The US pension risk transfer market remained relatively subdued during the second quarter of 2026, with just $3bn in buy-out and buy-in premiums registered, representing a 26% decline from the prior-year period, according to data from LIMRA.
While overall premium volume remained soft, transaction activity tells a different story. The market recorded 180 contracts during the quarter, up 24% year over year, indicating continued demand among small and midsized plan sponsors. In particular, transactions below $50m remained active, helping sustain contract growth despite the absence of larger, market-moving deals.
Notably, 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.
“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 Annuity Research.
“Rising contract counts and broad carrier participation tell us sponsor demand is intact. What we are seeing reflects timing and deal sequencing, and a rebuilding pipeline points to a stronger second half of the year.”
For the quarter, new single-premium buy-out sales totalled $2.77bn, 27% below comparable Q2 2025 sales. There were 142 buy-out contracts sold in Q2 2026, 10% higher than in 2025. Through the first half of 2026, total single-premium PRT sales were $6.79bn, 39% lower than the first half of 2025.
In Q2, new buy-in premiums totalled $224.9m, down 15% from Q2 2025 sales. US carriers reported two buy-in contracts in the quarter, a 33% decline from the same period a year earlier.
Single-premium buy-out assets reached $323.0bn in Q2 2026, 5% higher than in Q2 2025. Single-premium buy-in assets were $16.8bn for the quarter, up 169% from Q2 2025. Combined, total single-premium PRT assets were $339.8bn, representing a 9% increase over Q2 2025.
