b'MERGERS & ACQUISITIONS|LIFE SECTORprofitable international player in the Central Easternspecialist provider administering life and pension European market, and the second-largest player inpolicies which will be integrated into Chesnaras UK the life insurance sector in Poland.platform, Countrywide Assured plc. Chesnara Rounding off the year, Aviva Plc (Aviva) exited thestated that it will follow its tried and tested business Italian life insurance market entirely in Decembermodel as a focused, closed-book consolidator. The 2021, when it completed the sale of its remainingtransaction is expected to complete in 2022, subject Italian life insurance businesses to CNP Assurancesto the usual regulatory approvals. (CNP) for 462 million. Aviva stated that the salesFollowing on from a deal highlighted in our 2020 will simplify the company allowing it to focus on itsYear in Review, in December 2021 the brakes were core markets where there is greatest opportunity toput on the expansion of private capital into the deliver sustainable growth. It has also pledged tosector when Bain Capitals (Bain) acquisition of LV return up to 4 billion in capital to shareholders.= (LV) collapsed after only 69% of LVs members Other sizeable transactions in the European marketvoted in favor of the transaction, falling short of the in 2021, include BPCEs sale of its 16% minority stake75% required to approve the deal. The ill-fated deal in CNP Assurances, a leading personal insurer inhad been controversial from the outset with France, to La Banque Postale (La Banque)for 2.4politicians across parties expressing concerns that billion. La Banque already held shares in CNP, butthe transfer of LV to PE control would lead to an will as a result of this deal hold a 78.9% stake inemphasis on short-term year profits. Following the CNP. It plans to file a simplified public tender offercollapse of the Bain deal, rival insurer Royal London in 2022, in respect of the minority shares in CNPMutual Insurance Society Limited (Royal London) that it does not hold.has renewed its bid to enter into discussions with LV regarding a potential merger. Only time will tell Another notable deal in 2021, was ReAssurewhether this bid has potential, but one thing is for Limiteds sale of Ark Life Assurance Company (Arksurethe future of LV remains one to watch in 2022.Life) to Irish Life Group Limited (Irish Life), a subsidiary of Great-West Lifeco Inc. for 230 million. The acquisition of Ark Life adds approximatelyAsia-Pacific150,000 policies and 2.1 billion of assets to IrishWhile the pandemic and continuing market Life. Irish Life stated that the acquisition addeduncertainty appear to have had a dampening effect significant scale to its retail division and would giveon M&A activity generally across the Asia-Pacific, its customers access to enhanced digital services.there were some noteworthy transactions and an 2021 also marked the return of consolidation activityuptick later in the year that bodes well for increased in the European life insurance sector with theregional activity in 2022.announcement in September 2021 that ChesnaraOne notable deal announced in October 2021, was plc (Chesnara) had entered into an agreement toChubbs acquisition of Cigna Corporations acquire Sanlam Life & Pensions UK Limited (SL&P)accident & health and life businesses in South from Sanlam UK Limited for 39 million. SL&P is a 12|Global Insurance Industry Year in Review 2021'