2024 U.S. Pension Risk Transfer Update

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2024 U.S. Pension Risk Transfer Update

U.S. Pension Risk Transfer Update

2024 Year In Review and Future Expectations

Download Whitepaper

What did the 2024 pension risk transfer (PRT) market look like?

According to our 2024 U.S. Pension Risk Transfer (PRT) Update report, the PRT market set a new record on number of transactions in 2024 as plan sponsors looking to take advantage of recent funded status improvements remained focused on de-risking their pension obligations. Current PRT insurers are engaged and ready to meet plan sponsor demand. Potential new entrants for 2025 signal continued interest from insurers.

What does this paper provide insights on?

  1. 2024 Market Highlights
  2. Insurer Review
  3. Insurer Pricing Experience
  4. PRT Hot Topics
  5. Future of the PRT Market
How many PRT transactions occurred during 2024?

The U.S. Pension Risk Transfer market saw record-breaking activity during 2024. There were 785 transactions totaling $51.8 billion in premium across retiree lift-outs, plan terminations and buy-ins.1 The number of retiree lift-outs was down slightly, but plan termination activity was up slightly compared to 2023. The volume of premium transferred continues to be driven by jumbo retiree lift-outs. Total transaction volume was heavier in the second half of the year, except jumbo retiree lift-outs which were front loaded to the first half of the year.

How many PRT transactions occurred during 2024?

Source: Aon U.S. PRT Insurer Sales Survey from 2020 to 2024.

How Aon Can Help

Aon’s position as a leader in PRT — working with plan sponsors, independent fiduciaries, and insurers — provides us with deep insight into the market. We are delighted to share our expertise with you.

1 Source: Aon's U.S. PRT Insurer Sales Survey as of December 31, 2024.

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