The value of mergers and acquisitions (M&A) in the global insurance industry halved to $US43.63 billion ($64.92 billion) last year.

However, GlobalData says the final weeks of 2019 brought a rebound, with December alone seeing M&A insurance deals worth $US12.92 billion ($19.22 billion) announced globally.

That was more than four times the recent monthly average.

The top country for M&A activity in December was the US, with 31 deals valued at $8.27 billion ($12.31 billion), followed by the UK with eight.

The top five 5 insurance industry M&A deals, which accounted for almost all the overall value, were:

• New York Life Insurance’s $US6.3 billion ($9.37 billion) asset transaction with Cigna
• The $US4.27 billion ($6.35 billion) acquisition of ReAssure Group by Phoenix Group Holdings
• Resolution Life Holdings’ $US1.25 billion ($1.86 billion) asset transaction with Voya Financial
• The $US720 million ($1.07 billion) acquisition of IAS Parent Holdings by IA Financial Group
• Intesa Sanpaolo’s acquisition of RBM Assicurazione Salute for $US333.73 million ($496.57 million).