The US pension risk transfer (PRT) market recorded around $3bn in buyout and buy-in sales in Q2 2026, a 26% decline compared to the same period last year, according to preliminary data from LIMRA.
The market, however, recorded 176 contracts during the quarter, up 21% year over year, indicating continued demand among small and midsized plan sponsors.
Transactions below $50m remained particularly active, helping sustain contract growth despite the absence of larger, market-moving deals. No transactions above $250m closed during the quarter, reflecting a temporary slowdown in mid-market and jumbo case activity that has historically driven a significant share of quarterly premium volume.
The underlying composition of sales suggests plan sponsors continue to pursue pension risk reduction strategies, with 41% of quarterly premiums attributable to buyout plan terminations. Carrier participation also remained broad: nine insurers each generated more than $100m in PRT sales, underscoring continued competitive capacity and appetite across the market.
“While first-half results have been shaped by the absence of larger transactions, the fundamentals of this market remain firmly in place,” said Keith Golembiewski, head of LIMRA.
