The Canadian pension risk transfer market (PRT) saw a record level of activity in 2022, with a total of 155 deals worth a combined C$7.8bn ($5.8bn) struck last year, according to a recent report by Eckler’s, actuarial consultancy.
According to the Ontario-based Eckler’s sixth annual report on the Canadian PRT market, this followed a record level of activity in 2021, with both years well ahead of the C$4.5bn worth of deals transacted in 2020.
Eckler’s report said that Sun Life is the market leader with a 27% market share of the Canadian PRT sector in 2022, and the insurer currently has 120,000 pensioners on its books.
It is closely followed by Brookfield Annuity (26%), which is now responsible for paying over 23,000 pensions.
Assumption Mutual Insurance’s decision to re-enter the market at the start of 2022 means there are now nine insurers actively quoting in the market.
The US also saw record levels of PRT activity in 2022 and is on course to exceed those figures again in 2023.