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Second Quarter 2026 PRT Sales Highlights:

• Almost $3 billion in U.S. PRT buyout and buy-in sales, down 26% year over year
• 9 annuity carriers recorded more than $100 million in buyout and buy-in sales during the quarter
• 180 total contracts issued, up 24% year over year
• 41% of premiums came from buyout plan terminations

WINDSOR, Conn., Oct. 21, 2026 — The U.S. pension risk transfer (PRT) market remained relatively subdued during the second quarter of 2026, with approximately $3 billion in buyout and buy-in premiums, representing a 26% decline from the prior-year period, according to data from LIMRA.

While overall premium volume remained soft, transaction activity tells a different story. The market recorded 180 contracts during the quarter, up 24% year over year, indicating continued demand among small and midsized plan sponsors. In particular, transactions below $50 million remained active, helping sustain contract growth despite the absence of larger, market-moving deals. Notably, 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.

“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.”

Market Context

The underlying composition of sales suggests that plan sponsors continue to pursue pension risk reduction strategies, with 41% of quarterly premiums attributable to buyout plan terminations. At the same time, carrier participation remained broad, as nine insurers generated more than $100 million in PRT sales, highlighting 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.

For the quarter, new single-premium buy-out sales totaled $2.77 billion, 27% below comparable Q2 2025 sales. There were 142 buy-out contracts sold in Q2 2026, 10% higher than in 2025. Through the first half of 2026, total single-premium PRT sales were $6.79 billion, 39% lower than the first half of 2025.

In Q2, new buy-in premiums totaled $224.9 million, down 15% from Q2 2025 sales. U.S. carriers reported 2 buy-in contracts in the quarter, a 33% 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.