The year-over-year decline in M&A activity among European financial companies continued in April as Russia's invasion of Ukraine roiled markets.

Companies made 61 deals last month compared to 90 in April 2021, S&P Global Market Intelligence data shows. Deals in February 2022 fell to 61 from 93 in 2021, while March data showed a year-over-year decline to 93 from 103.

The decline illustrates weaker investor sentiment amid the war, which has led to market volatility. Volatile markets could make it difficult to execute deals, Fortune wrote in April, quoting Marco Baldini, head of EMEA bond syndicate at Barclays.

Top deals

With 23 transactions, the insurance sector had the highest number of deals last month. This was fewer than the 27 reached in March. There were 12 deals in the asset management sector and six in banking.

The biggest transaction by value in the month was France-based Covéa Mutual Group Insurance Co.'s sale of its stake in Italy-based Bipiemme Vita SpA to Banco BPM SpA for €310 million. In banking, the biggest deal was Norway-based DNB Bank ASA acquisition of the remaining shares in Sbanken ASA it did not previously own for €94.27 billion.

Given the elevated risks in the market, M&A activity in the insurance sector is expected to slump, said Evan Greenberg, CEO of Switzerland-based Chubb Ltd. Companies are likely to be cautious for now, Greenberg said during an April conference call.

UK leads the way

With 23 deals, the U.K. was home to the highest number of transactions in April, the same number as the month before. Seven deals were secured in Ireland, while Italy and France had five each.