Hymans Robertson, a UK pensions and financial services consultancy, says insurer competition and strong market capacity have supported activity in the risk transfer market during the first half of 2026, while trustees are increasingly considering factors beyond pricing when selecting an insurer.
According to Hymans Robertson, more than 135 risk transfer deals were completed during the first six months of 2026, with a combined value of £10.2 billion. This compares with £9.8 billion of transactions recorded during the same period in 2025.
Hymans Robertson says schemes with assets below £100 million continued to account for a significant proportion of the total number of transactions. While the start of the year was relatively quieter in terms of transaction volumes, in line with patterns seen in previous years, the consultancy expects activity to increase during the remainder of 2026, with high levels of activity currently reported across the bulk annuity market.
Hymans Robertson says insurer pricing remains attractive, enabling some pension schemes to complete transactions earlier than previously anticipated. The consultancy also points to continued competition between insurers as a factor supporting the development of new propositions, including greater attention to the post-transaction experience and improving market efficiency for smaller schemes.
According to Hymans Robertson, the market has also seen increased investment from global investors over the past 18 months, adding to available capacity. The consultancy highlights PIC’s acquisition by Athora and Just’s acquisition by Brookfield Wealth Solutions, alongside Legal & General’s partnership with Blackstone to strengthen asset sourcing capabilities. Hymans Robertson also notes Standard Life’s announced capital sourcing agreement for its buy-in business, involving firms including CVC and Prudential Financial.
Lara Desay, Head of Risk Transfer at Hymans Robertson, commented: “Transaction activity has remained high in the first half of 2026, but current strong demand and very competitive pricing should see volumes increase significantly in the second half of the year. When selecting an insurer, the smallest differences are having the strongest sway and Trustees continue to place greater focus on non-price considerations.
“As in previous years, member experience is a key consideration for Trustees, and this must be a focal point for both innovation and service delivery for insurers. Members must be supported through their journey with realistic expectations and service-led approaches. An increased number of schemes are now nearing the end of their buy-out journey with increasingly busy post-transaction activity.
“Looking ahead, we expect the second half of 2026 to exceed the first half in terms of number of transactions and volumes completed. Several large transactions have already completed since 30 June, and the pipeline is strong. The market is evolving quickly, and schemes that engage early and prepare thoroughly will be best placed to secure successful deals in an increasingly competitive environment.”
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