How mergers and acquisitions are changing the insurance industry’s market shares

The insurance industry entered 2025 with a bang, continuing the upward trend of recent years for another quarter in the first quarter of the year, reaffirming its great momentum, and also its resilience in the face of significant challenges.

According to the statistical data of the Insuarnce Association of Cyprus (IAC), premiums in the Life Sector, including accident and health insurance premiums from Life companies, recorded an annual increase of 3.6% and, excluding accident and health premiums from Life companies, an increase of 3.3%, while premiums in the General Sector showed an annual increase of 7.1%.

However, it is also the market shares per insurance company that are of particular interest since significant changes are already being recorded in the sector due to acquisitions and mergers of insurance companies.

It is recalled that in April, the acquisition of CNP Cyprus Insurance Holdings Limited by Hellenic Bank was completed, which intends to merge and consolidate CNP Cyprialife with Hellenic Life Insurance and CNP Asfalistiki with Pancyprian Insurance.

In fact, as has already been announced, the new Cypriot insurance giant, which will result from the merger of existing companies, will consist of two companies: ERB CYPRIALIFE in the Life and Health sector and ERB ASFALISTIKI in the General sector.

At the same time, the acquisition of Ethniki Insurance by Bank of Cyprus is also underway, while Grazer Wechselseitige Versicherung AG recently acquired Prime Insurance Company Ltd.

All of the aforementioned moves are radically changing the map of the insurance industry and are expected to bring about a reshuffle in market shares among insurance companies.

However, based on the results of the first quarter, the insurance companies of Bank of Cyprus - Eurolife and Genikes Insurance- maintain their leadership in both the Life and General Sectors.

The shares of the Life sector

As regards the Life sector, according to IAC data, total gross premiums, including accident and health premiums from Life companies, amounted to €208,174,074 in the first quarter of 2025, compared to €200,845,629 in the corresponding quarter of 2024, showing an increase of 3.6%.

Further analysis of the same data shows that the largest share in Life insurance premiums is held by Eurolife (27.4%) with €57 million compared to €61.3 million in the first quarter of 2024, recording a decrease of 7.1%.

In second place is CNP Cyprialife, holding 21.7% of premiums, which amounted to €45.2 million compared to €44.8 million in the first quarter of 2024, recording an increase of 0.8%, while in third place was Universal Life (16.7%), whose Life insurance premiums amounted to €34.8 million compared to €28.6 million in the first quarter of 2024, recording an increase of 21.5%.

Metlife (8.8%) was in fourth place with €18.2 million compared to €16.2 million in the first quarter of 2024, recording an increase of 12.6%, while the top five was completed by Ancoria (5.8%) with €12.1 million compared to €13.5 million in the first quarter of 2024, recording a decrease of 10.7%.

Detailed shares per insurance company can be seen in the following table:

Excluding accident and health insurance premiums

Excluding accident and health insurance premiums from Life companies, total Life insurance premiums amounted to €178,246,119 in the first quarter of 2025 compared to €172,497,229 in the corresponding quarter of 2024, recording an increase of 3.3%.

An analysis of the data shows that, in this case too, Eurolife holds the largest share at 28.1%, with premiums reaching €50.1 million compared to €55 million in the first quarter of 2024, showing a decrease of 8.8%.

CNP Cyprialife also maintained its second place, holding 22.9% of premiums, which amounted to €40.8 million compared to €40.9 million in the first quarter of 2024, recording a small decrease of 0.1%, while Universal Life (12.9%) was in third place, whose premiums reached €23 million compared to €17.4 million in the first quarter of 2024, recording an increase of 31.8%.

In fourth place was Ancoria (6.8%) with €12.1 million compared to €13.5 million in the first quarter of 2024, recording a decrease of 10.7%, while the top five was completed by Metlife (6.5%) with €11.6 million compared to €9.5 million in the first quarter of 2024, showing an increase of 21.1%.

Detailed shares per insurance company can be seen in the following table:

The course of the General sector

Regarding the General sector, total gross premiums excluding accident and health insurance premiums from Life companies amounted to €138,316,447 in the first quarter of 2025 compared to €129,118,172 in the corresponding quarter of 2024, showing an increase of 7.1%.

An analysis of the data shows that the largest share in general insurance premiums, excluding accident and health insurance premiums from Life companies, is Genikesl Insurance (13.9%) with €19.2 million compared to €16.9 million in the first quarter of 2024, showing an increase of 13.5%.

In second place is CNP Insurance (12.7%) with €17.6 million compared to €16.8 million in the first quarter of 2024, showing an increase of 4.4%, followed by Trust (11.3%) with €15.6 million compared to €15.3 million in the first quarter of 2024, recording an increase of 2.4%.

In fourth place is Pancyprian Insurance (8.9%) with €12.4 million compared to €12 million in the first quarter of 2024, recording an increase of 2.9%, while the top five is completed by AIG (7.6%) with €10.5 million compared to €10.3 million in the first quarter of 2024, showing an increase of 1.9%.

Detailed shares per insurance company can be seen in the following table:

(Source: InBusinessNews)