Reasons abound as to why the inclusion of illiquid assets in the portfolios of defined benefit pension schemes can be a hindrance to the process of completing a bulk purchase annuity buy-in or buy-out in the UK but insurer appetite to capitalise on the booming pension risk transfer market means that any resistance is not as pronounced as it was previously.

As with previous years, the US life insurance industry had a solid 2024 from a balance sheet perspective and continues to be healthy from a risk perspective.

Longevity and Mortality Investor’s Editor’s Letter for the December 2025 issue.

New PRA discussion paper provides insight into the UK regulator’s thinking on potential reforms to the existing ISPV regime.