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Second Quarter 2026 PRT Sales Highlights:

• Approximately $3 billion in U.S. PRT buyout and buy-in sales, down 26% year over year

• 176 total contracts issued, an increase of 21% year over year

• 9 annuity providers recorded more than $100 million in sales during the quarter

WINDSOR, Conn., Sept. 18, 2026 — The U.S. pension risk transfer (PRT) market recorded approximately $3 billion in buyout and buy-in sales in the second quarter of 2026, a 26% decline compared to the same period last year, according to preliminary data from LIMRA.

While overall premium volume remained soft, transaction activity told a different story. The market recorded 176 contracts during the quarter, up 21% year over year, indicating continued demand among small and midsized plan sponsors. Transactions below $50 million remained particularly active, helping sustain contract growth despite the absence of larger, market-moving deals. No transactions above $250 million closed during the quarter, reflecting a temporary slowdown in mid-market and jumbo case activity that has historically driven a significant share of quarterly premium volume.

Market Context

The underlying composition of sales suggests plan sponsors continue to pursue pension risk reduction strategies, with 41% of quarterly premiums attributable to buyout plan terminations. Carrier participation also remained broad: nine insurers each generated more than $100 million in PRT sales, underscoring continued competitive capacity and appetite across the market. The combination of healthy carrier engagement and rising transaction counts suggests demand fundamentals remain intact despite lower aggregate premium levels.

The disparity between contract-volume growth and declining premium volume points primarily to deal-size mix rather than weakening market interest. Industry participants report that the pipeline of larger transactions has begun to rebuild following the significant pull-forward of activity that occurred in late 2025. Consultants and insurers increasingly characterize the current environment as a transitional period, with sponsors continuing to evaluate attractive funded-status positions while balancing annuity pricing, capital market expectations, and broader corporate financial priorities.

“While first-half results have been shaped by the absence of larger transactions, the fundamentals of this market remain firmly in place,” said Keith Golembiewski, head of LIMRA

Annuity Research. “Rising contract counts and broad carrier participation tell us sponsor demand is intact. What we are seeing reflects timing and deal sequencing, and a rebuilding pipeline points to a stronger second half of the year.”

Looking ahead, market sentiment has become increasingly constructive. While first-half 2026 results have been constrained by a lack of larger transactions, pipeline discussions indicate a stronger second half of the year as mid-sized and jumbo opportunities return to market. As a result, the current slowdown appears more reflective of transaction timing and deal sequencing than any deterioration in long-term PRT demand. The underlying drivers of the market including strong funded statuses, ongoing pension de-risking objectives, and robust insurer capacity continue to support expectations for healthy PRT activity through the remainder of 2026.

In total, there were 176 contracts sold in the second quarter, 21% higher than the same period in 2025. For the quarter, new single-premium buy-out sales totaled $2.77 billion, 27% below comparable Q2 2025 sales. There were 139 buy-out contracts sold in Q2 2026, 8% higher than in 2025.

In Q2, new buy-in premiums totaled $224.9 million, down 15% from Q2 2025 sales. U.S. carriers reported only 1 buy-in contract in the quarter, a 67% decline from the same period a year earlier.

Single premium buy-out assets reached $323.0 billion in Q2 2026, 5% higher than in Q2 2025. Single premium buy-in assets were $16.8 billion for the quarter, up 169% from Q2 2025. Combined, total single-premium PRT assets were $339.8 billion, representing a 9% increase over Q2 2025.

This survey represents 100% of the U.S. pension risk transfer market. Breakouts of U.S. single premium PRT sales by quarter since 2010 are available in the LIMRA Fact Tank.

About LIMRA

Serving the industry since 1916, LIMRA offers industry knowledge, insights, connections, and solutions to help nearly 700 financial services member organizations navigate change with confidence. Visit LIMRA at www.limra.com.