There were 299 defined benefit pension scheme buy-ins completed in 2024 – the largest ever number of transactions completed in a single year, according to analysis by Hymans Robertson. This is an increase of one third from the previous record of 226 buy-ins completed in 2023.
The total value of transactions completed over 2024 is expected to be £47.6bn, which is the second largest volume of business written in any calendar year after the record of £49.1bn written in 2023.
Over 2024, six insurers completed 14 buy-in transactions in excess of £1bn each, with the majority of these taking place in the second half of the year. The second half of 2024 also saw the largest ever value of transactions completed during a six-month period at £32.4bn. The previous highest value for a six-month period was £28bn completed in the second half of 2023.
“2024 was another busy year for the risk transfer market as evidenced by the number and value of transactions completed. Almost reaching 300 transactions is a significant milestone for the buy-in market. Insurers have worked hard to deliver efficiencies through slicker processes and innovation; the results speak for themselves. However, the insurers need to continue to invest in their post-transaction operations,” said James Mullins, Partner and Risk Transfer Specialist at Hymans Robertson.
“2025 has already seen an active start to the year and the number and value of buy-in transactions completed in 2024 is likely to be the new norm. The three newest entrants to the buy-in market, Royal London and Utmost in 2024 and Blumont this month, have created increased capacity and choice for pension schemes,” Mullins added.
“Additionally, established insurers in the market have increased their capacity and appetite. This is evidenced by the fact that Aviva, Just and PIC had record years for the value of transactions and other insurers were close to their records. The net result of all of this is some excellent risk transfer opportunities for pension schemes.”
