The US pension risk transfer market closed 2025 on a strong note, with fourth-quarter premium estimated at approximately $28bn, making it one of the largest quarters on record, according to Banner Life William Penn’s Q4 2025 US PRT Monitor.
The final quarter saw strong activity in jumbo transactions, with three transactions completed during this time contributing to an expected total of six jumbo transactions for the full year. This helped lift overall volumes and reinforce momentum following a lighter first half of 2025.
The second half of 2025 showed an uptick in activity, driven in part by a continued rise in buy-in transactions. This trend continued throughout the year, with buy-in sales finishing well above historical levels, something it expects to continue this year.
“Looking ahead, we expect buy-in transactions to continue to play an increasingly prominent role in the PRT market as sponsors prioritize pricing certainty and risk reduction earlier in the de-risking process. This structural shift is expected to continue shaping the evolving PRT market as we move into 2026,” said the report.
Overall, Banner Life William Penn expects full-year 2025 PRT premium to reach approximately $48bn, positioning the year among the most active on record.