The Market for Pension Risk Transfers Continues to Grow
The pension risk transfer (PRT) market is growing fast. 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. First quarter sales are usually much more sluggish.
In the first quarter of 2023, the value of PRT sales was $6.3 billion. This 19% higher than the value of PRT deals in the first quarter of 2022.
Three new insurers also entered the PRT market during 2023. This brings the total number of carriers in this market to 21. According to Plan Sponsor, the newcomers are Insurers Global Atlantic Financial Group, Reinsurance Group of America Inc. and American National Insurance Corp.