The pension risk transfer (PRT) market is continuing to grow at a rapid rate. Single premium pension risk transfers during the first quarter of 2023 were the highest they’ve ever been in a first quarter, according to LIMRA’s U.S Group Annuity Risk Transfer Survey. This is noteworthy because first quarter sales are usually much more sluggish.
In the first quarter of 2023, the value of PRT sales was $6.3 billion – 19% higher than the value of PRT deals in the first quarter of 2022.
Three new insurers also entered the PRT market during 2023. According to Plan Sponsor, they are Insurers Global Atlantic Financial Group, Reinsurance Group of America Inc. and American National Insurance Corp. (You can read Plan Sponsor’s piece here). This brings the total number of carriers in this market to 21.
You can read LIMRA’s press release here.