Financials M&A: mega-deals dominate

Financial services M&A activity rose in 2025: worldwide aggregate deal value jumped 38% year-on-year while the number of announced deals was 6% higher. Mega-deals did most of the work. The focus of growth was Europe and Asia-Pacific, while North America lagged. And in a survey conducted early this year, established insurers named insurtech startups as their principal competitive threat.