04.09.26
US Life and Annuity Deal Flow Rises 56% in 2025
by: Allison Bell
Deal activity in the life insurance and annuity sector surged in 2025, with a new report from Milliman estimating $28 billion in publicly announced transactions, a 56% increase from 2024. The largest deal was Aquarian Holdings’ $4.1 billion bid for Brighthouse Financial, highlighting strong investor interest in retirement and protection products amid demographic aging and steady demand. Milliman noted that insurers’ stable customer relationships continue to attract capital, supporting ongoing issuance of annuities and related retirement products. The report also highlighted growing involvement of private credit and private equity managers.
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