LIMRA reports that the total pension risk transfer buyout premiums for 2024 were $48.1 Billion. 2024 transactions included several very large transactions: $6 billion for IBM, $5.9 billion for Verizon, and $4.9 billion for Shell. All three of these pension risk transfers were with Prudential Insurance Company of America. Prudential has done more than $100 […]
The growth in popularity of pension risk transfer deals is not slowing. LIMRA’s ongoing tally of pension risk transfer activity shows that the total value of these deals in the first quarter of 2024 increased 124% compared to the first quarter of 2023. During Q1 of 2023, over $6.3 billion in PRT deals were concluded. […]
3M has completed a pension risk transfer deal with Metropolitan Tower Life Insurance Company (“Metropolitan Tower”). It will transfer the pension obligations for approximately 23,000 employees and former employees – approximately 60% of the employees covered by the 3M Employee Retirement Income Plan. The value of these obligations is approximately $2.5 billion. Metropolitan Tower will […]
FirstEnergy Corp. completed a pension risk transfer at the end of December 2023. The deal transferred the pensions of 2,200 retirees to Banner Life Insurance Co and Reinsurance Group of America (RGA). It was valued at $700 million. Banner Life Insurance is a subsidiary of Legal & General Retirement America (LGRA). Retirees impacted by the […]
Verizon has completed another pension risk transfer deal, this time transferring $5.9 in pension liabilities to two companies: Prudential Financial Inc, and the Reinsurance Group of America (RGA). The deal affects 56,000 retirees. Each insurer will assume 50% of the obligation to most of the retirees affected. The deal reduces Verizon’s pension liabilities by over […]
Shell USA has transferred $4.9 billion worth of pension liabilities to Prudential. The deal transfers the liability of payments of pensions of 21,500 retirees. You can read Prudential’s press release on the deal here.
Don Kaufman, a director of The Association of BellTel Retirees (a strategic partner of Retirees for Justice), has contributed an excellent explanation of the dangers of pension risk transfer in Next Avenue. His perspective is unique – not only is Don a long-time leader of the Association of BellTel Retirees, he is also one of […]
MetLife has concluded $1.8 billion in pension risk transfer deals so far this 4th quarter of 2023. This is in addition to $2 billion in the second quarter, and $1.5 billion in the third quarter. It expects that its tally for pension de-risking transactions in 2023 will exceed $5 billion. Although these totals are somewhat […]
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 […]
Increasing capital flowing from private equity into the insurance industry, particularly in the context of pension de-risking, was a hot topic at the recent ERISA Advisory Council meeting in Washington DC. Life Annuity Specialist captured some of the opposing viewpoints: Those in favor of private equity’s participation in de-risking argued that private equity assets supporting […]
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