Pension Risk Transfer Volume Higher Than Ever in the Second Quarter of 2023

The total value of pension risk transfer (PRT) deals in the second quarter of 2023 was $16.2 billion. This is a 31% increase from the second quarter of last year, and the highest second quarter sales total to date.

The first half of 2023 was also a record high first half year. Total value of PRT sales was 28% higher than the first half of last year.

At the time of publication of these statistics by LIMRA in late August, there had been 281 “buy-out” contracts (where pension liabilities are completely transferred to an insurer) completed – a 30% increase from the same time period last year.

One of the biggest contributors to these record totals was a transaction between Athene, a subsidiary of private equity firm Apollo Global Management, and AT&T.  In it, Athene Annuity & Life Co, and Athene Annuity & Life Assurance Co of New York took over the pension liabilities of 96 000 retirees – a total liability value of $8.1 billion.

You can read more about the PRT stats for the second quarter at the LIMRA website, linked here.