£10.2 billion of transactions were completed during the first six months of 2026, exceeding the £9.7 billion recorded during the first half of 2025.
This activity reflected 138 transactions – historically a high level, but below the record first half level of activity seen in 2025 (160 transactions). Larger (over £100 million in size) deals in particular are likely to occur more in the second half, with many already disclosed. Since the start of 2023, more than 1,000 bulk annuity transactions have now been completed, demonstrating the continued depth and maturity of the UK bulk annuity market.
Key themes across the first half of 2026 were:
Continued expansion of insurers' streamlined propositions targeting transactions below £100 million.
Ongoing strong competition for most smaller transactions, with schemes in the £20m-£100m range in particular attracting more bidders in auction processes.
Increasing differentiation through non-price factors, including member experience, operational capabilities and additional support to scheme activities.
Insurers currently have strong pipelines and we expect full-year bulk annuity volumes to exceed £30 billion in 2026 for a fourth consecutive year.
2026 H1 bulk annuity volumes amounted to £10.2 billion, with 138 transactions.
82 percent (113) were under £100 million.
The 25 larger deals are not fully representative of market activity: the second half of 2026 will see higher volumes, with insurers seeing a strong pipeline of deals and holding spare capital to deploy.
Aon Bulk Annuity Report H1 2026
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