The total value of transactions completed over 2024 is expected to be £47.6bn, which is the second largest volume of business written in any calendar year after the record of £49.1bn written in 2023.
Over 2024, six insurers completed 14 buy-in transactions in excess of £1bn each, with the majority of these taking place in the second half of the year. The second half of 2024 also saw the largest ever value of transactions completed during a six-month period at £32.4bn. The previous highest value for a six-month period was £28bn completed in the second half of 2023.
Commenting on the transactions completed in 2024, James Mullins, Partner and Risk Transfer Specialist, Hymans Robertson, said: “2024 was another busy year for the risk transfer market as evidenced by the number and value of transactions completed. Almost reaching 300 transactions is a significant milestone for the buy-in market. Insurers have worked hard to deliver efficiencies through slicker processes and innovation; the results speak for themselves. However, the insurers need to continue to invest in their post-transaction operations.”
“2025 has already seen an active start to the year and the number and value of buy-in transactions completed in 2024 is likely to be the new norm. The three newest entrants to the buy-in market, Royal London and Utmost in 2024 and Blumont this month, have created increased capacity and choice for pension schemes. Additionally, established insurers in the market have increased their capacity and appetite. This is evidenced by the fact that Aviva, Just and PIC had record years for the value of transactions and other insurers were close to their records. The net result of all of this is some excellent risk transfer opportunities for pension schemes.”
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