The US pension risk transfer (PRT) market recorded approximately $3.8bn in buy-out and buy-in sales in the first quarter of 2026, reflecting a 47% decline compared to the same period last year, according to data from LIMRA.
The decline in first-quarter activity follows a strong close to 2025 and LIMRA largely attributes the pull-back to timing dynamics that shifted a significant portion of deal flow into the fourth quarter of last year. As a result, LIMRA says that the early 2026 pipeline reflects a temporary recalibration rather than a fundamental slowdown in underlying demand.
Additionally, while structural demand for pension risk transfer remains intact, transaction activity may become more episodic, influenced by market conditions, funding status trends, and evolving interpretations of optimal endgame strategy
“Evolving market perspectives may be influencing timing decisions. In a sustained environment of improved funded status levels, some advisors are encouraging plan sponsors to reconsider immediate de-risking in favour of maintaining exposure to plan assets,” said Keith Golembiewski, Head of LIMRA Annuity Research.
“This approach reflects a more opportunistic view of pension obligations, where sponsors weigh annuity pricing against the potential for continued asset growth.”
In total, there were 102 contracts sold in the first quarter, 31% lower than the same period in 2025. For the quarter, new single-premium buy-out sales fell to $3.02bn, 57% below comparable Q1 2025 sales. There were 85 buy-out contracts sold in Q1 2026, 32% lower than in 2025.
In Q1, new buy-in premiums totalled $768m, up 443% from Q1 2025 sales. US carriers reported four buy-in contracts in the quarter, representing a 100% increase from the same period a year earlier.
Single premium buy-out assets reached $314.6bn in Q1 2026, 5% higher than in Q1 2025. Single premium buy-in assets were $16.5bn for the quarter, up 115% from Q1 2025. Combined, total single-premium PRT assets were $341.2bn, representing a 11% increase over Q1 2025.
LMIRA’s survey represents 100% of the US pension risk transfer market.
