Global major financial services markets saw a slight increase in publicly disclosed deals – from 2,219 in 2024 to 2,236 in 2025 – revealed in
"Market conditions continued to challenge global financial services deal-making in 2025 but did not dampen investment appetite within the sector. While the number of deals was only up marginally year-on-year, overall value was up 49 percent. Transactions exceeding $1 billion rose more than 70%, and every region globally reported growth in deal value," said Omar Ali, EY global financial services leader, in a press release statement.
"With more than 2,000 financial services deals announced or completed worldwide in 2025 – including 93 megadeals – growth, scaling, and innovation are clearly at the top of the agenda, and firms are increasingly emboldened to transact higher-quality assets that command premium valuations to achieve their competitive goals," Ali added.
North America's financial markets:
M&A activity fell to fewer, but larger, insurance deals in the United States and Canada. North American M&A fell from 998 deals in 2024 to 947 deals in 2025, but disclosed value increased from $166.9 billion to $188.7 billion. Insurance deals fell from 455 deals to 355 in 2025, with EY also reporting a drop in deal value also from $48.7 billion in 2024 to $41.6 billion in 2025. There was a 5% year-over-year decline in publicly disclosed deals, totaling 947 deals versus to 998 deals the year prior. Total disclosed deal value increased, however, from $166.9 billion to $188.7 billion.
Europe's financial markets:
In Europe, insurance deals fell from 309 in 2024 to 297 in 2025, though deal value surged from $11.1 billion in 2024 to $49.2 billion in 2025. Across financial markets, M&A activity rose with a 6% year-over-year increase from 715 to 759 disclosed deals in 2025. Total disclosed deal value rose from $49.5 billion in 2024 to $141.2 billion in 2025, which EY notes is due to 30 deals made above $1 billion and two deals that surpassed $10 billion in value.
Asia and Oceania's financial markets:
Insurance deals in Asia and Oceania increased from 69 deals in 2024 to 87 in 2025, with deal value jumping from $6.3 billion to $11.1 billion in 2025. Asian and Oceanian market M&A activity experienced a year-over-year increase of 0.8% in publicly disclosed deals. There were 360 deals in 2025, just three more than the year prior, though total disclosed value rose from $40.4 billion to $65.5 billion in 2025.
Around 10% of all financial services deals in 2025 were driven by private equity or venture capital firms, with the rest of transactions taking place between corporate institutions.
"Looking back at 2025, investor confidence in global financial services dealmaking strengthened steadily, and the year closed with an impressive overall value for M&A. Firms engaged in strategic M&A, and at the top end of dealmaking, more megadeals completed in 2025 than in the two years prior combined, as corporate balance sheets strengthened and regulation softened, especially in the US," said Andre Veissid, EY-Parthenon global financial services industry leader, in the press release.
Veissid continued, "Looking ahead, provided inflation and interest rates continue to fall back across major financial markets, confidence is expected to pick up even more. This should boost acquisition appetite further, as firms use M&A activity to support revenue growth and cost optimization."
