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Growth was widespread with 14 carriers reported more than $1 billion in PRT sales during 2024 – a record.

WINDSOR, Conn., March 17, 2025 —Total U.S. single-premium pension risk transfer (PRT) premium was $51.8 billion in 2024, up 14% from prior year’s results and less than 1% below the record set in 2022, according to LIMRA’s U.S. Group Annuity Risk Transfer Sales Survey.  

There were 794 single-premium contracts sold in 2024, a new record high for the U.S. market.

Fourth quarter total single-premium PRT premium fell 4% year over year to $12.0 billion, aligned to the choppy nature of PRT sales.

“Remarkable sales in the first and third quarters, drove the near-record pension risk transfer sales in 2024. Fourteen carriers closed at least one $1 billion+ deal this year, the highest number ever recorded,” said Keith Golembiewski, assistant vice president, head of LIMRA Annuity Research. “The PRT market continues to expand. There were 794 single-premium contracts sold in 2024, a new record high for the U.S. market. While recent interest rate declines and equity market volatility may dampen sales later in 2025, greater plan sponsor awareness of these solutions will keep interest high and sales above pre-pandemic levels.”

Single-premium buy-out premium totaled $11.6 billion in the fourth quarter, down 7% from prior year’s results. There were 254 contracts finalized in the fourth quarter, 9% lower than results from prior year. In 2024, buy-out premium jumped 16% to $48.1 billion. For the year, there were 784 buy-out contracts, 3% higher than prior year. This marks a record-high number of buy-out contracts sold in a year. 

In the fourth quarter, there was one single-premium buy-in contract, representing $377 million in premium. In comparison, there were no contracts closed in the fourth quarter 2023. In 2024, 10 buy-in contracts were sold, up from 8 contracts in 2023. Buy-in premium totaled $3.7 billion for the year, down 5% from 2023.

Single premium buy-out assets reached $296.5 billion in 2024, up 13% from the prior year. Single premium buy-in assets were $7.3 billion for the year, up 7% from 2023. Combined, single premium assets were $303.9 billion, an increase of 13% year over year.

A group annuity risk transfer product, such as a pension buy-out product, allows an employer to transfer all or a portion of its pension liability to an insurer. In doing so, an employer can remove the liability from its balance sheet and reduce the volatility of the funded status.

This survey represents 100% of the U.S. Pension Risk Transfer market. Breakouts of pension buy-out sales by quarter and pension buy-in sales by quarter since 2019 are available in the LIMRA Fact Tank.

With more than 100 years of expertise, LIMRA conducts over 80 benchmark studies — producing nearly 500 reports annually — for our members and the industry as a whole. These studies provide trusted insights and a comprehensive understanding of market dynamics, trends, and behaviors.

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