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U.S. Pension Risk Transfer 2023 Reflections and Looking Ahead

 

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The U.S. pension risk transfer (PRT) saw another record-breaking year in 2023.

What was the impact of Pension Risk Transfer Market Activity?

According to Aon’s U.S. Pension Risk Transfer (PRT) report, after setting record highs for total premium in 2021 and 2022, the market set a new high-water mark for the total number of transactions in 2023 with 773 deals closing during the calendar year. These transactions resulted in $45 billion of premium transferred. Since 2012, $315 billion of pension obligations have transferred from plan sponsors to insurance companies.

What does this paper provide insights on?

  1. 2023 Market Highlights
  2. Insurer Review and Pricing Experience
  3. Buy-ins as a Precursor to Plan Termination
  4. Fiduciary Responsibility
  5. What Else We are Talking About

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What PRT transaction types were most prevalent in 2023?

In 2023, there were 773 PRT transactions totaling $45 billion in premium - this includes buy-outs, either as a lift-out or plan termination, and buy-ins. Plan terminations led the transaction count with 453, but it was a record year for all deal types.

From a premium perspective, lift-outs drove the total premium with $28.7B, which is consistent with past years.

US PRT Transaction Volume

How Aon Can Help

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

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U.S. Pension Risk Transfer 2022 Mid-Year Update

U.S. Pension Risk Transfer 2022 Mid-Year Update

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U.S. Pension Risk Transfer (PRT) Annuity Market Update 2022

U.S. Pension Risk Transfer (PRT) Annuity Market Update 2022

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Pension Risk Transfer and Beyond

Pension Risk Transfer and Beyond

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