The deals of US-listed insurance broker Fanhua Inc. for two agencies were among the biggest transactions in the Asian insurance space in the first half of 2023, according to an S&P Global Market Intelligence analysis.

Fanhua in February entered into agreements to acquire 51% of the equity interests in Jilin Zhongji Shi'An Insurance Agency Co. Ltd. and Wuhan Taiping Online Insurance Agency Co. Ltd. for $103.8 million and $3.5 million, respectively. Both deals closed March 31.

The company's $518.9 million acquisition of Zhongrong Smart Finance Information Technology Co. Ltd., announced in November 2022, also closed March 31.

"We aim to utilize the managing general agency model to accelerate the consolidation of licensed small to medium insurance intermediaries in the market," CEO Yinan Hu said during an earnings call.

Australia had its fair share of M&A deals in the first six months of the year, with OUTsurance Holdings Ltd. buying into Youi Holdings Pty. Ltd. for $24.1 million. Another notable deal Down Under was global broker Marsh & McLennan Cos. Inc. acquiring Austral Insurance Brokers Pty. Ltd. for $4.8 million.

The Philippines had the biggest deal in Southeast Asia during the period when House of Investments Inc. entered into an agreement to acquire a stake in Sun Life Grepa Financial Inc. for $15.8 million.

The Asia-Pacific region had 42 deals for the first half.

Australia and New Zealand had the highest deal count with 13, while Southeast Asia and India had nine each.