US PRT market continues to exhibit year-over-year growth
STAMFORD, CT / May 16, 2023 / Legal & General Retirement America (LGRA), a leading provider of pension risk solutions in the US, today released its Q1 2023 Pension Risk Transfer (PRT) Monitor.
The Monitor reported the first quarter is expected to finish strong with around $6 billion in total market volume and surpass last year’s record of $5.3 billion. It was the largest first quarter on record, starting off another strong year for the PRT market.
The first half of 2023 may also set another record with an estimated $23 billion in transactions – compared to the past H1 record of $17.6 billion in 2022.
“While the first quarter is generally quieter than the rest of the year, the fact that we’re seeing an increase in Q1 volume year-over-year demonstrates the consistent growth of the US PRT market as a whole. It’s an exciting time for the industry as de-risking solutions continue to gain traction with plan sponsors.” said Sheena McEwen, VP, Head of Distribution at Legal & General Retirement America.
The complete Q1 US PRT Monitor can be found here.
About Legal & General Retirement America
Legal & General Retirement America (LGRA) specializes in customized pension risk solutions for institutional clients in the US market. Established in 2015, Legal & General Retirement America is a business unit of Legal & General America, Urbana, MD. Legal & General America life insurance and retirement products are underwritten and issued by Banner Life Insurance Company, Urbana, MD and William Penn Life Insurance Company of New York, Valley Stream, NY. Banner products are distributed in 49 states, the District of Columbia and Puerto Rico. William Penn products are distributed exclusively in New York; Banner Life is not authorized as an insurer in and does not do business in New York. The Legal & General America companies are part of the worldwide Legal & General Group. CN05122023-2