Reinsurance News
bulk annuity
Record buyout conversions fail to reduce growing insurer backlog: Barnett Waddingham
15th April 2026
Independent professional services consultancy Barnett Waddingham (BW) has released findings from its 2026 survey of all 11 active bulk annuity insurers, indicating that although buyout volumes have reached new highs, the overall pipeline of schemes awaiting completion continues to expand. Barnett Waddingham reports that close to 160 defined benefit (DB) pension ... Read the full article
UK bulk annuity market sees record deal volumes as competition intensifies, says Aon
30th March 2026
The UK bulk annuity market recorded its busiest year to date in 2025, according to Aon, a global professional services firm that provides advice and solutions across risk, retirement and health. Aon attributes the high level of activity to intensifying competition, particularly in smaller transactions, alongside continued insurer appetite across the ... Read the full article
Royal London secures £55m BPA transaction as deal pipeline expands
4th December 2025
Royal London, a mutual provider of life, pensions, and investment solutions, has secured a £55 million bulk purchase annuity (BPA) transaction with the Trustees of the Steamship Insurance Management Services Limited Pension and Assurance Scheme. So far in 2025, Royal London’s BPA team has secured 13 transactions with external pension schemes, ... Read the full article
UK bulk annuities show strong activity in H1’25, according to Aon
19th August 2025
Aon, a professional services firm specialising in risk, retirement, and health solutions, has reported that the UK bulk annuity market remained active in the first half of 2025, despite a modest slowdown in overall volumes compared with the latter half of 2024. According to Aon’s Insurer Due Diligence team, the market ... Read the full article
Competition drives best bulk annuity pricing in two years for UK pension schemes: Aon
10th July 2025
Pricing in the UK defined benefit pension scheme bulk annuity market has reached its most favourable level in over two years, driven by increased competition, according to new data from Aon. Mike Edwards, Partner, Risk Settlement Group, Aon, noted, "There are a number of reasons for this pricing opportunity emerging. The ... Read the full article
2025 robust bulk annuity market to benefit UK life insurers: Fitch
25th April 2025
Strong bulk annuity volumes are expected for 2025, which will continue to benefit UK life insurers despite potential challenges from regulatory changes, according to a recent Fitch Ratings report. Driven by favourable market conditions and significant capital inflows, analysts expect transactions to exceed GBP40 billion for the third year in a ... Read the full article
UK bulk annuity market hits record £47.6bn in 2024: Aon
1st April 2025
Aon, a risk management and professional services firm, has provided its 2024 UK Risk Settlement Market Update, highlighting a year of significant milestones for the bulk annuity and longevity swap markets. According to the report, the UK bulk annuity market witnessed exceptional activity in 2024, setting new records in both transaction ... Read the full article
Brookfield Wealth Solutions launches in the UK
4th March 2025
Brookfield Wealth Solutions has entered the UK insurance market to focus on delivering bulk annuity solutions for UK pension schemes and is expected to begin operations later in the first quarter of the year, subject to final regulatory approvals. The launch follows a comprehensive approval process carried out by the Prudential ... Read the full article
Aon expects continued growth and innovation for UK bulk annuity market in 2025
29th January 2025
Global insurance and reinsurance broking group Aon anticipates continued growth and innovation in the bulk annuity market in 2025, as demand from UK pension schemes remains strong. The total volume of bulk annuity deals completed in the UK in 2024 is expected to range from £45 billion to £50 billion. Improved funding ... Read the full article
L&G posts £10bn in bulk annuity volumes for Institutional Retirement division
10th December 2024
Legal and General Plc (L&G) has revealed that its shares have climbed higher after the organisation posted an update on its Institutional Retirement division, which specialises in bulk annuities. The company has reaffirmed its solid outlook for the division, reporting bulk annuity volumes of £10 billion year to date, with exclusive ... Read the full article
PIC’s market poll suggests bulk annuity market could hit £60bn in 2025
2nd October 2024
Pension Insurance Corporation plc (PIC), a specialist insurer for defined benefit pension schemes, has disclosed that in a recent poll of 140 trustees, consultants, and lawyers working in the bulk annuity market, 47% expected the market size next year to be between £50 and £60 billion. In contrast, 45% of respondents ... Read the full article
PRA’s new regulatory controls on funded reinsurance to accelerate risk mitigation: S&P
31st July 2024
S&P Global Ratings welcomes the Prudential Regulation Authority (PRA) new measures to control the spike in funded reinsurance (Funded Re) transactions and believes they will mitigate the associated risks, if implemented properly . This follows a warning from the PRA stating that the UK life insurance sector could face a ... Read the full article
New entrants to UK bulk annuity underlines growth potential: Fitch
25th July 2024
The growth potential of the UK bulk annuity market has been highlighted by a wave of new entrants, according to Fitch Ratings. Steep interest rate rises in 2022-2023 boosted pension scheme funding levels, making it more affordable for corporates to transfer their pension liabilities to insurers. Mutual insurer Royal London, for example, ... Read the full article
Just’s DB business reaches milestone of 400 transactions
10th June 2024
Just Group’s defined benefit (DB) business has completed 400 bulk annuity transactions, reaching a milestone since entering the market in 2012. The life insurer launched with the vision of using the Group’s underwriting expertise and innovation credentials to deliver compelling solutions to trustees demanding the best support and outcomes for scheme ... Read the full article
Moody’s predicts strong growth in UK BPA market in 2024, boosting life insurers
22nd April 2024
Analysts at Moody’s Investors Service anticipate robust growth in the UK bulk purchase annuities (BPAs) market, projecting strong profits and capital gains for life insurers throughout 2024. Despite the influx of new capital, Moody’s predicts that the balance between supply and demand will remain favourable for current participants, resulting in a ... Read the full article
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