the previous three months, according to S&P Global Market Intelligence data. 

Most of the transactions involved property and casualty insurers in Australia, whilst the largest deal was in the life and health insurance sector.

Southeast Asia also saw increased activity, with four deals completed during the quarter compared with three in the previous quarter. 

Transactions included a Prudential PLC deal in Malaysia, as well as deals in the Philippines and Singapore.

The increased activity in Australia, New Zealand and Southeast Asia helped keep overall insurance M&A activity across APAC stable at 16 deals, unchanged from the previous quarter.

The quarter also reflected a shift in regional dealmaking trends. India, which was one of the leading insurance M&A markets in 2025, recorded only one deal in Q1 2026, down from four deals in the same period last year. 

Japan maintained steady activity with three insurance transactions.

The largest insurance deal in APAC during Q1 2026 was Zurich Financial Services Australia Ltd.'s proposed acquisition of ClearView Wealth Ltd. for $415.2m. 

The transaction is Zurich Insurance Group AG's largest whole-company acquisition in the region in almost a decade and may indicate renewed interest in the Australian market following a slower final quarter of 2025.

Another major Australian transaction was International Medical Group Inc.'s acquisition of World Nomads Pty. Ltd. from Nib Holdings Ltd. for $48m. 

The acquisition will allow the SiriusPoint Ltd. subsidiary to expand its global travel insurance distribution business into Australia.
Malaysia recorded the second-largest insurance M&A deal in the region during Q1 2026. 

Prudential PLC agreed to increase its stake in Sri Han Suria Sdn. Bhd., the holding company of Prudential Assurance Malaysia Bhd., to 70% by purchasing an additional 19% stake for $375.6m.

The deal is expected to strengthen Prudential's earnings and equity position. The company will also cooperate with Detik Ria Sdn. Bhd. on any future sale of its remaining 30% stake in Sri Han Suria.

In Southeast Asia, another notable transaction involved Aboitiz Equity Ventures Inc., which agreed to sell its 5.33% stake in digital insurer Singapore Life (Philippines) Inc. to Singapore Life Holdings Pte. Ltd. for $2.2m.

India's only insurance transaction during the quarter was Prism Johnson Ltd.'s sale of its 51% stake in Raheja QBE General Insurance Co. Ltd. to QBE Holdings (AAP) Pty. Ltd., a subsidiary of QBE Insurance Group Ltd.

Despite the slow start to insurance dealmaking in India, law firm Herbert Smith Freehills Kramer said in the S&P report that ongoing legal and regulatory reforms, including the full opening of the insurance sector to foreign direct investment, are expected to support broader M&A activity in 2026.

Looking ahead, Clyde & Co LLP quoted in the report, expects APAC to remain a key driver of global insurance M&A activity this year, following strong momentum in 2025. 

The firm said strong capital positions and continued international expansion, particularly by Japanese insurers, are supporting dealmaking in established markets such as Hong Kong, Singapore and mainland China, as well as emerging markets including India and Thailand.