The UK pension risk transfer (PRT) market has reached a record-breaking 367 buy-ins totalling £38.2bn in 2025, with L&G as a market leader by volume at £10.2bn (€11.8bn) and 27% market share.
Other major players in the UK PRT market include Pension Insurance Corporation (PIC), Rothesay, Aviva, Standard Life, Just Group and M&G, among others (see table).
At £38.2bn, buy-in volumes fell short of the levels achieved in 2023 and 2024 when volumes approached £50bn. However, the number of transactions increased by 23%, from 298 in the previous year to 367. The second half of 2025 was also the busiest half-year on record, with over 200 deals completed, compared to 165 in 2024.
The reduced total volume for 2025 was the result of fewer £1bn transactions completing, with seven reported over 2025 compared to 14 in 2024. The two largest transactions last year were the Ford pension schemes, which secured £4.6bn with L&G, closely followed by the £4.3bn full buy-in by the Rolls-Royce UK pension fund with PIC.
Transactions for small schemes under £100m accounted for 85% of 2025, with all 11 insurers completing buy-in in the sub-£100m segment.
This year also saw a record year for longevity swaps, totalling £25.9bn in 202. This included two swaps totalling £10bn for the BT Pension Scheme, £7bn across three Lloyds Bank pension schemes and £6bn for the BBC Pension Scheme. This followed a quiet 2024 with only two swaps announced totalling £800m.
Consultancy LCP said that strong insurer competition was a particular feature of 2025, intensifying over the second half of the year as insurers strove to meet ambitious new business targets after a relatively muted first half of the year, with £9.7bn in volumes.
In the second half of the year, the volumes hit £28.5bn. This strong competition among insurers drove both exceptional buy-in pricing levels and innovation in non-price areas, LCP added.
L&G were the clear market leader by volume in 2025 at £10.2bn and a 27% market share, responsible for one of the largest buy-in transactions from last year, including the Ford pension schemes buy-in and a £1.6bn buy-in with the BP Pension Fund.
Next was PIC with £6.8bn in volume and 18% market share, Rothesay with £5.2bn and 14% market share and Aviva with £4.6bn and 12% market share.
Just Group and Standard Life also each wrote over £3bn of buy-ins in 2025, accounting for 8% and 10% market shares, respectively. The same six insurers dominated the market in 2024, writing over £5bn each last year.
| Insurer | H1 2025 (£bn) | H2 2025 (£bn) | Total 2025 (£bn) | 2025 share | Total 2024 (£bn) | 2024 share |
|---|---|---|---|---|---|---|
| 1. Legal & General | 3.3 | 6.9 | 10.21 | 27% | 8.4 | 18% (2) |
| 2. PIC | 1.1 | 5.7 | 6.8 | 18% | 8.1 | 17% (3) |
| 3. Rothesay | 0.3 | 4.9 | 5.2 | 14% | 10.3 | 22% (1) |
| 4. Aviva | 2 | 2.6 | 4.6 | 12% | 7.8 | 16% (4) |
| 5. Standard Life | 0.3 | 3.6 | 3.9 | 10% | 5 | 11% (6) |
| 6. Just Retirement | 1.6 | 1.4 | 3.1 | 8% | 5.4 | 11% (5) |
| 7. Royal London | 0.7 | 1 | 1.62 | 4% | 0.5 | 1% (9) |
| 8. M&G | 0.2 | 1.3 | 1.5 | 4% | 0.9 | 2% (8) |
| 9. Canada Life | 0.2 | 0.8 | 1 | 3% | 1.3 | 3% (7) |
| 10. Utmost | 0.1 | 0.2 | 0.3 | 1% | 0 | 0% (10) |
| 11. Blumont | 0 | 0 | 0 | 0% | 0 | 0% (N/A) |
| Total | 9.7 | 28.5 | 38.2 | 100% | 47.8 | 100% |
Expectations for 2026
In its financial results, L&G said it has a “healthy PRT pipeline” for the current year, including £17bn of transactions that it is “actively pricing on”. It expects the overall PRT market volumes to be around £50bn and an increase in large transactions compared to 2025.
The report said: “We already have sight of 10 transactions over £1bn that may complete in 2026, with the majority expected to complete in the second half of the year.”
Similar to L&G, PIC expects the market to exceed volumes in 2026, expecting a market total of up to £50bn.
Ruth Ward, principal at LCP, said: “The second half of 2025 saw exceptional activity across the market, reflecting heightened competition and strong engagement from insurers for schemes of all sizes. Smaller schemes have been a particular focus, with streamlined processes and broader insurer participation helping them access attractive pricing and terms as part of competitive processes.”
