Igloo CEO Eyes Global M&A Amid Revenue Growth

Singapore-based insurtech firm Igloo is exploring mergers and acquisitions to expand its global footprint. CEO Raunak Mehta indicated an appetite for growth through strategic corporate purchases.

Igloo's revenue saw a 46% increase in 2025, largely driven by an 80% year-on-year growth in its embedded insurance business. Simultaneously, the company's net losses narrowed by 60%. Mehta anticipates a similar improvement in the company's bottom line for the current year.

The firm, formerly known as Axinan, partners with major insurers like Allianz and MSIG to distribute policies by embedding them on platforms such as Shopee, GCash, and Dana. While embedded business remains the primary revenue source, Igloo also licenses its software to banks and financial institutions seeking to offer digital insurance products.

Indonesia emerged as a standout market for Igloo in 2025 and continues to be its largest market by revenue. The company has also expanded its operations in Malaysia and the Philippines with new distribution partners. Igloo now facilitates over 100 million insurance policies monthly across its distribution channels.