LIMRA: U.S. Pension Risk Transfer Sales Total Nearly $4 Billion in First Quarter 2026

First Quarter 2026 PRT Sales Highlights:

Approximately $3.8 billion in U.S. PRT buyout and buy-in sales, down 47% year over year
102 total contracts issued, a decline of 31% year over year
9 annuity providers recorded more than $100 million in sales during the quarter

WINDSOR, Conn., July 1, 2026 — The U.S. pension risk transfer (PRT) market recorded approximately $3.8 billion in buyout and buy-in sales in the first quarter of 2026, reflecting a 47% decline compared to the same period last year, according to data from LIMRA.

The decline in first-quarter activity follows an exceptionally strong close to 2025 and is largely attributed to timing dynamics that shifted a significant portion of deal flow into the fourth quarter of last year. As a result, the early 2026 pipeline reflects a temporary recalibration rather than a fundamental slowdown in underlying demand.

Despite lower volumes, the market continued to show active participation from insurers, with a concentrated group of carriers driving a meaningful share of total sales activity.

Market Context

The first quarter results suggest a continuation of strong long-term demand for pension de-risking solutions, even as near-term activity moderates.

At the same time, the composition of transactions highlights the ongoing strategic importance of de-risking. Full plan terminations accounted for approximately one-third of total premiums, underscoring continued interest in endgame pension strategies among corporate plan sponsors.

“Evolving market perspectives may be influencing timing decisions. In a sustained environment of improved funded status levels, some advisors are encouraging plan sponsors to reconsider immediate de-risking in favor of maintaining exposure to plan assets,” said Keith Golembiewski, head of LIMRA Annuity Research. “This approach reflects a more opportunistic view of pension obligations, where sponsors weigh annuity pricing against the potential for continued asset growth.”

As a result, while structural demand for pension risk transfer remains intact, transaction activity may become more episodic, influenced by market conditions, funding status trends, and evolving interpretations of optimal endgame strategy.

In total, there were 102 contracts sold in the first quarter, 31% lower than the same period in 2025. For the quarter, new single-premium buy-out sales fell to $3.02 billion, 57% below comparable Q1 2025 sales. There were 85 buy-out contracts sold in Q1 2026, 32% lower than in 2025.

In Q1, new buy-in premiums totaled $768 million, up 443% from Q1 2025 sales. U.S. carriers reported 4 buy-in contracts in the quarter, representing a 100% increase from the same period a year earlier.

Single premium buy-out assets reached $314.6 billion in Q1 2026, 5% higher than in Q1 2025. Single premium buy-in assets were $16.5 billion for the quarter, up 115% from Q1 2025. Combined, total single-premium PRT assets were $341.2 billion, representing a 11% increase over Q1 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.

For more details on the sales results, go to Q1 2026 PRT Sales Chart in LIMRA’s 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.